RegZ-LE
The RegZ-LE provides an overall view of the terms of the loan and its costs over time. Changes to fields on the RegZ-LE are reflected on the 1003 and Loan Estimate input forms as appropriate. If you have completed the 1003 application for the borrower or copied values from a Loan Program template, many of these fields are already filled. The RegZ-LE has no corresponding output form and is used primarily to review loan information and to enter or edit information about specific types of loans (for example, ARM mortgages).
Following sections is covered
Most of the fields in the top section are populated automatically based on information entered in the Disclosure Tracking tool when disclosures are made to the borrower.
For the Loan Program, click the Find icon to select a template of predefined loan terms and values.
For the Closing Cost Program, click the Find icon to select a template that calculates the closing costs using predefined rates and values.
If the information is not already populated, type the 1st Payment Date used to calculate the payment and aggregate escrow account schedules, or click the Calendar icon to select a date.
The basic loan amount and terms should be populated from the Borrower Summary form. If not, enter that information plus any additional terms required for the type of loan being created. For example, rates for Buydown and ARM mortgages, biweekly payments, potential negative amortization, and construction mortgage details.
Loan Terms : Enter the loan amount, followed by the additional terms required for the loan.
Interest Only : Enter the number of months that payments will be applied to the interest rate only. Select the Qualify using P&I check box to qualify the loan using an estimated payment that includes both principal and interest.
Days Per Year : Select a method of calculation for the repayment schedule. For each option, the value represents the number of days per year used to calculate the loan's daily interest.
Biweekly : Select the check box to require mortgage payments every two weeks, rather than every month. For more information about biweekly loans, refer to the Process a Biweekly Loan topic.