When you first start testing LodeStar, our defaults will be enabled within your 1100 Section. These defaults can be changed and updated based on how you'd like LodeStar's fees to export in. So let's talk about what LodeStar's defaults are for the 1100 Section!
First off, by default, LodeStar will override and wipe out any fees that are currently in the 1100 Section, whether those fees are manually entered in or added in using a Closing Cost Template. We highly recommend removing any closing cost fees for the 1100 Section within your Closing Cost Templates. LodeStar is essentially replacing those and maintaining those fees, so you don't have too!
Below are LodeStar's default for the 1100 Section:
- LodeStar will export the fees starting at Line 1101a and go down from there alphabetically.
- The title company name will export into the recipient of the fee field.
- LodeStar will automatically add in "Title - " at the front of any fees.
- The Owner's Title Insurance will export to line 1103 and the Lender's Title Insurance to line 1104. More specifically, by default, LodeStar will quote the Owner's Title Insurance on the buyer's side.
- APR and Non-APR fees will be automatically marked based on Mavent's Compliance Service.
- LodeStar will set the "Paid To" field to "O" for Other.
- All 1100 Section fees (other than the Owner's Policy) will be marked as "Borrower can shop for", thus quoting all fees within Section C of the Loan Estimate.
Other LodeStar defaults within the 1100 Section:
- LodeStar does not quote seller side title fees.
- LodeStar will not skip any lines, unless requested.
Furthermore, most of our defaults can be updated based on how your company wants the 1100 Section to look and work.