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CellField NameLANIS Training Tip
C18Borrower 1 Full Legal Name (For All Borrowers use Full Legal Name)Use full Legal Name so you are consistent throughout the process. Middle initials where needed. Remember to double check the Tax Returns, W2’s and 1099’s for consistency. It’s always a great idea to pull a Property Profile to see how they hold Title. Consistency in the names will also let you know what name to use when pulling a Credit Report. This can eliminate Change of Circumstances towards the end of the transaction when time may be critical.
A46Borrower 1 Look up Current Property ProfileYou should look up the Property Profile of the property they are living in to see the History and if the Mortgages or Liens on the property would make it a short sale if they are purchasing the property they are currently living in. Also if there is anything recorded on the property such as a lien that could take time to resolve and be removed. Also double check the City, and how title was held by the Sellers vs. the Contract names. Get a Prelim Title Report as soon as possible or call your Title Company for a deep search of the property. If they currently own the property, it’s still important to find out the details i.e. if a NOD was ever filed on the property because if they are buying another property and it’s a Jumbo loan, they may not qualify. It is much better to have an understanding of the Borrower and the property they have and what they will be purchasing.
G46Borrower 2 Look up Current Property ProfileYou should look up the Property Profile of the property they are living in to see the History and if the Mortgages or Liens on the property would make it a short sale if they are purchasing the property they are currently living in. Also if there is anything recorded on the property such as a lien that could take time to resolve and be removed. Also double check the City, and how title was held by the Sellers vs. the Contract names. Get a Prelim Title Report as soon as possible or call your Title Company for a deep search of the property. If they currently own the property, it’s still important to find out the details i.e. if a NOD was ever filed on the property because if they are buying another property and it’s a Jumbo loan, they may not qualify. It is much better to have an understanding of the Borrower and the property they have and what they will be purchasing.
M46Borrower 2 Look up Current Property ProfileYou should look up the Property Profile of the property they are living in to see the History and if the Mortgages or Liens on the property would make it a short sale if they are purchasing the property they are currently living in. Also if there is anything recorded on the property such as a lien that could take time to resolve and be removed. Also double check the City, and how title was held by the Sellers vs. the Contract names. Get a Prelim Title Report as soon as possible or call your Title Company for a deep search of the property. If they currently own the property, it’s still important to find out the details i.e. if a NOD was ever filed on the property because if they are buying another property and it’s a Jumbo loan, they may not qualify. It is much better to have an understanding of the Borrower and the property they have and what they will be purchasing.
S46Borrower 2 Look up Current Property ProfileYou should look up the Property Profile of the property they are living in to see the History and if the Mortgages or Liens on the property would make it a short sale if they are purchasing the property they are currently living in. Also if there is anything recorded on the property such as a lien that could take time to resolve and be removed. Also double check the City, and how title was held by the Sellers vs. the Contract names. Get a Prelim Title Report as soon as possible or call your Title Company for a deep search of the property. If they currently own the property, it’s still important to find out the details i.e. if a NOD was ever filed on the property because if they are buying another property and it’s a Jumbo loan, they may not qualify. It is much better to have an understanding of the Borrower and the property they have and what they will be purchasing.
A48Borrower 1 Look up Current Market ValueYou should look up the Market Value of the Subject property to see if the Sales price matched the Comps for the home. If not you may have an issue with the LTV/CLTV which will affect the Pricing of your loan. Also if the Sales price of the home is Over Priced the Appraisal could come in low and there may not be a cure so your Loan will not go through. Talk with the Buyers Agent to see how to resolve it. Check the Borrowers reserves to see if they could come in with more funds to close.
G48Borrower 2 Look up Current Market ValueYou should look up the Market Value of the Subject property to see if the Sales price matched the Comps for the home. If not you may have an issue with the LTV/CLTV which will affect the Pricing of your loan. Also if the Sales price of the home is Over Priced the Appraisal could come in low and there may not be a cure so your Loan will not go through. Talk with the Buyers Agent to see how to resolve it. Check the Borrowers reserves to see if they could come in with more funds to close.
M48Borrower 3 Look up Current Market ValueYou should look up the Market Value of the Subject property to see if the Sales price matched the Comps for the home. If not you may have an issue with the LTV/CLTV which will affect the Pricing of your loan. Also if the Sales price of the home is Over Priced the Appraisal could come in low and there may not be a cure so your Loan will not go through. Talk with the Buyers Agent to see how to resolve it. Check the Borrowers reserves to see if they could come in with more funds to close.
