The FHA Transmittal will appear when Forms & Docs > 1003 > Terms tab > Mortgage Applied For drop-down field displays FHA. Users can edit or print this screen if they have the applicable user rights.
The FHA Transmittal is divided into 14 sections:
The Borrower and Property Information section will populate from various tabs within the 1003 as well as the Borrower Summary.
Loan Number will populate from the LOS automated loan number.
Note: The loan number can be edited in the Left Navigation > Actions > Edit Loan Number (with the applicable permissions).
Borrower and Co-Borrower Name fields will populate from Forms & Docs > 1003 > Borrower tab.
Property Address, Property Type, Number of Units and Estate Held In populate from Forms & Docs > 1003 > Property tab.
Property Status drop-down list will populate from Forms & Docs > 1003 > Other Data tab.
Purchase Price will populate from Forms & Docs > 1003 > Transaction Details tab.
Property Appraised Value will populate from Forms & Docs > Borrower Summary.
Tip: Any open fields in this section can be updated on the FHA Transmittal and will also update the 1003 and Borrower Summary.
Mortgage Information fields will populate from various tabs within the 1003.
Section of Act, Agency Case Number, Energy Efficient New Home and Other Loan or Refi Types check boxes will populate from Forms & Docs > 1003 > Government tab.
Amortization Type, Base Mortgage Amount, Interest Rate and Number of Months will populate form Forms & Docs > 1003 > Terms tab.
Tip: If Amortization Type > Refinance then ARM Index, Margin and Adjustment Period will populate based on the ARM product selected.
Specify if the construction is new or not by selecting New (less than 1 year) from the Construction field dropdown list.
Upfront MIP and Subordinate Liens will populate from Forms & Docs > 1003 > Transaction Details tab.
If Subordinate Financing will be used to cover all or part of the down-payment and closing costs, users can update Subordinate Financing EIN, Subordinate Financing Source and, if applicable, Other Source Type fields.
Tip: Any open fields in this section can be updated on the FHA Transmittal and will also update the 1003.
Select the Other Loan Or Refi Types by marking the box next to the applicable field.
The gifts section will appear when there are gifts noted in Forms & Docs > 1003 > Assets tab > Asset Type drop-down list displays Gift of Equity or Gift. The amount will be greyed out but the fields Seller Funded DAP, Source, Other Source Type and EIN are editable.
Tip: The amount types can be adjusted on the Assets tab of the 1003.
If an underwriter is already assigned to the loan, the assigned underwriter will display in the Underwriter’s Name field. If an underwriter has not yet been assigned to the loan file, users can select the underwriter from the drop-down list and that underwriter will automatically be assigned to the loan.
Based on settings within the Admin Site, the Appraisal Company, Name and License Number will display in this section as well.
Tip: If Appraisal information is updated on the FHA Transmittal, the 1003 > Other Data tab and Appraisal Request Form will be updated as well.
The Recalculate button in the header of this section is used to recalculate and update the Qualifying Ratios if any loan level information is changed on the FHA Transmittal.
All fields within this section populate from Forms & Docs > 1003 > Income & Housing tab > Gross Monthly Income section.
All fields within this section populate from Forms & Docs > 1003 > Income & Housing tab > Combined Monthly Housing Expense > Proposed.
All fields within this section populate from Forms & Docs > 1003 > Liabilities and Income & Housing tabs.
Total Installation Debt will populate monthly payment and total unpaid balance from Forms & Docs > 1003 > Liabilities tab > Liability Type drop-down list > Installment.
Tip: Installment liabilities marked Paid at Closing from Loan Proceeds, Omit Payment/Omit Reason, Exclude from Ratio Calculations in 1008 or Paid Prior to Closing on the Liabilities tab, will not be included in Total Installation Debt.
Child Support Debt will populate monthly payment and total unpaid balance from Forms & Docs > 1003 > Liabilities tab > Liability Type drop-down list > Child Support.
Tip: Child Support liabilities marked Exclude from Ratio Calculations in 1008 will not be included in the Child Support field. The unpaid balance will automatically calculate based on number of months left to pay input on 1003 > Liabilities tab.
