TPO: Closing Costs Details

The "Closing Costs Details" page is where users can review and manage any fees associated with the borrower's loan. This article provides instructions for adding, editing, or updating individual fees on this page.

Table of Contents

• Overview
• Add or Remove a Fee
• Edit a Fee
• Update Fees
• Related

Overview

To access the "Closing Costs Details" page, select the Fees tab in the navigation bar

The "Closing Costs Details" page is organized into three primary sections:

1. Loan Costs
   • Origination Charges - includes underwriting charges and broker compensation
   • Services Borrower Did Not Shop For - includes charges for required services, such as appraisal or credit score fees
   • Services Borrower Did Shop For - includes charges for additional services selected by the borrower
2. Other Costs
   • Taxes and Other Government Fees - includes any required government fees or taxes
   • Prepaids - includes any charges that the borrower is paying in advance, such as homeowner's insurance or prepaid interest
   • Initial Escrow Payment at Closing - includes any impounded fees to be paid at closing
   • Other - includes other miscellaneous charges associated with the borrower's loan
3. Lender Credits
   • this section displays the value of any rebates or fees paid by the lender that affect the borrower's closing costs

The columns in this table are used to indicate which party is currently slated to pay the corresponding fee (the borrower, seller, or another party). Separate fields are provided in each column to specify whether the fee should be paid before or at the time of closing. Most fees are assigned to be paid by the borrower at closing by default, although individual fees can be edited to be paid in full or in part by a different party. See below for more on editing fees. 

The first column in the table displays the corresponding HUD Line Item #. If the respective fee affects the APR, a red or green APR flag will appear in this column as well, depending on whether the fee is being paid by the borrower (green) or another party (red).

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Add or Remove a Fee

To add a fee to any of the sections on the Fees page, select + add a fee in the corresponding section

Use the drop-down menu in the new row to indicate what kind of fee should be added. The fee amount can be added in the Borrower Paid, Seller Paid, or Other Paid columns to indicate who should pay the respective fee.

Fees that have been added manually can be removed by hovering over the row and selecting the red Remove icon (). You cannot remove previously existing fees.

If all of the available fees for a particular section have already been added, the following modal window will appear when users attempt to add an additional fee.

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Edit a Fee

Depending on the circumstances of the loan in question, you may want to assign a portion or the entirety of a given fee to a different party, or you may want to adjust the total amount of an added fee. The "Closing Costs Details" page makes it easy to edit any of these fees by typing directly into the table. 

To edit a particular fee, click anywhere in the corresponding row, which will populate that row with text entry fields for each column. 

You can now enter the amount that should be paid by each party directly into the appropriate column(s).

The table is designed to re-calculate the amounts owed by each party automatically when any of these fields is edited, so you do not need to subtract from one column when entering the amount for another. 

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Update Fees

After a loan product has been applied to a borrower’s application, users can Update Pricing & Fees to reflect current market rates and the current state of the loan application. This feature is available on any loan that is not currently locked.

The Update feature is accessible on both the “Loan Details” page and the “Locking & Adjustments” page. Open the contextual menu on the Shop for Rates/Update button to view all available update options

Users can choose to update either pricing or fees by themselves or to update both at the same time. After one of these options is selected, a new window will appear that contains a summary of any changes that have occurred that require adjustment of pricing and/or fees. It may take several moments for the pricing engine to display these changes.

After reviewing the information in this window, select Apply Changes to update pricing and fees.

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Related

• TPO: Pricing & Locking Guide
• TPO: Loan Details