S48Borrower 4 Look up Current Market ValueYou should look up the Market Value of the Subject property to see if the Sales price matched the Comps for the home. If not you may have an issue with the LTV/CLTV which will affect the Pricing of your loan. Also if the Sales price of the home is Over Priced the Appraisal could come in low and there may not be a cure so your Loan will not go through. Talk with the Buyers agent to see how to resolve it. Check the Borrowers reserves to see if they could come in with more funds to close.
Applicant Information New Property Page
K71OccupancyIf this is a Non-Owner property and the LTV is over 75.01%, the add-on fee could be much higher (1.0%) and needs to be disclosed. Check the Lenders pricing engine or the rate sheet to make sure you have accurate pricing.
Q71Listed / Sales PriceIf you need to look up the market Value using an AVM, Please click on the AVM button above or click on the Loan Officer Tools button and pick your favorite AVM Company. If it’s a difficult property, you may need to pull MLS Comps and your favorite Realtor can help. If you belong to the MLS, pull the comps to be sure of the value.
I77HOA 1 (Note: There can be a 2nd HOA or Mello Roos fees as well)If the Subject Property is a home in a Mobil Home Park, the HOA fees maybe Space Rental fees. Also there maybe multiple park fees which must be included in the DTI Calculations.
T78Loan Limits Per County (Green Button)Freddie Mac Home Possible is capped at 453,100, Fannie Mae HOME READY on the other hand does have High balance available to county limit.
G81If the home is in a Trust, you will need to see how it is currently recorded on the property. Pull a Property profile so you have the full Trust name and who signed the Grant Deed. Send the Grant Deed to escrow when you set up the file. Remember to add additional filing fees in Section E of the Loan Estimate. Also add the fee to put the home back into the Trust at the COE.
E83This is very important to understand. If you have a buyer where the Parents are buying for special needs Children or Children are buying for elder Parents, there may not be any add on fees because it is NOT considered and Investment Property. Check with your Lender for details.
Q84Different Escrow/TitleIf you have a different Escrow. Closing Agent, or Title company, there will be additional Fees in Section C, Page 2 of the LE fees that will apply. You will need to disclose these fees to the Borrower to be accurate. Tolerance Level in Section C is 10%.
C89Look up New Property ProfileYou should look up the Property Profile of the Subject property to see the History of the property and if the Mortgages or Liens on the property would make it a short sale. Also if there is anything recorded on the property such as a lien that could take time to resolve and be removed. Also double check the City, and how title was held by the Sellers vs. the Contract names. Get a Prelim Title Report as soon as possible or call your Title company for a deep search of the property.
O89Time SensitiveIf this is a Time Sensitive Purchase, select “Yes” and it will be added to the Top of your Pipeline Report.
C91Look up New Market ValueYou should look up the Market Value of the Subject property to see if the Sales price matched the Comps for the home. If not you may have an issue with the LTV/CLTV which will affect the Pricing of your loan. Also if the Sales price of the home is Over Priced the Appraisal could come in low and there may not be a cure so your Loan will not go through. Talk with the Buyers agent to see how to resolve it. Check the Borrowers reserves to see if they could come in with more funds to close.
G98Is there a Solar System on the new homeIf there is a Solar System on the Subject Property and it’s Leased or an Installment sale, removing the UCC or Subordinating the Lien may take as much as 2 – 3 weeks to resolve this issue. Do Not wait, check it out upfront with the Buyers Agent. If you don’t it could delay the close of your loan because You Lender does not want to be in 2nd Position. They will not Fund the loan until they are assured they will be in 1st position.
M98Any Loans or Liens on the New PropertyGet a Prelim Title Report as soon as possible and make sure the property is Clear. These items can take time to clear and delay the closing of your loan.
S98REO or Bank OwnedREO properties can take longer to close than a normal transaction. Ask the Listing Agent what is the typical process flow for the specific Lender. Some lenders can close in 4 weeks and others as long as 3 months. This will affect your lock pricing. Discuss with the Borrowers the pricing options.
M100HERO/Pace Loans on the PropertyGet a Prelim Title Report as soon as possible and make sure the property is Clear. These items can take time to clear and delay the closing of your loan.
S100Is the Property in ForeclosureREO properties can take longer to close than a normal transaction. Ask the Listing Agent what is the typical process flow for the specific Lender. Some lenders can close in 4 weeks and others as long as 3 months. This will affect your lock pricing. Discuss with the Borrowers the pricing options.
M102Tax Liens, State or FederalGet a Prelim Title Report as soon as possible and make sure the property is Clear. These items can take time to clear and delay the closing of your loan.