To enter financed closing costs such as MIP:
- Goto the 'Open House Flyers' tab
- Edit a specific flyer
- Goto the 'Terms' tab
- Check the 'FHA Loan' checkbox for the scenario that is a FHA loan
- Enter the Upfront MIP % (which is usually 1.75% but confirm with your guidelines)
- When you tab out of this field the Upfront MIP dollar amount will be auto calculated and entered in the 'Financed Costs' field
- Enter the MI % factor (which varies based on loan amount and LTV, refer to your guidelines or HUD Mortgagee Letter 2013-04)
- When you tab out of this field the Monthly MI dollar amount will be auto calculated and entered in the 'Monthly MI' field
- Click the 'Save Changes' button
- Goto the 'Fees' screen and click the 'Add Fee' button
- Add a fee called 'Upfront MIP' and enter the same amount you entered in the 'Financed Costs' field
- Click the 'Save' button
Screenshot (Terms screen):
Screenshot (Fees screen):
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