- Property Liabilities -

Subject Property

Once you have downloaded the credit file then you need to return to the application for completion. You can return to the application by double clicking on the Subject Property field in the Loan Overview screen menu tree. When you double click on the Subject Property field a second screen appears called Subject Property.

The Subject Property screen, accessed from the Loan Overview navigation tree, gathers information about the property to be purchased or refinanced. The subject property address should be linked to the borrower’s present address if the transaction is a refinance or home equity line of credit (HELOC). Click on the button labeled “Link to Borrower’s Present Address” to link the address in both the borrower screen and the subject property screen.



Populated address:



Important Field Descriptions and Usage

Field: Project Name
Description: Condominium project information If the property is a condominium
Usage: click on the ‘look up’ button to search for the condo project name.

Field: Address
Description: Subject property address
Usage: Enter the subject property address, if the property has been linked to the borrower’s present address this information should be automatically populated

Field: City, State, Zip, County
Description: Enter the city, state, zip code and county information for the subject property..
Usage: NOTE: Enter the zip code only, to auto populate the city, state and county information based on census track information.

Field: Property Type
Description: Type of property (e.g. single family, attached, etc.)
Usage: Click on the ‘look up’ button to select from a list of Property type options

Field: Occupancy
Description: Intended use of the property
Usage: Select the occupancy type from the drop down list.

Field: Property Tax ID#
Description: Tax ID number
Usage: Year Built Year the property was built

Field: Number of units
Description: Number of units in the transaction
Usage: Enter the number of units included in the transaction.

Field: Tenure
Description: Type of ownership in the underlying land
Usage: If the property is a leased property, click on the lease details button to enter information about the lease

Field: Rental Income
Description: Monthly rental income if applicable for investment property
Usage: If the property will be used for ongoing rental enter the monthly estimated rental income or the existing rental income.

Field: Title Held As
Description: How borrowers will hold title
Usage: Click on the ‘look up’ button within the field to select the method that the borrowers will retain title of the property from the list

Field: Names on Title
Description: Borrower's names as they will appear on the title
Usage: Click on the ‘look up’ button within the field verify or modify the borrowers names as they should appear on the title
documents. Saving the file to memo will create a local copy of the notepad file. Click 'OK' to confirm the name entry within IHM.

Field: Loan Purpose
Description: Select the purpose of the transaction
Usage: Click on the ‘look up’ button within the field to select the purpose of the loan from the list provided. Refinance loans will add additional fields to the lower 1/3 of the screen.

Field: HMDA Information
Description: HMDA reporting information
Usage: HMDA information will auto populate with information from the imported

Field: Escrow and Title Number
Usage: Reference information for tracking purposes

Field: Flood Zone
Description: Flood Zone reference
Usage: Flood zone auto imported after running a flood certification

Field: Appraisal Type
Description: Appraisal request type
Usage: Select the type of appraisal obtained for the subject property from the drop down menu. Refinance information Additional refinance information If the Loan Purpose is refinance a series of fields are displayed in
the Refinance section of the
screen.

- Other Assets and Liabilities -

Other Assets & Liabilities

Under the F1003 menu tree on the Loan Overview screen are four additional information screens pertaining to:

• Additional Addresses (if present address is different than mailing address or less than two years)
• Other Assets & Liabilities (Non Liquid Assets...Bonds, Stocks...Alimony or Child Support)
• Government Monitoring
• Declarations

Other Assets & Liabilities



It is important to note that this is the screen where alimony or child support data is entered to calculate loan qualifying ratios correctly.

- Populating Liabilities -

Continued from 03- Running Credit Reports

When the report is complete and ready for download another Icon will appear in the Loan Overview screen. When the Icon appears just click on the Icon and the liabilities automatically populate.



Once you click on the Import Button a pop up box will appear that states the "Data has been successfully imported. See Print Forms to print the data". Click the OK button to continue.



To view the imported liabilities for the borrower(s) you need to be in the Loan Overview screen and click on the "+" beside the borrower(s) name to expand the menu tree.



Once the borrower(s) tree in expanded you need to click on the "+" beside Liabilities.



The Liabilities section will expand to show all credit tradelines for all borrowers.

- Liabilities -

Liabilities

Adding or Editing Liabilities
Debt or liability information is created by highlighting the Liabilities field on the menu tree and pressing the Insert key or selecting Add with the right-click of a mouse. Liabilities will also automatically populate with the first import of a credit report. The liability data is used to determine qualifying ratios, complete print forms, and for automated underwriting exports.



When a liability or lien is selected, a user may edit the field to be paid off or not used by selecting the Ctrl and Space Bar keys simultaneously. This will automatically make the appropriate changes for calculating cash to close and debt service ratios. Selecting the Print icon while in the Liability Information screen will print the VOL/VOM. Selecting the Print Preview icon will allow the user to view and edit the VOL/VOM and print or email the form directly from the Print Preview screen.



Debt or liability information is created by highlighting the Liabilities field on the menu tree and pressing the Insert key or selecting Add with the right-click of a mouse.

- Auto Liabilities -

Automobile Liabilities

A liability may be converted to a property lien or automobile lien by selecting the appropriate liability with the left mouse button depressed and dragging it to the appropriate property address on the loan overview. This process is known as "Drag and Drop". Liens may be exchanged among properties and switched to liabilities using this feature as well. When the first lien on a property is created (either by inserting or by drag and drop), it is set to the first lien position. Lien positions for any additional liens do not get defaulted. The idea is that if there is only one lien connected with the property, then it must be in the first position. If there is more than one lien, then we don't know the lien position. When a second lien is created, its lien position will be blank. If it is not corrected, the data check will report the problem as a Fail status item.