Negative Rental Cash Flow will populate from Forms & Docs > 1003 > REO tab.
All Other Monthly Payments will populate from Forms & Docs > 1003 > Liabilities tab. The following liabilities will not be included in the All Other Monthly Payments field:
· HELOC
· Mortgage
· Child Support
· Installment
Tip: Other liabilities from Forms & Docs > 1003 > Liabilities tab marked Paid at Closing from Loan Proceeds, Omit Payment/Omit Reason, Exclude from Ratio Calculations in 1008 or Paid Prior to Closing will not be included in All Other Monthly Payments.
All fields within this section populate with the transaction LTV, CLTV, Housing Ratio and Debt to Income Ratio.
The Qualifying Rate section can be used to evaluate ratios based on the qualifying rate versus the actual interest rate on a loan. Users can update the Rate Type drop-down list and Rate field as applicable. Clicking the Recalculate button in the Underwriting Information section will recalculate the Qualifying Ratios section to reflect the Qualifying Rate for loan decisioning.
Tip: Using the Qualifying Ratios section to determine ratios based on the qualifying rate will not update any 1003 information.
Required funds to close will populate from Forms & Docs > 1003 > Transaction Details tab.
Verified Assets will populate from Forms & Docs > 1003 > Assets tab.
Closing Costs will populate from Forms & Docs > 1003 > Transaction Details tab > (Line e. Estimated Prepaid Items + Line f. Estimated Closing Costs) – Line k. Borrower’s Closing Costs Paid by Seller.
Note: Estimated Prepaid Items, Estimated Closing Costs and Borrower’s Closing Costs Paid by Seller will come from Forms & Docs > GFE/IFW.
Number of Months in Reserves will automatically calculate to help determine the how many reserves a borrower will have after closing.
Seller Contribution will automatically calculate from Forms & Docs > 1003 > Transaction Details tab > Line k. Borrower’s Closing Costs Paid by Seller and Other Credits > Seller Credit.
Down Payment
The Down Payment section will populate from Forms & Docs > 1003 > Property tab > Down Payment and Title Information.
CAIVRS Numbers
The CAIVRS Numbers will populate from Forms & Docs > 1003 > Borrower tab.
LDP/GSA (Limited Denial of Participation/General Services Administration) drop-down list can be selected. YES indicates that borrower is on the LDP/GSA list while NO indicates the borrower is not on the LDP/GSA list.
Additional Information
The CHUMS ID can be entered here. When applicable, this field will also update Forms & Docs > FHA 203k Worksheet. If the following check box is marked on the HUD/VA 92900 then the CHUMS ID number will also populate on the screen:
This mortgage was rated as a "refer" by FHA's Total Mortgage Scorecard, and/or was manually underwritten by a Direct Endorsement underwriter. As such, the undersigned Direct Endorsement underwriter certifies that I have personally reviewed the appraisal report (if applicable), credit application, and all associated documents and have used due diligence in underwriting this mortgage. I find that this mortgage is eligible for HUD mortgage insurance under the Direct Endorsement program and I hereby make all certifications required for this mortgage as set forth in HUD Handbook 4000.4.
Risk Assessment
If AU has been submitted within MortgagebotLOS, the findings will auto populate in this section. If applicable, users can select Manual or Other from the AUS drop-down list. The AUS selected will dictate which fields are open and which are not in the Risk Assessment section.
The Scored by TOTAL? Field is asking if the Total Scorecard was used. Select Yes or No from the drop down list.
The Risk Class drop-down list is used for LP and is asking if it was Accept/Approved or Refer. This will default once AU has been submitted in MortgagebotLOS.
Tip: DU will be selected from the AUS Recommendation field.
CHUMS ID # for Reviewer of Appraisal field is used if there is a different CHUMS ID# for the reviewer of appraisal. This can differ from the Additional Information > CHUMS ID #. The CHUMS ID from this field will populate to Forms & Docs > Conditional Commitment (92800) > CHUMS Id.
If AUS is selected as “Other” or “DU”, the Other Description field will open for further explanation.
Underwriter Comments
This is a text box used for additional underwriter comments that will print on the FHA Transmittal.