1. Lease Origination User Guide
  2. Funding
  3. Contract Tab
  4. Itemizations Sub Tab

8.12.3 Itemizations Sub Tab

The system lists the distribution of the Lease proceeds on the Itemizations sub screen when you 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 you have entered itemization amounts during application entry or underwriting, you 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 you require any new itemizations, you 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. Open the Funding screen and load the application you want to work with.
  2. Click the Contract > Itemizations sub tab.
  3. In this section, you can perform any of the Basic Operations mentioned in Navigation chapter.
    A brief description of the fields is given below:

    Table 8-7 Itemizations

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

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

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

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

Parent topic: Contract Tab