Company Admins and Branch Admins are able to manage fees which populate in loans, and can set defaults for some fees based on lender when using manual lenders. When using integrated lenders, several fees will come directly from the lender through the integration. But, remaining fees can still be set with defaults, and all fees are configurable for manual lenders.
To manage fees, try the following:
- Click the profile icon at the top right of Arive.
- Go to Company Settings.
- Go to Closing Costs in the left-hand menu.
You will see default fees here. See the above steps performed below:
Editing Default Fees for All Lenders
The Closing Costs screen initially shows fees which are distinct from the lender. Configuring these will apply as a default across all lenders.
Existing Fees
To edit an existing fee:
- Click the blue text for the fee's Fee Type.
- An Edit Fees fly-out menu will appear to the right. Update the fields as appropriate.
- Note, the radio button fields reflect when the fee should apply in a scenario. For example, should the fee and its value be defaulted based on the loan purpose? If so, you can use the loan purpose check-boxes to reflect this.
- When done, click Update.
See these steps performed below:
Adding New Fees
To add a new fee:
- Click +Fee at the top right.
- An Edit Fees fly-out menu will appear to the right. Select the Fee Type from the available types. This will update the available remaining fields in accordance with your selection.
- Update the remaining fields as appropriate.
- Note, the radio button fields reflect when the fee should apply in a scenario. For example, should the fee and its value be defaulted based on the loan purpose? If so, you can use the loan purpose check-boxes to reflect this.
- When done, click Save.
See these steps performed below:
Editing Default Fees for Specific Manual Lenders
Lender-specific closing costs can be set based on lender, when using manual lenders. Note, this is not relevant or necessary when using integrated lenders, as we will pull those fees from the lender automatically.
To edit a manual lender fee, try the following:
- Change the Include Lender Fees drop down menu so it reflects the lender in question.
- The page will update to show both the default fees as well as lender-specific fees (such as the Underwriting Fee). Click the blue text of the Fee Type for a fee you wish to edit.
- An Edit Fees fly-out menu will appear to the right. Update the fields as appropriate.
- Note, the radio button fields reflect when the fee should apply in a scenario. For example, should the fee and its value be defaulted based on the loan purpose? If so, you can use the loan purpose check-boxes to reflect this.
- When done, click Update.
Keep in mind, fees not tied to the lender, such as those which appeared on the Closing Costs screen prior to selecting a lender are still reflective of default fees regardless of lender. These cannot be defaulted based on lender.
See these steps performed in the below example, which shows adding an underwriting fee for conventional loans, and a greater underwriting fee for government loans:
If you're following our New User Onboarding Guide,
