The Details of Transactions section has the closing costs and details of transaction. Loan officers can add closing costs to the loan in this section. These are the costs that are paid by the borrower at the time of loan closing.
Navigate to the Details of Transactions screen
1. Click Edit in the sidebar to get to the Details of the Transaction section.
Details of Transactions screen
a. Borrower summary: This section has all details about borrower's cash to close.
b. Loan Information: Information in this section is pulled from the application.
c. Points: This represents a positive or negative amount.
- Negative amount means the borrower is paying.
- Positive amount means the lender is paying.
d. Costs: These can be paid by borrower, seller or lender. Seller costs are deducted from the total cash to close the borrower will owe.
e. Prepaid: This section represents any of the Monthly Housing Expenses that would be paid in advance/upfront.
f. Initial escrow payment at closing: This functions as a prepaid and is populated from the prepaid section.
g. Other fees: This is an open field that can be used for additional fees.
h. Other details of transaction: This section includes liabilities marked paid at close as well as FHA/VA items (e.g. UFMIP & Funding fees). Edits should be made on the Liabilities screen, if needed.
Resource: LO Toolkit - Key features - Liabilities
2. Fill in all desired information.
3. After pulling pricing from Optimal Blue (if integrated) then fee screen will display a notification to bring in those fees. Click update.
Note: The Optimal Blue fees get invalidated 25 minutes after pulling pricing. To get updated fees, re-pull pricing.
4. Click Pull Closing Corp to layer in the closing corp fees (if integrated). Once Optimal blue fees are pulled, this happens automatically.
5. Click Save & Close.
Resources:
LO Toolkit - Navigation - Toolbar, sidebar & responsiveness
LO Toolkit - Key features - Credit
LO Toolkit - Key features - Liabilities
LO Toolkit - Key features - Pricing- Optimal Blue
LO Toolkit - Key features - Pricing- Check rates through Optimal Blue
LO Toolkit - Key features - Monthly housing expenses
LO Toolkit - Key features - Automated underwriting system/Desktop underwriter (AUS- DU)
LO Toolkit - Key features - Pre-approval letter
DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (support@blend.com) for more information on what features are enabled for your use.
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