This article provides definitions of the fields displayed in the Origination Style of the search results. Begin by running a product search, then select Show in the Detail column for a select product to see the fields displayed below.
Origination Charges
All Lender Paid Fees – Includes Discount and Origination and all fees marked as Lender Paid in the Fee Schedule. Fees marked as 3rd Party Fees will not be included. If you have selected to apply rebate to any “Lender Paid” fees, rebate will be included as well. Value will be displayed in a dollar amount. Field can be displayed as a percentage, a dollar amount or both.
Closing Cost
This is the total of ALL fees as marked in the Fee Schedule (3rd Party, Lender, Affiliate and Broker Fees). This will include discount, origination, and rebate. Field is displayed as a dollar amount.
3rd Party Fees
All 3rd Party Paid Fees as marked in the Fee Schedule.
Loan Origination Fee
Only the Loan Origination Fee – as marked in line 801 of the Fee Schedule.
Discount/Rebate
The factored Discount/Rebate will be the difference in Points from the Par Rate (0.00) and the Selected Rate. (i.e. 4.25% @ 101.00 = 1% Rebate. 4.00% @ 99.00 = 1% Discount). Field can be displayed as a percentage, a dollar amount or both.
Compensation
Loan Officer’s compensation only. Field is displayed in a dollar amount.
APR
Annual percentage rate (APR) describes the interest rate for a whole year (annualized), rather than just a monthly rate. Fees set up in the Configuration site and marked to be applied to APR will be used in APR calculation.