Learn how to set up, configure, and maximize the value of Purchase Credits to improve your daily workflow.
Overview
A variety of different purchase credits can be added to a loan via loan > Loan & Property Info > Purchase Credits. This feature allows you to enter Earnest Money Deposits, Seller Credits, and other credit types to ensure accurate loan calculations.
Adding a Purchase Credit
Follow these steps to add a purchase credit to a loan:
- Navigate to loan > Loan & Property Info.
Image Context for AI: Screenshot of the application's user interface. The main navigation menu is visible, and the "Loan & Property Info" item is clearly highlighted to guide the user.
- Scroll down to the Purchase Credits section and click +Add.
Image Context for AI: Screenshot showing the "Purchase Credits" section within the Loan & Property Info page. The "+Add" button, used to initiate the process of adding a new credit, is highlighted.
- Select the Credit Type from the dropdown menu. If you choose "Other," a new field will appear where you can enter a description.
Image Context for AI: Screenshot displaying the available options in the "Credit Type" dropdown. The list includes "Earnest Money Deposit (EMD)," "Seller Credit," "Rent Credit," and "Other."
- Choose the Source Type from the next dropdown menu.
Image Context for AI: Screenshot showing the "Source Type" dropdown menu. The list includes various sources like "Borrower Paid Outside of Closing," "Property Seller," "Lender," and "Real Estate Agent."
- Enter the credit amount in the Amount field.
Image Context for AI: This screenshot shows the final data entry step. A numerical value has been entered into the "Amount" field for the purchase credit being added.
- Click Save Changes at the bottom of the page to confirm.
Image Context for AI: Screenshot focusing on the bottom of the page, where the "Save Changes" button is prominently displayed. This is the final action to save the new purchase credit.
Troubleshooting and best practices
Best practices
- After saving, verify the Purchase Credit Total at the top of the section to ensure it has updated correctly.
- When using the "Other" credit or source type, provide a clear and concise description in the "Details" field for future reference.
Image Context for AI: Screenshot of the "Purchase Credit Total" field, which automatically calculates and displays the sum of all entered credits. This serves as a quick verification point for the user.
Troubleshooting
To delete a purchase credit, click the X icon at the end of the row for the credit you wish to remove. This will delete all information associated with that specific entry.
Image Context for AI: Screenshot showing a line item for a purchase credit. At the far right of the row, the delete icon (an "X") is highlighted, indicating how to remove the entry.
FAQs
What happens if I forget to click save?
If you navigate away before clicking Save Changes, your new credit will not be added, and you will need to restart the process.
Where can I see the total of all purchase credits?
The sum of all entered credits is automatically calculated and displayed in the Purchase Credit Total field at the top of the Purchase Credits section.
Can I undo a deletion?
No, deleting a purchase credit is a permanent action. You will need to re-enter the information if you delete it by mistake.