Estimated or standard Application Fees are configured by the Lender in their Products configuration, but the actual application may require these fees to be updated, or even added or deleted. This article shows you how.
Where are fees captured in Loanapp?
The fees for an application are found at the bottom of the Loan page in Loanapp
Fees set (configured) by the Lender to match the product
The fees that will be automatically populated in this section will be those fees set by the Lender to be applicable for the product that you have chosen. Generally, there are two sections of Lender fees for a product - Fees to be paid before settlement; and Fees to be paid throughout the life of the loan.
Editing the Fees
Updating the Fee Amount
To update the Fee amount, click on the ... (three dots) on the Fee record. This will popup the fee record detail for you to edit:
You are able to
change the amount of the fee
nominate that the fee has actually already been paid
capitalise the fee (this will add it to the loan amount - see below)
Once you have made your changes, click Go/Save and the fee detail will update.
Delete a Fee
If a fee is automatically added to your application but it should be removed, you are able to do so by clicking the rubbish bin on the record:
Add a Fee
If you need to Add a Fee, click Add:
You will generally only be able to then choose a fee that has been set as applicable by the Lender for this product:
Capitalise a fee
You are able to select "capitalise" on fees. Where you do, the fee amount will be added to your overall loan amount.
Lenders Mortgage Insurance Fees
Where Lenders Mortgage Insurance is required, you can capture the fees.
You are able to add the known or estimated LMI premium to the application data; and also choose to capitalise it. Where you capitalise the premium, it will be added to your loan amount; and also update the LVR:
Using the LMI quote service
If your Lender has an Loanapp integration with the Mortgage Insurer, you will be able to use the LMI service to automatically get the premium quote added to this section:
Government Fees
You are able to add any Government Fees that you want to be noted on the application.
As a broker, you will want to add Government Fees in the application particularly if you want to Capitalise the fees for your applicant/s. Remember where you capitalise fees, your overall loan amount will be updated (as will your LVR):
As a Lender, you will potentially want to add in all the known government fees so that these fees will be accurately reflected on your solicitors instructions/mortgage documents.
Government fees added here can also be used in your generated Funds Position in Omni.