2018 Completing Section 4 of the redesigned Loan Application form 1003

Loan Application - Section 4

1. Open a loan file.

2. Navigate to Loan Application - Section 4 either from your left navigation panel or using the Forms menu in your top toolbar.

3. Review and complete section 4a. Loan and Property Information / Subject Property.

4. Complete section 4b. Other New Mortgage Loans on the Property You are Buying or Refinancing if applicable.

This table is for collecting information on mortgage loans that are being purchased or refinanced simultaneously, such as a piggyback loan.

a. Click the Add button or double-click an empty line in the table.

b. Complete the Edit Other New Mortgage Loans screen.

c. Select the Save & New button to add additional assets and teh Save & Close button when finished.

5. Complete section 4c. Rental Income on the Property You Want to Purchase.

a. If this is a Primary or Secondary residence, then the Occ Rate and Rental Income fields must contain a value.

b. If this is an Investment, then the full proposed payment is calculated as Net Rent by default and offset when entering Rental Income and Occ Rate.

This section will populate section III. Underwriting Information on the Combined Transmittal Summary - New screen as subject property income or debt.

6. Use section 4d. Gifts or Grants Your have Been Given or Will Receive for this loan for any gifts or grants received by the borrower, even if not yet deposited.

a. Click the Add button or double-click an empty line in the table.

b. Complete the Edit Gift or Grants screen.

c. Select the Save & New button to add additional assets and the Save & Close button when finished.