1003 Loan Application - Page 2

Section V. Monthly Income and Combined Housing Expense Information

  1. Type borrower and co-borrower gross income information in the Gross Monthly Income section.

    • To open a calculator to determine the monthly base income, click the Edit icon.

    • The fields in the Total column are calculated by adding the borrower and co-borrower values for each type of income.

    • The borrower's Net Rental Income (Net Rent Inc) is calculated from information in the Schedule of Real Estate owned. You can also click the Lock icon to lock the field and then type a value.

    • The second Other field contains totals of entries made in the Other Income section.

  2. Type present and proposed housing expenses in the Monthly Housing Expenses section.

    • Present expenses are those associated with the borrower's primary housing.

    • Proposed expenses are those associated with the subject property's loan.

    • The Proposed first mortgage payment (First Mtg.) is calculated from information in Section I.

    • You can type proposed expense values or use the Edit icons to determine proposed expenses.

Section VI. Assets and Liabilities

  1. At the top of the section, select a checkbox to indicate whether the assets and liabilities are for both the borrower and co-borrower (Jointly) or the borrower only (Not Jointly).

  2. Type descriptions and current values for each type of asset.

    • The Total Bank Deposits value is imported from the Verification of Deposits form. Click Show All (VOD) to open the form and then add and edit deposit information.

    • The Real Estate Owned value is imported from the Verification of Mortgages form.

  3. Click Order Credit to order a credit report and View Credit to view the credit report.

  4. Click Import Liabilities to import information from the credit report to the VOL.

  5. Add liabilities on the lines provided or click Show All (VOL) to add information to the Verification of Liabilities form.

    • New entries and updates on Page 2 are automatically updated to the VOL.

    • New entries and updates made on the VOL are reflected on the liability list on Page 2.