The Other Data Tab is generally intended for additional fields that are sent to DU/DO and LP.
Tip: If a field on the Other Data Tab does not apply to a loan, it will not need to be completed unless it is red and therefore a required field.
Other Data section:
Seller Provided Below Mkt Financing drop-down list will indicate if the seller is paying any discount or origination fees to reduce the interest rate for the borrower.
Property Status drop-down list will display status options for the subject property.
Tip: If the base 1003 format is set to FHLMC the Property Status drop-down list will be required.
Will Escrow be Waived radio buttons indicate Yes or No. If the radio button for Yes is selected, the Escrow Waiver Type drop-down list will open.
Tip: The Escrow Waiver Type chosen in the drop-down list will pass to the Doc Providers, however, the LOS does not support split escrows.
Payment Frequency drop-down list is a flag in the LOS and will pass to Doc Providers, however, the LOS does not support bi-weekly payments.
PUD/Condo Class drop-down list options include:
Condo Delivery Codes:
· Type P – Limited Review for new detached units only
· Type Q – Limited Review – established projects, including established two-to four-unit projects – attached or detached units
· Type R – CPM Expedited Review or Lender Full Review – New projects, including new two-to four-unit projects
· Type S – CPM Expedited Review or Lender Full Review – Established projects, including established two- to four-unit projects
· Type T – Fannie Mae Review – Any project accepted via the PERS, including any project consisting of manufactured homes (SFC 235 required); or any project with an unexpired Final or Conditional Project Approval status
· Type U – FHA Approved Projects (For conventional loans with applications dated before February 1, 2010 or FHA-insured loans
· Choose ‘G’ if the property is not in a project or condo.
PUD Delivery Codes:
· Type E – Lender Full Review or Refi Plus transaction – Established Projects
· Type F – Lender Full Review - New Projects
Co-op Delivery Codes:
· Type 1 – Lender Full Review
· Type 2 – Fannie Mae Review or Refi Plus transaction – Project consisting of manufactured housing
Tip: Required to be completed for the ULDD export
Balloon Indicator will be a drop-down list if the product chosen allows for balloons. If the product does not allow for balloon loans then this will be grayed out. If Yes is selected, then the Balloon Mortgage Term (months) field will open and the term for the balloon loan can be input.
Tip: Both the Balloon Indicator and Balloon Mortgage Term (months) will update the GFE > Summary of The Loan section.
Estimated Closing Date for the loan can be input in this field. When input on the 1003, this date will also populate the GFE/IFW > Estimated Closing Date field and vice versa.
APR Spread (%) will appear on the FNMA 2000 report. As it has been replaced by ULDD, this field is generally not used.
The Sales Concessions field is used when submitting to LP for Automated Underwriting. If submitting to DU/DO for Automated Underwriting then Sales Concessions will be entered on the 1003 > Transaction Details Tab.
Product Code is used to identify specific loan products when submitting to DU.
Tip: This field is reportable to DataMart.
Covered Under HOEPA drop-down list will identify if a loan meets the requirements to be covered under HOEPA.
Planned Unit Development radio buttons identify whether or not the property is a PUD.
The Product Description drop-down list must display Standard LCOR (Limited Cash Out Refinance) if the user does not want DU to return DU Refi-Plus Findings when a property is eligible.
The No Appraisal Mortgage can be used to indicate whether or not an appraisal is required for the loan. If an appraisal is not required, the drop-down list should display Yes.
Users can enter the total income for the household on an annual basis in the Total Annual Household Income field.
The Appraisal Information section will have fields where users can input data regarding the appraisal, including; the appraiser name, appraiser company and the appraisal form required for the loan. Data input on this tab will populate to Forms & Docs > U/W Transmittal and Appraisal Request.
Tip: The Appraiser Name and Appraiser companies can be set to display on this screen or they can be hidden based on Site Admin settings. However, it is essential to have these fields display for ULDD mapping.
The Buydown Loans section will allow users to enter specific Buydown information if the loan product selected allows for a Buydown option. If the product selected does not allow for a Buydown option, then this section will be grayed out.
The Community Lending section:
Tip: This section will only be available when the Base 1003 format is set to Fannie Mae (Desktop Underwriter) and 1003 > Terms tab > Mortgage Applied For drop-down list displays Conventional.
Metropolitan Statistical Area or County drop-down list is where users can select the MSA or County in which the property is located.
Tip: If a county does not display in the drop-down list, check the MSA Code to verify if the county is included in another Metropolitan Area.
Once the MSA or County is selected then the drop-down list for Community Lending Product, Fannie Neighbors Eligible and Community Seconds will open so users can select the appropriate options. If the Community Seconds drop-down list displays Yes then the Community Seconds Repayment Structure drop-down list will be available.
Income Limit section:
HUD Area Median Income will default based on the MSA or County selected. The Income Limit Adjustment Factor will default based on the MSA or County selected, but, the factor can be adjusted. The Community Lending Income Limit will calculate based on the HUD Area Median Income and the Income Limit Adjustment Factor fields.
If the product selected is a HELOC there will be a For HELOC Loans Only section. Users can enter the Margin and Base Rate (Index) for the HELOC.
When the 1003 > Property Tab > Purpose of Loan is set to Construction or Construction-Perm a Qualifying Rate – Construction Only section is available. Users can indicate the qualifying rate for the loan.
When the 1003 > Terms Tab > Amortization Type displays ARM, there will be an additional For ARM Loans Only section. When an ARM product is selected; the ARM fields will populate based on the product set-up.
When the base 1003 format is set to Freddie Mac (Loan Prospector) the following will be different:
· The Property Status drop-down list is required.
· The Offering Identifier can be selected if the loan is a Home Possible or Relief Refinance program.
· Stated Express can be identified.
· The Community Lending and Income Limit sections are not available.