3417 Closing Adjustment Type Seller Credit required on Purchase when Paid By Borrower

- When Loan Purpose Type is equal to Purchase, and Loan Closing Adjust Item Section Type of 'PaidAlreadyByOrOnBehalfOfBorrowerAtClosing' is provided, the Closing Adjustment Item Type of 'SellerCredit' 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.

4. Navigate to the Closing Disclosure Pg. 3.

5. In the Summaries of Transaction section, scroll to L. Paid Already by or on Behalf of Borrower at Closing.

6. Verify that the Deposit field has an amount populated. If it does not, continue to the next step.

7. Navigate to the Closing Costs Worksheet.

8. Scroll to the Total Estimated Funds Needed to Close (Details of Transaction) at the bottom of the screen.

9. Use one of the available dropdowns to select Seller Credit and enter an Amount in the correlating field.

10. Navigate back to the Closing Disclosure Pg. 3 > Summaries of Transaction > L. Paid Already by or on Behalf of Borrower at Closing and verify the Amount entered has carried over into the Seller Credit field.