Entering Closing Costs (Lump Sum vs. Line-Item Fees)

In MortgageCoach, you have two methods for entering loan fees: Lump Sums or Line-Item (Itemized) Fees. Understanding how these two methods interact ensures your reports are accurate and prevents editing conflicts.

How the Two Methods Work Hand-in-Hand

To maintain data integrity, MortgageCoach locks certain fields depending on where you choose to enter your data. You cannot mix and match these methods for the same fee types.

• Itemized Fees Lock Lump Sums: If you enter any line-item fees in the Closing Cost Details, the main APR and non-APR lump-sum fields on the closing cost tab will turn grey and become uneditable. The system automatically calculates these totals based on your itemized entries.

• Monthly Cost Tab vs. Closing Cost Details: * If you enter reserves or premiums in the Monthly Cost tab, those respective reserve and premium fields will be greyed out in the main APR, Non-APR, and Prepaids lump-sum fields - Closing Cost tab modal.

  • Conversely, if you enter lump-sum fees on the closing cost page, certain monthly cost tab reserves may become greyed out.

Method 1: Entering Fees as Lump Sums

Use this method if you want to quickly input total amounts without breaking down individual costs.

1. Navigate to the Product tab.

2. Go to the Closing Costs page.

3. Enter your total figures directly into the available fields (APR, Non-APR, Prepaids, etc.).

4. Click the Next button to save. Your report will update immediately.

Method 2: Entering Fees as Line-Item (Itemized) Fees

Use this method to itemize individual fees for a more detailed breakdown.

1. From the Closing Costs screen, click the Closing Cost Details button to open the itemized fees modal.

2. Enter your individual line-item fees.

3. Clicking the Add to Loan box will finance the fee into the loan amount. 

4. Click Apply to Loan to save your itemized fees.

5. Review your totals. The system will automatically calculate and populate the greyed-out APR, non-APR, and prepaid escrow field boxes on the main screen.

6. Click the Next button to save and update your report automatically.

Note: Once you switch to line-item fees, you cannot manually alter the figures in the greyed-out lump-sum boxes. If you need to make changes, you must return to the Closing Cost Details modal.