- When Loan Purpose Type is equal to Purchase, and Loan Closing Adjustment Item Section Type of 'PaidAlreadyByOrOnBehalfOfBorrowerAtClosing' is provided, and Loan Closing Adjustment Item Amount is not equal to zero, the Loan Adjustment item Integrated Disclosure Subsection Type 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. Scroll down to the Summaries of Transaction section.
Note: There are three (3) sub-sections here to be reviewed for data entry or correction as applicable to the loan.
6. Verify that entries are filled out for all dropdowns and fields, including Amounts for each.
a. Review Adjustments entered under sub-section K. Due From Borrower at Closing.
b. Review Other Credits under sub-section L. Paid Already by or on Behalf of Borrower at Closing.
c. Review Adjustments under sub-section L. Paid Already by or on Behalf of Borrower at Closing.
7. If none of the above apply to the file, make sure all data is cleared from those fields.