3416 Closing Adjustment Paid by Borrower Type required on Purchase

- When Loan Purpose Type is equal to Purchase, at least one Loan Closing Adjustment Item Section Type of 'PaidAlreadyByOrOnBehalfOfBorrowerAtClosing' is required.


1. Open the loan file in Point.

2. Navigate to Forms > Loan Estimate from the top menu.

3. Use the Purpose dropdown to verify the selection is Purchase.

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4. Navigate to the Closing Disclosure Pg. 3.

5. Scroll down to the Summaries of Transaction section.

6. In sub-section L. Paid Already by or on Behalf of Borrower a Closing verify any entries for Other Credits are completed, including the Name of the Individual or Legal Entity paying this item.

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