- When the Buydown Temporary Subsidy Funding Indicator is False, the interest rate is required and must be 'NoteRatePercent' or 'DisclosedFullyIndexedRatePercent' or 'WeightedAverageInterestRatePercent'.
1. Open the loan file in Point.
2. Navigate to eLoanFile > Loan Product from the top menu.
3. Scroll down to the Buydown section.
4. If the Buydown Temporary Subsidy checkbox is not marked, enter one of the following:
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Note Rate Percent - This needs to populate on the Loan Estimate in the Interest Rate field of the Loan Terms section.
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On the Borrower Information screen, enter the Note Rate in the Loan Summary section.
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Disclosed Fully Indexed Rate - This needs to populate the Closing Disclosure Pg. 4 in the Index + Margin % field of the Adjustable Interest Rate (AIR) Table.
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On the Truth-In-Lending (Reg. Z) screen, complete the Margin and Index % fields of the Rate Adjustment section.
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