The Loan Estimate discloses TRID 2.0 Compliance Requirements, covers scenarios for Purchase, Refinance, and Construction loans. The data populated on this screen is controlled by information entered and populated on the Application > Loan and Initial Fees Worksheet screens and is used to generate the Loan Estimate print form. This form also allows for eSign capabilities.
Note: Zenly does not repeat (duplicate) fields from other screens onto the Loan Estimate, instead, the system will only bring over the data required for the Loan Estimate and the correlating print form.
To complete the Loan Estimate:
1. From withing the loan file select Application.
2. Click Loan Estimate from your left menu bar.
3. Enter the Application Date.
4. The Purpose field populates from the Application > Loan screen and follows a hierarchy rule: the first Purpose listed is what will be carried over.
Note: The loan being used for this article is a Purchase + Construction-to-Permanent.
5. The Product field lists out the Note Details and Rate Adjustments on the loan product from the Application > Loan screen, such as Interest Only, for a Construction Period and adjustments per ___mo. after.
6. Use the Rate Lock dropdown as appropriate for the loan.
a. If Yes is selected, the Rate Lock Expiration Date fields will open.
7. Complete the Estimate Available Through fields.
8. If an Intent to Proceed is being issued, enter the date and use the Delivery Method dropdown.
9. Use the Optional Payments dropdown as applicable.
a. If selecting Yes, use the If Yes, Period __ Months field to enter how often an optional payment is to be made.
10. Use the Prepayment Penalty checkbox to indicate if there will be penalties for paying all or part of the loan term off early.
a. If this box is checked, the remaining fields in this section will open. Complete them as applicable.
11. The Loan Terms section contains the required information summarizing the Loan Amount, Interest Rate, and Messaging related to the loan. This data is pulled from the Application > Loan screen.
12. The Projected Payments section is also controlled by the Application > Loan screen except for any Escrow payments, which flows from the Application > Initial Fees Worksheet. This is a summary of all payments for the loan.
13. The Estimated Taxes, Insurance, and Assessments section is populated from data entered on the Initial Fees Worksheet.
14. The Costs at Closing section populates from the following sections and fields of the of the Initial Fees Worksheet in order of how they list in this section:
a. J. Total Closing Costs (D + I) - Total
b. D. Total Loan Costs (A + B + C) - Total
c. I. Total Other Costs (E + F + G + H) - Total
d. J. Total Closing Costs (D + I) - Lender Credit
15. If the loan has Adjustable Payments or Adjustable Interest Rates the corresponding tables will show and populate for the file.
16. Scroll down to the Other Considerations section and complete as applicable for the loan file.
17. The Signature Confirmation section is used for eSignature mapping.
a. Use the Print Confirm Receipt checkbox to place signature lines on the Loan Estimate for sending out for electronic signing.
b. Use the Print Additional Signature Page checkbox if there is more than 1 (one) borrower set on the file.
18. Use the available fields in the Higher-Priced Mortgage Loan section when applicable to your loan file.
