Creating Origination Fees in the Loan Control Report
Origination fees on the loan control report are really just principal addition records (a form of payment record) with a special setting in one of the custom fields.
Assuming you used the settings from the help documentation when enabling the Loan Control Report, your payment dialog will look like the one pictured.
Make sure the Payment Type is “Principal Adjustment” and the amount is correct. Set the date applied to some time before the first payment is due. Set the date received to match the date applied.
Setting the “Source/Type” field to “orig” will tell the Loan Control Report that this record should be tallied in the Origination Fees section of the report instead of the Subsequent Advances section where principal adjustments with a positive amount are totaled by default.
If you have more than one type of Origination fee applied to a loan, such as “credit verification” and “broker fee”, put those values in the Itemization field of the principal adjustment. On the control report, Origination fees will be grouped by the value in the itemization field, totaled, and listed on separate lines.