The Expense Deposit screen helps keep track of customer deposits and hard cost expenses incurred when processing a loan. Sales contract deposits and closing costs credits should also be entered in this screen and will flow through to the F1003 page 3 screen for the primary borrower (the first listed borrower on the General Information screen). Closing costs credit is used to calculate cash for closing and is a field for automated underwriting.
Certain fees will automatically populate while others require manual entry. For example, ordering a credit report will cause the credit report cost to populate in the expense section. The appraisal, processing, and underwriting fees pull directly from the Fees screen. Any deposits from the borrower must be entered manually. While the processing and underwriting fees (shown on the bottom right of the screen) may not be hard costs they are used in the calculation of fees to collect for canceled or denied loans.
1. Enter deposit dates and the amount of the deposit
2. Select the Cash Deposit Holding Company
3. If there are other closing credits, select a description Other Closing credit from the drop down menu
