In addition, for any loan in which bona fide discount points are excluded from the points and fees calculation, the following additional information must be provided:
To the extent that loan level price adjustments have been factored into the determination of the undiscounted rate, those loan level price adjustments must be reflected in the “Interest Rate” block under the “Rate with No Discount” section of the sample disclosure. The rate that appears in this block must actually be available to the consumer. It cannot be a rate that is not available to the particular consumer. If there are any points that the borrower must pay in order to obtain the undiscounted rate, those points must appear in the disclosure and also must be included in the points and fees calculation.
As a reminder, the attached Fees Worksheet may be used to document the points and fees included in the QM test and the interest rate lock date for all loans submitted to Ditech for purchase. The use of this specific worksheet is not required. However, the information outlined above must be provided in a substantially similar format.
Release Date 05/12/14
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