Loan teams can generate and send a Loan Cost Worksheet to borrowers, which provides detailed, estimated closing costs for a preliminary loan scenario. It helps the borrower better understand how much their loan may end up costing them. Providing this transparency to the borrower engenders trust between the lender and their potential borrower.
Once LO Toolkit has been configured, the Loan Cost Worksheet works most effectively when lenders have integrated their pricing engine and/or a fee provider, but also supports being generated with manually entered fees.
Borrower application view
When the LO sends the Loan Cost Worksheet, the borrower receives an email notifying them and it is also sent to their documents tab within Blend.
After the borrower clicks View loan cost worksheet link, they will be sent to Blend where they can navigate to their Documents tab and download the worksheet as a PDF.
Loan Team view
1. On the Application tab, click Edit in the Details of Transaction section.
2. Within the Details of Transaction page in LO Toolkit, LOs can preview, pull in fees, and/or adjust estimated fees and credits. They can identify if these are paid by the borrower, seller, or lender.
3. Once the LO is finished inputting the borrower’s costs, they can preview the worksheet by clicking the Send cost estimate to borrower button.
- The fees shown on the worksheet are only those paid by the borrower that are greater than $0. Fees equal to $0 will not display on the worksheet.
- Product and pricing must first be run/configured for the Details of Transaction to populate. On the application screen, and within the Details of Transaction section, the LO can click on either the Edit button, the Cash to Close link, or the APR link. All of these will bring the user to the cost and fees breakdown screen.
- The APR link and associated values can be configured to not display within the Details of Transaction and Loan Cost Work Worksheet. Work with your Blend Account Manager to configure this according to your needs.
4. In the preview screen, the LO will be able to ensure that the formatting is displayed correctly and that it appears as expected. If they need to make an edit, they can choose to do so and return to the Details of Transaction screen.
If the LO chooses to send the worksheet to the borrower, they can click Send to borrower. The letter will be sent via email and also appear in the borrower’s Documents tab.
5. Once the worksheet is sent, it will also appear in the LO’s Docs tab. The last sent date will appear after sending it.
DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (firstname.lastname@example.org) for more information on what features are enabled for your use.