The fields in the Total Loan Amount section will be available to input information based on the Loan Type selected for the search. This allows Optimal Blue to properly calculate the total loan amount specifically for each loan type.
For additional information download the Loan Originator User Guide.
Conforming
Conforming and non-conforming loan types that will be originated with Financed Private Mortgage Insurance can be originated with support for both a base and total loan amount by entering the percentage of the premium in PMI/MIP/FF/G Fee %. If any portion of the premium is to be paid in cash, you can uncheck the Finance Entire Amount checkbox to enable the fields necessary to identify the portion that will be financed.
The base and total loan amount fields will be equal for conforming loan types. All other fields in this section will be disabled.
FHA
If you are performing a search for an FHA loan, you will note that after completing all required fields the amount of the UFMIP is calculated and displayed as a percentage in the PMI/MIP/FF/G Fee % fee field and as a dollar amount in the PMI/MIP/FF/G Fee Financed field. If the UFMIP is not a whole dollar amount, the cents will appear in the PMI/MIP/FF/G Fee Paid in Cash field. The system assumes that the entire whole dollar amount of the UFMIP will be financed, since this is the most popular method of paying the fee due. FHA guidelines do allow for the fee to be paid in cash if desired, therefore you can uncheck the Finance Entire Amount checkbox if that is the case. Under that scenario, the full UFMIP fee will move to the PMI/MIP/FF/G Fee Paid in Cash field.
The amount of the UFMIP is determined by Loan Purpose, FHA Case # Assigned, and FHA Case # Endorsement. For example, a search for an FHA purchase or standard refi with the default answer of “On or After 1/1/2017” in the FHA Case # Assigned field and no change to the FHA Case # Endorsement field will result in the UFMIP being set to 1.75%. If changes to those fields impact the required UFMIP, the system will automatically update the amount of the UFMIP. If the amount of the UFMIP needs to be adjusted to meet program guidelines (like the absence of the fee for Section 248 loans), you can adjust the PMI/MIP/FF/G Fee % field to reflect an accurate total loan amount.
After you have completed the fields to match your search’s requirements you will note that both the Base and Total Loan Amounts appear in the new section. In addition, the P&I payment that will appear on the Lender Search Results will be based on the Total Loan Amount which will include the appropriate Annual Fee Payment.
VA
If you are performing a search for an VA loan, two fields in the new section become available – VA Veteran Type/History and Exempt from Funding Fee. The system will use the answers you provide along with the Loan Purpose and the down payment percentage to calculate the appropriate funding fee based on VA Guidelines.
The VA Funding fee amount will update accordingly based on Active Duty, 1st use or subsequent use and Guard/Reserves, 1st use or subsequent use.
Exempt from Funding fee indicates whether or not the veteran is on disability. If yes is selected, the VA funding fee is waived, and the value is removed from the Fee % field. In these cases, the base loan amount matches the total loan amount.
You may edit the FF % value if you have a different value than what we have determined. You may also partially finance the upfront funding fee.
The system assumes that the entire whole dollar amount of the Funding Fee will be financed since it’s the most popular method of paying the fee due. VA guidelines do allow for any portion of the Funding Fee to be paid in cash. If that is the case, you can uncheck the Finance Entire Amount checkbox. This will enable the PMI/MIP/FF/G Fee Paid in Cash field, and any portion of the total Funding Fee to be paid in cash can be entered.
We maintain the original calculated funding fee, and indicate what part is financed. We then only apply the financed amount to the base loan amount to derive the total loan amount.
USDA
If you are performing a search for a USDA loan, you will note that after completing all required search fields the amount of the Guarantee Fee (G Fee) is calculated and displayed as a percentage in the PMI/MIP/FF/G Fee % fee field and as a dollar amount in the PMI/MIP/FF/G Fee Financed field. If the G Fee is not a whole dollar amount, the cents will appear in the PMI/MIP/FF/G Fee Paid in Cash field. The system assumes that the entire whole dollar amount of the G Fee will be financed since this is the most popular method of paying the cost. USDA guidelines do allow for any portion of the fee to be paid in cash. If this is the case, you can uncheck the Finance Entire Amount checkbox to enable the PMI/MIP/FF/G Fee Financed field. Any portion of the G Fee that is being financed can then be entered with the remainder moving to PMI/MIP/FF/G Fee Paid in Cash field.
The G Fee for all loans is calculated based on the current published percentage, but can be adjusted as necessary.
