If you’re working with VA loans, you should have noticed a change in the funding fee with the release of SP5 in July. Now, when you enter the VA Funding Fee, it does not calculate nor does it transfer to the Good Faith Estimate.
This is because the existing loan balance must be entered on the VA Worksheet IRRL for the funding fee to calculate.
So here are the steps to take to get the calculation you need:
- Check the loan as VA on the Borrower Information screen
- Go to Forms > Veterans Administration (VA) > VA Refinance Worksheet IRRL
- Enter the Existing VA Loan Balance
- Go to the Borrower Information screen
- Click the MTG Insurance button at the bottom of the screen and enter the funding fee in the MIP, FF field
If the VA Funding Fee on the Good Faith Estimate is still not correct, do the following:
- Click the Mtg Insurance button at the bottom of the screen
- Check the lock box next to the Amount Paid in Cash
- Manually enter the MIP Amount next to the MIP, FF dropdown list
Now you’re good to go! If you like to get more information on this or other tips, visit our Knowledge Base or call our support team at 800-342-2599.