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How to setup closing costs?

Configure how closing costs are calculated

Last updated at Mar 12, 2018 10:38 AM

Closing costs need to be reviewed and updated if necessary, before using the quote & alert feature. We provide you with default values. You can edit them so that the total closing costs reflect accurate costs for your company.

Formula: Closing cost = Estimated Closing Costs + Condo questionnaire cost (If Yes) + PUD questionnaire cost (If Yes) + Subordination cost (If Yes) + Investment Property Cost (If Yes) + State Additional Cost

Step 1. Go to Company settings page

Step 2: Go to Closing cost settings

Step 3: Review/update estimated closing costs

In this table,

2,500 is the closing cost which is used for quoting with Loan Amount from 1-250,000

2,700 is the closing cost which is used for quoting with Loan Amount from 250,001- 500,000 ...

You can edit the values or add/delete range.

Step 4: Configure other costs

Condo questionnaire cost, PUD questionnaire cost, Subordination cost, Investment Property Cost are also editable. Those value will be add to closing cost depend on borrower quote criteria. You can also add the additional closing cost for your states. Click button "Confirm/Update" to update this settings.

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