6609 Entering the VA Funding Fee

SYMPTOM

When you enter the VA Funding Fee, it does not calculate nor does it transfer to the Good Faith Estimate.

CAUSE

The existing loan balance must be entered on the VA Worksheet IRRL for the funding fee to calculate.

RESOLUTION

Enter the existing VA loan balance.

Note: This only applies for refinance loans.

1. Check the loan as VA on the Borrower Information screen.
2. Go to Forms > Veterans Administration (VA) > VA Refinance Worksheet IRRL.
3. Enter the Existing VA Loan Balance.
4. Enter the Loan Origination Fee.
5. Go to the Borrower Information screen.
6. Click the MTG Insurance button at the bottom of the screen and enter the funding fee in the MIP, FF field.

Note: If the VA Funding Fee on the Good Faith Estimate is still not correct, click the Mtg Insurance button at the bottom of the screen. Check the lock box next to the Amount Paid in Cash and then manually enter the MIP Amount next to the MIP, FF dropdown list.