The Loan Info tab contains all basic loan information and loan terms for the present loan. The fields displayed vary based on many different factors.
The Loan Info tab is made up of the following fields:
Loan Number: Loan number assigned to the loan by the agency.
Lender Loan Number: Loan number assigned to the loan by the lender.
Lender Case Number: Case number for the lender on the loan.
Allotment /Allocation: Allotment name and allocation amount. These fields are read-only.
Approved / Working Stages: Current stage of the loan and the next stage to be approved.
Status: Present status of the loan.
Reservation Date: Date the loan was reserved. This field is read-only.
Estimated Closing Date: Date the loan is expected to close.
Initiative: Initiative under which the loan is reserved.
Loan Amount: Amount reserved for the loan. If this is a rehab loan, a See Rehab for Details button is displayed next to this field. Click this button to open the Rehab tab, from which the loan amount is to be calculated.
Interest Rate: Interest rate for the loan.
Term in Months: Term (in months) for the loan.
Discount Rate: Discounted interest rate for the loan, if applicable.
Discount Amount: Discounted rate amount for the loan (if applicable). This is the difference between the loan amount with the basic program rate (principal balance + interest) and the loan amount with the discount rate (principal balance + discount rate interest), and is automatically calculated by the system.
Amortization: Amortization type for the loan.
P&I: Amount of principal and interest to be paid back monthly for the loan. Calculated by adding the Interest Rate monthly total and the Loan Amount monthly total. (The number of months is divided by the number entered into the Term in Months field).
Note about P&I: The P&I will be calculated automatically when any of the following fields change: Loan Amount, Term, Amortization, Rate Change.
Assistance Percent: Percentage of assistance awarded to the borrower for the loan.
Assistance Amount: Total amount of assistance awarded to the borrower for the loan, based on the Purchase Price and Rehab Cost.
Loan Type: Type of loan reserved.
Product Type: Product type for the mortgage product.
Purchase Price: Purchase price of the property to which the loan is to be applied.
Rehab Cost: Amount to rehabilitate the property.
Additional Acquisition Cost: Costs in addition to the base purchase price.
Acquisition Price: Total cost of the property. This amount is automatically calculated by adding the Purchase Price and the Additional Acquisition Amount.
Emergency Loan: Indicates that the loan is an emergency rehab loan, if checked.
Special Targeting: Indicates that the loan qualifies for special targeting, if checked.
Discount Requested: Indicates that a discount rate was requested by the borrower, if checked.
Secured Loan: Indicates that the loan is a secure loan, if checked.
Disability Improvement: Indicates that the loan is to be applied to disability improvements, if checked.
DPA Requested: Indicates that down payment assistance was requested for the loan, if checked.
Previous Loan: Indicates that the borrower had a previous loan with the agency, if checked.
MERS: Indicates that the originating lender belongs to MERS, if applicable.
Original ID: MERS Originator ID.
Loan Sequence Number: MERS Loan Sequence Number.
Check Digits: MERS Check Digits.
MOM Document: Indicates the agency is using MERS as Original Mortgagor verbiage in the documentation, if checked.