8.12.3 Itemizations Sub Tab

This topic provides information on the itemizations section, which records and manages line‑by‑line details of financial transactions for clarity and accountability.

The system lists the distribution of the Loan proceeds on the Itemizations sub screen when user choose Select Instrument on the Contract link. It lists amounts paid to the borrower directly, amount paid to the borrower’s account, and amount’s given on the borrower’ behalf to third parties. Itemizations are categorized according to advances, finance fees, prepaid fees, producers or escrows. If user have entered itemization amounts during application entry or underwriting, user will see these values in the Amount or Approved Amt columns.

The Itemizations sub screen offers the option of computing the values for itemization according to a itemization formula associated with the selected instrument based on system setup.

If user require any new itemizations, user can add them using the Setup menu Products command. (For more information, see the Products chapter in the Setup Guide).

To complete the Itemizations

1. On the Origination, click Origination. Under Origination, click Funding.
2. Under Funding, click Funding tab. Under Funding tab, click Contract. Under Contract, click Itemizations.
3. In this section, user can perform any of the Basic Operations mentioned in Preface.
   A brief description of the fields is given below:

   Table 8-6 Itemizations

   Field	Description
   Itemization	Displays the itemization.
   +/-	Displays whether the itemization is added or subtracted.
   Amount	Displays the amount.
   Approved Amt	Displays the approved amount. This is information recorded on the Underwriting screen.
   Discount Rate	Specify the discount rate.
   Tax	Displays whether the itemization is taxable (Sales) if box is selected.
   Slr	Displays the seller payment.
   Itemization Formula	Displays the itemization type.
   Itemization Type	Displays the itemization type.
   Prefunding Status	Displays the prefunding status.
   Pmt Dt	Displays the payment date.
   Pmt Ref #	Displays the payment reference number.
   Comment	Specify additional comments, if any.

4. Choose the option button for the type of itemization user want to use: Advance, Financed Fees, Pre-Paid Fees, Producer or Escrow.
5. In the Amount column, enter the amount corresponding with what is listed in the Itemization column.
6. If the Itemization Formula field contains an entry other than UNDEFINED, user can choose Compute to auto-compute the value in the Amount field using a predefined itemization formula.

   Itemization formulas are created on the Product Setup screen’s Origination Fees screens. (For more information, see the Org. Fees tab section of the Products chapter in the Setup Guide).

   To ensure user create the correct computed value, choose Compute after entering values for all base itemizations; that is, values of all such itemizations with an Itemization Formula of UNDEFINED.

   User can also manually enter amounts for auto-computed itemizations.

   If user click Initialize, the system sets the values of auto-computed itemizations to 0 (zero).

7. If user choose, use the Comment field to add remarks.
8. Perform any of the Basic Actions mentioned in Preface.