FHA Loan Information | Loan App VII Details of Transaction

Some investors allow originators to submit FHA loans via LP.com Express (check with your investor directly to see whether or not they accept government loans). Loan Prospector® requires additional information for FHA loans in the LP.com Express data entry section and in the Loan App Details of Transaction section.

Note: Merged credit is required for FHA loan submission to LP.com Express.

FHA Loan Information in LP.com Express

The data entry sections that require specific FHA loan data are: Mortgage Type and Loan Terms and FHA Loan Information. In addition, the Merged Credit Order section must be completed for FHA loans.

1. In the Mortgage Type and Loan Terms section, select FHA as the type of Mortgage Applied For.
   

2. Click Show Loan Information Details to display the FHA Loan Information section (below the Transaction Detail section of the data entry screen).

3. Complete the FHA Loan Information section.
   

   • FHA Case Number: this field is auto-populated from the Terms tab in Loan App.

   • FHA Lender ID: enter your organization's FHA Lender ID issued by HUD.

   • Financed Discount Points: If applicable, enter the amount of discount points to be financed.

   • FHA Sponsor ID: If you are an originator, enter your investor's FHA Lender ID. Underwriters and Direct Endorsement (DE) lenders, leave this field blank on an initial submission.

   • Eligible Veteran?: Indicate if any borrower is VA eligible (optional).

   • Buyer Closing Costs: Amount of closing costs paid by the borrower minus any discount points or prepaid items.

4. Complete the Merged Credit Order section (see details about this section). Merged credit is required for FHA loans.
   

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Loan App VII Details of Transaction

Use Loan App to enter loan data for FHA loans in the Details of Transaction section (Tab VII. Details).

1. e. Estimated Prepaid Items: Amount of borrower-paid (net of any seller or third-party paid amounts). Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 12b.

2. f. Estimated Closing Costs: Total amount of FHA-allowable closing costs. Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 5a.

3. g. PMI, MIP, Funding Fee: Total amount of Up-Front Mortgage Insurance Premium (UFMIP). Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 3b.

4. h. Discount (if Borrower will pay): Amount of borrower-paid discounts (net of any seller or third-party paid amounts). Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 12c.

5. j. Subordinate Financing: Total amount of subordinate financing. Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 12k.

6. k. Borrower's Closing Costs Paid by Seller: Amount of seller-paid FHA-allowable closing costs (seller-paid prepaids and discounts should be netted out of lines e and h and not shown here). Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 5b.

7. n. PMI, MIP Funding Fee Financed: Amount of financed Up-Front Mortgage Insurance Premium (UFMIP). Enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) lines 3b-12e.

8. Other Credits Detail: Use the Other Credits Detail table to enter the amount that appears on the Mortgage Credit Analysis Worksheet (MCAW) line 12f as a negative number.

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