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What is Discount Point Worksheet
The Bona Fide Discount Point Worksheet is a financial document used by lenders to support the exclusion of discount points from the Qualified Mortgage points and fees test.
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Who needs Discount Point Worksheet?
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Discount Point Worksheet is needed by:
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Authorized Lender Representatives who need to document discount points.
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Mortgage lenders seeking to comply with QM regulations.
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Financial institutions validating interest rate documentation.
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Loan officers managing mortgage applications.
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Compliance departments ensuring adherence to lending standards.
How to fill out the Discount Point Worksheet
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1.Start by accessing the Bona Fide Discount Point Worksheet on pdfFiller. Visit the pdfFiller website and use the search bar to locate the form.
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2.Once you find the form, click on it to open in the pdfFiller interface. Familiarize yourself with the layout which includes fillable fields and checkboxes.
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3.Before filling the form, gather all necessary information such as the undiscounted interest rate, premium for this rate, the interest rate on loan, the discount points charged, and the lock date.
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4.Begin entering your details in the corresponding fields. Click on each field to type in the required information, ensuring it is accurate and complete.
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5.Use the checkboxes provided for any applicable options. Make sure to fill in each section of the form thoroughly, including borrower names and property addresses.
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6.After completing the form, review all inputs carefully to avoid errors. Use the 'Preview' function to see how the final document will appear.
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7.Once satisfied, save your changes by clicking on the 'Save' button. You can also download the form directly as a PDF or submit it through the NPF client portal if required.
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8.Finally, ensure you upload the completed worksheet along with any necessary supporting documents through the designated submission channel.
Who is eligible to use the Bona Fide Discount Point Worksheet?
Authorized lender representatives and any mortgage lenders must use this form to document relevant discount points appropriately.
Are there any deadlines for submitting this form?
While the form itself does not have specific submission deadlines, ensure it is submitted in accordance with the mortgage application timelines and qualifying moments.
How do I submit the Bona Fide Discount Point Worksheet?
The completed form should be uploaded to the NPF client portal alongside any required supporting documentation.
What supporting documents are required with this form?
Support documentation may include detailed loan information, interest rate disclosures, and any other evidence that assists in validating the discount points.
What are common mistakes to avoid when filling this form?
Ensure all fields are completed accurately, especially in the borrower and lender details. Double-check any numerical values to prevent processing delays.
How long does processing the worksheet take?
Processing times may vary based on the lender and submission method. Generally, allow a few business days for assessment once submitted.
Is the Bona Fide Discount Point Worksheet an IRS form?
No, the Bona Fide Discount Point Worksheet is not an IRS form. It is specifically used for lender documentation related to Qualified Mortgage requirements.
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