Print this page1008 Data Entry
-
From the Loan Folder or Loan App screens, select 1008 Transmittal from the drop down menu in the top left corner and click Go.
-
1008 data entry fields are organized using tabbed sections, in concert with sections on the 1008 document itself. Data fields populate using data from the Loan App.
-
Complete additional fields as appropriate by clicking through the tabs.
-
Click Save/Close to save your changes and exit the 1008 data entry.
Editing 'Calculated' Data Entry Fields
The Underwriting tab within 1008 data entry section includes several 'calculated' fields. When a calculation is displayed, it's important to understand that the result is derived from fields within the Loan App or other sections of the 1008 data entry. To edit/change a calculated 1008 field, follow the instructions below.
Monthly Income/Payments
-
Base Income Total: Sum of the base income amounts for a specific borrower pair. The individual base income fields composing the total may be edited on this page or on the Income/PITI tab in the Loan App
-
Other Income Total: Sum of the amounts entered for all income types indicated as 'Other' plus any amount entered as 'Net Rental Income (excluding subject)'. Individual fields composing the total may be edited on the Income/PITI tab in the Loan App.
-
Positive Cash Flow (Subject Property) Total: An Other Income Type of Subject Property Net Cash Flow that is calculated as a positive amount is displayed here.
When the result is a negative amount, the value will be recorded as Negative Cash Flow Subject Property). Individual fields composing the total may be edited on the Income/PITI tab in the Loan App. -
Present Housing Expense: Sum of the present housing expenses from the Loan App. The individual present housing fields may be edited on the Income/PITI tab in the Loan App.
-
First Mortgage P&I: The proposed P&I field is automatically calculated from the Income/PITI tab in the Loan App. The field can be editing by clicking the box "Check to override calculated payment" in the Income/PITI tab in the Loan App:
-
Qualifying P&I: If a qualifying rate is entered, this P&I field will automatically populate. This section will not appear if the Occupancy Status is Investment Property or if it's a combined application.
-
Total Primary Housing Expense: Sum of the proposed housing expenses from the Loan App. The individual proposed housing expense fields may be also edited on the Income/PITI tab in the Loan App.
-
Other Obligations: The sum of the following line items within the Loan App data entry:
Liabilities tab: All liabilities listed, excluding those indicated as 30-day Charge Account, revolving accounts with less than 10 payments remaining, HELOC/Credit Line, and Mortgage type. Items marked as Taxes and Other will be included when there are 10 or more scheduled payments.
REO tab:
-When purchasing a new primary residence where the current residence is retained, or in any case where other property is retained, the monthly housing expense total for the current property will be included.
-When purchasing a secondary residence, the proposed monthly PITI will be included. Negative Cash Flow (Subject Property): An Other Income Type of Subject Property Net Cash Flow that is calculated as a negative amount is displayed here. When the result is a positive amount, the value will be recorded as Positive Cash Flow Subject Property). Individual fields composing the total may be edited on the Income/PITI tab in the Loan App.
-
Include Revolving/Open Liabilities with less than 10 months left to pay: Select YES to include these liabilities in the monthly payment calculation.
-
Qualifying Ratios/LTV
-
-
Primary Housing Expense/Income: Total primary housing expense divided by total income.
-
Total Obligations/Income: Total Obligations (includinc primary housing expense) divided by total income.
-
Debt-to-Housing Gap Ratio (Freddie): Difference between the Primary Housing Expense/Income Ratio (A) and the Total Obligations/Income Ratio (B).
-
LTV: Loan to Value Ratio calculated by transaction type
Purchase - Total loan amount divided by the sales price or appraised value; whichever is lower
Non-Arm's Length Purchase - Total loan amount divided by the appraised value
Refinance - Total loan amount divided by the appraised value -
CLTV/TLTV: Combined Loan to Value/ Total Loan to Value Ratio calculated by transaction type:
Purchase - Total loan amount plus all subordinate financing divided by the sales price or appraised value; whichever is lower
Non-Arm's Length Purchase - Total loan amount plus all subordinate financing divided by the appraised value
Refinance - Total loan amount plus all re-subordinated and new subordinate financing, divided by the appraised value -
HCLTV/HTLTV: HELOC Combined Loan to Value/HELOC Total Loan to Value calculated by transaction type:
Purchase - Total loan amount plus all subordinate financing (using the maximum balance of any HELOC's) divided by the the sales price or appraised value; whichever is lower
Non-Arm's Length Purchase - Total loan amount plus all subordinate financing (using the maximum balance of any HELOC's) divided by the appraised value
Refinance - Total loan amount plus all re-subordinated and new subordinate financing (using the maximum balance of any HELOC's), divided by the appraised value
-
Funds to Close
-
-
Amount Required to Close: This is the value displayed in Line P, on the Underwriting tab within the Loan App.
-
Total Verified Assets: Sum of all assets listed in the Loan App, excluding those indicated as Net Worth of Bus. Owned and Other Non-Liquid Assets. Individual asset items may be edited on the Assets tab of the Loan App.
-
Number of Months Reserves: Total Verified Assets less the Amount Required to Close, divided by the Proposed PITI.
-
Editing Fields to Change the Qualifying Ratios/LTV
Click the Mortgage tab within the 1008 to edit the following fields:
Total Loan Amount
Subordinate Financing
Re-subordinate Financing
HELOC Credit Limit
Arm's Length Transaction Indicator
View/Print 1008 Document
-
From the Loan Folder or Loan App screens, select View Print 1008 from the Loan Documents button in the top right corner.
-
Click View/Print 1008.
Use the toolbar to select Print.
