The Property Tab is where subject property and loan purpose information is entered.
In the Property Information and Purpose of Loan section of this tab, the Subject Property Address field is greyed out. This field will populate from what is input in the Address Number, Address Street Name and Address Unit fields located right below the Subject Property Address field. Once each applicable field is complete and the Property Tab is saved, the Subject Property Address field will populate.
The Property Information and Purpose of Loan section houses a View in Zillow blue hyperlink next to the Subject Property Address field. When the View in Zillow hyperlink is clicked, a new internet window or tab will open and the subject property address will be viewable in Zillow.
When the appropriate admin settings allow, at the bottom of the Property Information and Purpose of Loan section, directly under the Loan Purpose Other field, there will be a check box to mark the loan as Pre-approval. If the check box is marked as Pre-approval, the Address Number, Address Street Name and Address Unit fields will be greyed out to indicate the subject property as TBD and compliance testing will not be applicable. If the Purpose of Loan drop-down list reads Refinance, the Pre-approval check box will be unavailable to select.
Down Payment and Title Information section has fields to indicate the different sources of down payment for the loan. The Amount section is a manual place to input the down payment amount. The Source of Down Payment is a hard-coded field where the user can explain the source of downpayment. To the right of this field is the Explanation field. If a Source of Down Payment requires further explanation, input this here. When clicked, the Add Down Payment Info button will populate blank fields to input additional down payment sources.
There will be two Title Will Be Held In What Name(s) fields that populate from borrower and co-borrower information originally inputted on the Borrower Summary screen.
Note: Any changes to borrower or co-borrower names after the Property Tab is accessed will need to be manually updated in these fields. To add additional title holder fields click the Add Title Holders button.
Depending on Admin site settings, the Manner In Which Title Will be Held field will either be a pre-determined, customized drop-down list stored in admin or an open, manual entry field.
The Estate Held In has two options, Fee Simple and Leasehold. If marked as Leasehold, the Expiration Date (if leasehold) is a field that will need to be manually input.
The Refinance Information section will be completed if the loan purpose is a refinance, construction or construction-permanent. If the loan is a refinance, construction or construction-permanent this section will highlight in red the required fields.
When the Base 1003 Format is Freddie Mac (Loan Prospector), the Property Type drop-down list will display; Attached, Condominium, Detached, Manufactured Home Singlewide, Manufactured Home Multiwide.