I. Borrower Information
1. Navigate to Borrower Information screen.
2. Scroll down to Subject Property sections and select the Property Type from the dropdown.
3. Scroll down to the Loan Summary section and complete the following:
a. Investment checkbox
b. Gross Rent & Occ Rate
c. Loan Purpose checkbox
d. Lien Position checkbox
e. Note Rate and Term/Due
f. Sales Price, Down Pmt, and Loan Amt where applicable.
II. Complete Loan Application – Section 2 & 3
Refer to KB 2017 Completing-Section-2&3-of-the-Loan Application for completing this section.
III. New Combined Transmittal Summary (1008)
The values calculated from the housing expenses and real estate owned are populated in the III. Underwriting Information section on the New Combined Transmittal Summary as follows:
1. The Proposed Monthly Payments Borrowers Primary Residence section will always reflect expenses related to the borrower's primary residence, even if it is not the subject property.
2. If the subject investment property Net Rent is a positive amount, the value is populated in the Stable Monthly Income - Rental Income-Subject Property field.
3. If the subject investment property Net Rent is a negative amount, the value is populated in the Other Monthly Obligations-Rental Income Subject Property field.
4. If the Net Rent for any remaining investment properties is a positive amount, the value is populated in the Stable Monthly Income - Net Rental Income-Other Properties field.
5. If the remaining investment properties Net Rent is a negative amount, the value is populated in the Other Monthly Obligations-Other Properties field.