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.
Note: The Loan Cost Worksheet is a feature of LO Toolkit and works best for lenders that have integrated their pricing engine and/or a fee provider, but it does support manually-entered fees.
Lender experience with the Loan Cost Worksheet
Product and pricing must first be run or configured for the Details of Transaction to populate. On the application screen, and within the Details of Transaction sidebar, you 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.
- On the Application tab, click Edit in the Details of Transaction section.
- In the Details of Transaction, you can preview the Loan Cost Worksheet, pull in fees, and adjust estimated fees and credits. Additionally, you can identify if these are paid by the borrower, seller, or lender.
- Click the Send cost estimate to borrower button to preview the Loan Cost Worksheet.
Note:
- The fees shown on the worksheet are only those paid by the borrower that are greater than $0. Fees equal to $0 will not be displayed on the worksheet.
- 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.
- The loan type and loan purpose is required to generate a Loan Cost Worksheet.
- In the preview screen, you can send a copy of the Loan Cost Worksheet to the borrower or click Edit cost estimate to go back and make edits.
- Loan Cost Worksheets sent to the borrower will appear in the DOCS tab on the lender side as well as the borrower's documents in their portal.
Borrower experience with the Loan Cost Worksheet
Borrowers must log in to their loan hub to access the Loan Cost Worksheet. If they have not yet activated their loan hub by creating an account, they will be asked to create one via email.
If the primary borrower has already created their loan hub, they will receive an email informing them that the document is now available. The call to action button will take them to the login page.
The Loan Cost Worksheet will be available for the borrower in the Documents page.