DQC2721 CRIT0064 Seller Credits are required and must be greater than or equal to $0

Resolve for Freddie DQC2721 CRIT0064:

- Seller Credits are required and must be greater than or equal to $0.

 

1. Open the loan file in Point.

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

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

DQC2721 a

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 at Closing verify any entries for Other Credits are completed, including Name of the Individual or Legal Entity paying this item.

DQC2721 b

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

DQC2721 c

8. Navigate to the Closing Costs Worksheet.

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

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

DQC2721 d

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

DQC2721 e

12. 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.

13. 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.

DQC2721 f

b. Review Other Credits under sub-section L. Paid Already by or on Behalf of Borrower at Closing.

DQC2721 g

c. Review Adjustments under sub-section L. Paid Already by or on Behalf of Borrower at Closing.

DQC2721 h

14. If steps a. through c. do not apply to the file, make sure all data is cleared from those areas and fields.