Funding Worksheet
This feature is not available in Encompass Broker Edition.
Use the Funding Worksheet to record information related to the disbursement
of the loan funds and to calculate the amount of the wire transfer. Many
of the fields are populated from the Secondary Registration tool and other
areas of the loan file.
Funding Information
Funding/Closing
-
Complete basic funding
information in this section as follows.
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Funder
- The name of loan team member assigned as the funder for the loan. You
can type a different name if needed.
-
Sent
to Funder - The date the Doc Signing Milestone was checked as Finished.
-
Funding
Type - The options are Gross (all of the funds will be transferred for
disbursement) or Net (some fees, such as the broker fees, will be deducted
before the funds are transferred).
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Clear
to Close - From the Underwriter Summary, the date the underwriter authorized
the loan for closing.
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Cleared
By - The name of the underwriter who cleared the loan to close.
-
Funds Ordered - The
date the request for the wire transfer was created.
Investor
Funding Source / Warehouse Bank
-
Click the Address Book icon to select a funding source or warehouse
bank.
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In the Funds Sent field, type or select the date the funds
were wired to the investor.
-
In the Collateral Sent field, type or select the date the
collateral package (security package) was sent to the investor.
-
If appropriate, in the Funds Released field, enter
the date and time the funds were authorized for release. Then type the
associated release code in the Release # field.
Warehouse Bank Funding Response (Investor Connect)
Use the Warehouse Bank Funding Response (Investor Connect) section to import funding request information that has been returned from a warehouse lender via Encompass Investor Connect. This section is enabled only for lenders who are partnering with Encompass Investor Connect warehouse lenders who have enabled the functionality for returning funding request data via Encompass Investor Connect.The fields in this section are read-only fields and are used only for Encompass Investor Connect warehouse lending purposes:
The Warehouse Bank Funding Response (Investor Connect) section includes an Import Funding Details button. When a lender who has enabled the Encompass Investor Connect Investor Services feature clicks the button, the Import Funding Details window opens and displays the funding details that can be imported.
After the funding details have been imported, the information displays in Funding information section of the Additional Information window, which is accessible by clicking the Loan Delivery Status button on the Encompass Pipeline and then clicking one of the links in the Status column on the Loan Delivery Status window.
Wire Information
-
Enter additional information
related to the escrow company and title company.
-
Enter
the information required for the wire transfer of funds to the bank account
of the escrow or title company: ABA # (routing #), Account Number, and
For Credit To (for an escrow company, the name of the account; for a title company, the name of the Escrow company involved in the closing process for the loan).
Wire Transfer Amount
This section is used to determine the funds to be transferred to the
account of the escrow or title company. By default, the items displayed
on the list of fees are those that are not
marked as Paid Outside of Closing on the HUD-1 Page 2 form or inside the fee's Fee Details window (via the 2015 Itemization form). When you select
an item from the list, the fee is deducted from the wire transfer amount.
Note: You can also
deduct (or add) fees from Page 1 of the HUD-1 form or the Closing Disclosure (CD). Refer to step 3 below.
Transfer Amount
-
Use the Overwire Amount field to add an additional
amount to the wire transfer total as needed.
-
Select the checkbox to deduct the Overwire Amount from the broker check.
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From the list of fees (HUD-1
Page 2 fees when using 2010 RESPA forms; CD fees when using 2015 RESPA-TILA forms), select the checkboxes for the items to deduct from the wire
transfer amount.
Note: You can also click the Select Template button to choose a template of preselected fees.
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To add or deduct fees that are included on HUD-1
Page 1 or CD:
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Click the HUD-1 Page 1
button (when working with 2010 forms) or the Transaction Summary button (when working with 2015 forms).
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On
the pop-up window, select C
(credit) or D (debit) for those
fees that will be added to or deducted from the wire transfer amount.
Credits are added and debits are deducted.
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When
finished, click Close.
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Back
on the main form, the selected fees are now included on the
list of fees. Select the checkboxes for the fees that you
want to add to, or deduct from, the wire transfer amount. Values preceded
by a minus sign are credits that will be added to the wire transfer amount
if selected.
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The Lender Credits field displays the amount to add back to the wire for the credit shown on the Closing Disclosure. This amount includes the lump sum Lender Credit, which is any unallocated Origination Credit for the rate chosen and any tolerance cure that has been applied prior to funding.