The Underwriting Transmittal (1008) is used to summarize key information utilized in the comprehensive risk assessment of a mortgage and the final underwriting decision. The 1008 is divided into 16 sections, with the majority of the information populating to and from other screens within the LOS.
Borrower Property Information – is the first section of the 1008
Loan Number - comes from the 1003 > I. Terms tab. Disabled (cannot edit) on the 1008. If user needs to change the loan number must be done on 1003.
Borrower/Co-Borrower Name - comes from the 1003 > III. Borrower tab. Disabled (cannot edit) on the 1008. If user needs to change the loan number must be done on 1003 or Borrower Summary.
Property Address -comes from the 1003 >II. Property Tab. Disabled (cannot edit) on the 1008. If user needs to change the loan number must be done on 1003.
Property Type -1003 >II. Property Tab and Borrower Summary
Property Status -1003 >Other Data Tab
Number of Units -1003 >II. Property Tab and Borrower Summary
Purchase Price - can edit on the 1008 will update the 1003 > VII. Transaction Details > a. Purchase Price and Borrower Summary
Property Appraised Value - can edit on 1008 will update Borrower Summary and Lock Screen
Estate Held In - 1003 > II. Property Tab and Borrower Summary
Project Name – Allows for the entry of Condo Project name
Project Classification - Provides a drop menu of condo related Classifications to label, for example Streamlined Review, Established Project, and New Project.
Project ID#-only if applicable allows for the documentation of an ID number associated with the project
Mortgage Information
Mortgage Applied For -can edit on 1008 will update/comes from the 1003 > I. Terms tab
Amortization Type - can edit on 1008 will update/comes from the 1003 > I. Terms tab
Other Amortization Type - can edit on 1008 will update/comes from the 1003 > I. Terms tab
ARM Type (if any) - can edit on 1008 will update/comes from the 1003 > I. Terms tab
Purpose of Loan - can edit on 1008 will update/1003 > II. Property Tab and Borrower Summary
Lien Type -can edit on 1008 will update/comes from the 1003 > I. Terms tab
Base Mortgage Amount (Exclude PMI, MIP, Funding Fee) - can edit on 1008 will update/comes from the 1003 > I. Terms tab
Interest Rate-can edit on 1008 will update/comes from the 1003 > I. Terms tab
Number of Months - can edit on 1008 will update/comes from the 1003 > I. Terms tab
PMI, MIP Funding Fee Financed - can edit on 1008 will update/comes from 1003 > VII. Transaction Detail tab > n. PMI, MIP, Funding Fee Financed
Subordinate Financing - can edit on 1008 will update/comes from1003 > VII. Transaction Detail tab > J. Subordinate Financing
Buydown Loan -1003 > Other Data tab
Total Mortgage Amount - comes from comes from 1003 > VII. Transaction Detail tab > O. Loan Amount (add M&N) Disabled on 1008
Mortgage Originator - drop-down menu contains seller, broker, and correspondent options.
If Second Mortgage owner of first Mortgage - drop-down menu (Fannie Mae, Freddie Mac, or Seller/ other)
Broker/Correspondent Name and Company Name – if select broker or Correspondent field is enabled to put the appropriate info in
Original Loan amount of first Mortgage – if 2nd mortgage included 1st amount here
Underwriting Information
Underwriter's Name - drop-down menu with all users with Role - Underwriter and/or Underwriting Manager, if underwriter is already assigned to the loan: Actions > Assign Loan then their name will appear
Appraisal Company - drop-down menu of all Appraisal Companies setup in Vendor Admin for Appraiser Companies (see Vendor Info Manual). If Appraisal Company is already selected for this loan on the Vendor Info Screen -Tasks > Forms and Documents > Vendor Info, the Appraisal Company, name and License # will auto populate. If user manually enters on 1008 it will update 1003 > Other Data Tab and Appraisal Request
Stable Monthly Income -these cannot be edited on 1008
Base Income - must update on the 1003 > V. Income Housing > Base Income
Other Income - must update on the 1003 > V. Income Housing > All other monthly income
Positive Cash Flow - must update on the 1003 > V. Income Housing > Subject Net Cash *Only if Subject Property is investment and positive Subject Net Cash
Present Housing Payments -must update on the 1003 > V. Income Housing > Total Current monthly housing expense (See Image UW4)
Proposed Monthly Payments Primary Residence - must update on the 1003 > V. Income Housing > Proposed Total
Other Obligations
Negative Cash Flow – must update on the 1003 > V. Income Housing > Subject Net Cash *Only if Subject Property is investment and negative Subject Net Cash
All other Monthly Payments - must update on the 1003 > VI. REO and VI. Liabilities > All debts and obligations except proposed housing payments
Qualifying Ratios
Primary Housing Expense/Income - System calculated % = Total Primary Housing Expense ÷ Total Income
Total Obligations/Income –System calculated %=Total All Monthly Payment÷ Total Income
Debt-to-housing Gap Ratio (Freddie) - System calculated % =
Total Obligations/Income – Primary Housing Expense/Income
LTV – System Calculation
CLTV/TLTV – System Calculation
HCLTV/HTLTV – System Calculation
Qualifying Rate - ARMS
Rate Type - drop-down menu
Rate – add % here will update 1003 > Other data tab > ARM Qualifying Rate
Level Of Property Review
Type – select from drop down menu
Fieldwork Obtained – select from drop-down will update 1003 > Other Data tab and Appraisal Request
Borrower Funds to Close – cannot update from 1008. All information is coming from 1003
Required -1003 > VII. Details of Transaction > Line P.
Verified Assets -1003 > IV. Asset Tab > all assets except Auto, Life Insurance, Net worth of Business, and Other Non-Liquid Assets
Closing Costs -1003 > VII > Details of Transaction > Line E. + Line F.
No. Of months in reserve - (Verified Assets - Required)/Total Primary Housing Expense
Seller Contribution-System Calculated Percentage = 1003 > VII. Transaction Details > (K. Borrower's Closing Costs Paid By Seller + Other Credits – Seller Credits)/A. Purchase Price
Down Payment – will populate to and from 1003 > II. Property Tab > Down Payment and Title information
Risk Assessment - If submitted to Automated Underwriting through the LOS the information will populate from the AU screen
AUS - Drop-down menu of Automated Underwriting Systems
Manual Underwriting - all other fields will disable in the Risk Assessment Section
DU – If DU ordered through the LOS the AUS Recommendation and DU Case ID/LP AUS Key# will populate if did not order through system those two fields will open and user can add the appropriate information
LP – If LP ordered through the LOS AUS Recommendation and DU Case ID/LP AUS Key# will populate -if did not order through system those two fields will open and user can add the appropriate information
Other - all fields will open up allowing user to edit them
Additional Information
Escrow (T&I) - select “yes" if escrow includes property taxes and hazard insurance
Community Lending/Affordable Housing Initiative – Select "yes" or "no"
Home Buyers/Homeownership Education Certificate in file - Select “yes" or "no"
Representative Credit/Indicator Score – Borrower credit score
Underwriter Comments – any additional information the underwriter may need to add
Seller and Contact Information – drop down menu of Sellers setup in Admin > Vendor Admin > Seller Contact. If a Seller was selected on the Vendor Info screen it will auto populate to the 1008
Underwriter Comments - Allows underwriters to include detailed notes on the file with an optional continuation page included.
Seller and Contact Information - Information will pull from Vendor Admin>Seller Contract Info