In order to access the VA Loan Analysis screen, ensure Forms & Docs > 1003 > Terms tab > Mortgage Applied For drop-down list displays VA. Users can edit or print this screen if they have the applicable user rights. There are 6 sections within the VA Loan Analysis screen:
Section A – Loan Data
The Loan Data section will be grayed out and will auto populate from Forms & Docs > Borrower Summary.
Section B – Borrower’s Personal and Financial Status
This section will automatically populate from information input on the following tabs of Forms & Docs > 1003:
· Borrower
· Employment
· Income/Housing
· Assets
Tip: Users can indicate if utilities are included in field 8. Current Monthly Housing Expense by selecting the applicable radio button for field 9. Utilities Included.
Section C – Estimated Monthly Shelter Expenses
This section will populate based on figures from Forms & Docs > 1003 > Income & Housing tab > Proposed Housing Expense.
Maintenance and Utilities will populate from Forms & Docs > 1003 > Government tab > Proposed Estimated Monthly Shelter Expenses section or can be updated manually and will update the 1003 > Government tab.
Section D – Debts and Obligations
Section D will populate from Forms & Docs > 1003 > Liabilities tab.
The Item column will populate from Liabilities tab > Name of Company field.
Liabilities that display an unmarked check box in the (X) column will not be included in Section E > Line 40. Less Those Obligations Listed in Section D Which Should Be Deducted From Income.
Tip: When marked on Forms & Docs > 1003 > Liabilities tab, the following indicators will be unmarked in the (X) column:
· Paid At Closing From Loan Proceeds
· Omit Payment/Omit Reason
· Exclude from Ratio Calculations in 1008
The Mo. Payment column will populate from Liabilities tab > Monthly Payment field.
The Unpaid Bal. column will populate from Liabilities tab > Balance field.
Section E -Monthly Income and Deductions
Line 31. Gross Salary or Earnings from Employment will populate from Forms & Docs > 1003 > Income & Housing tab > Base Income, Overtime, Bonuses and Commissions.
Lines 32-35 are editable deduction fields that will total in Line 36. Total Deductions.
Line 37. Net Take-Home Pay is the difference between Line 31. Gross Salary Or Earnings From Employment and Line 36. Total Deductions.
Line 38. Pension, Compensation or Other Net Income (specify) will populate from Forms & Docs > 1003 > Income & Housing tab > Dividends/Interest, Other Income, Net Rental Income, Subject Net Cash.
Line 39. Total will populate as the sum of Lines 37 & 38.
Line 40. Less Those Obligations Listed in Section D Which Should Be Deducted From Income is the sum of the liabilities that are marked in the (X) column in Section D.
Line 41. Total Net Effective Income will be the difference of Lines 39 & 40.
Line 42. Less Estimated Monthly Shelter Expense (line 21) populates from Section C > Line 21.
Line 43. Balance Available for Family Support > Guideline field will populate based on the input from Forms & Docs > 1003 > Government tab > VA Government Information section > Family Size field. The amount that displays here will show the applicable required residual income per VA Guidelines.
Line 43. Balance Available for Family Support > Total column will display the calculated transaction residual income.
Line 44. Ratio will be the sum of line items 15 – 18, 20 and 40 divided by line items 31 and 38.
Users can select the appropriate radio buttons to indicate Credit remarks and have a text box to type additional remarks.
CAIVRS numbers input for each borrower on Forms & Docs > 1003 > Borrower tab > CAIVRS # field will populate beneath the Remarks text box.
CRV Data (VA Use) is available to input additional data for Certificate of Reasonable Value use.
Section F – Disposition of Application and Underwriter Certification
This section is used to indicate the underwriter recommendation for the VA loan.
Qualifying Rate can be updated to indicate the rate that is used for qualification on the VA loan. When the Qualifying Rate field is updated and the Save/Close button is selected, the VA Loan Analysis > Section C > Line 15 will update with the qualifying P&I.
Tip: The transaction P&I will still display on Forms & Docs > 1003 > Income & Housing tab > Proposed P&I field.
Risk Assessment fields will populate with the AUS recommendation from DU/DO or LP submitted through MortgagebotLOS. Users can select Manual Underwriting or Other from the AUS drop-down list to manually input Risk Assessment fields.