The Loan & Property tab of a loan file contains the information related to the subject property.

Loan Info


In this section of the tab, you'll be able to edit the following fields: 

  • Transaction Type (Purchase or Refinance)
  • Purchase Price (for Purchases)
  • Appraised Value
  • Down Payment amount and sources
  • Base Loan Amount
  • LTV
  • Refinance Type (for Refinances)
  • Existing Liens Amount (for Refinances)
  • Refinance program (for Refinances) 
  • Mortgage Type 
  • Lien Position
  • Amortization Type 
  • Note Rate 
  • Interest Rate Buydown (for Purchases) 
  • Amortization Term 
  • Interest Only period (if applicable) 
  • Impound Waiver (to partially or completely waive escrows) 
  • Purchase Credits
  • Properties Financed
  • Projected Reserve Amount (LPA)
  • Reserves (months)
  • Improvements, Renovations, and Repairs
  • Community Lending Product - May be applicable for DPA loans
    • HFA Preferred
    • HFA Preferred Risk Sharing
    • Home Ready
  • Product Description (AUS/DU)
  • Positive Rental Payment History
    • LPA considers only for Conventional and FHA loans.

    • DU considers only for FHA loans.

    • Make sure to validate against HUD guidelines for positive rental payment history requirements, to ensure it aligns with the correct context of rent payments, not rental income.


There also checkboxes in the lower right corner both under and above the Advanced Features dropdown where you can indicate the following (and enter relevant information if applicable):

  • LPA Offering - May be applicable for DPA loans
    • CHOICE Home
    • CHOICE Renovation
    • CHOICEReno EXpress
    • CHOICEReno EXpress DTS Area
    • CHOICE Renovation In Progress
    • Community Land Trust
    • Green CHOICE
    • Heritage One
    • HFA Advantage
    • Home Possible Mortgage
    • Income Based Deed Restrictions Terminate
    • Income Based Deed Restrictions Survive
  • Business Purpose Loan
  • Alternate Doc Loan
    • CPA Prepared Doc 12mo without Bank Statements
    • VOE Only
    • DSCR - Debt-Service Coverage Ratio
    • Full Doc 24mo
    • Full Doc 12mo
    • Pers Bank Stmt 12mo
    • Pers Bank Stmt 24mo
    • Bus Bank Stmt 12mo
    • Bus Bank Stmt 24mo
    • Asset Utilization/RSU
    • No Income
    • Reduced Doc
    • CPA Prepared Doc
    • CPA Prepared Doc 24mo
    • CPA Prepared Doc 12mo
    • Tax Prepared Doc 24mo
    • Tax Prepared Doc 12mo
    • 1 Yr Tax Return
    • Alt Doc 24mo
    • Alt Doc 12mo
    • Asset Qualifier
    • 1099 24mo
    • 1099 12mo
  • Pre-Pay Penalty
    • Penalty Term
    • Penalty Amount
  • Seasoning
    • Seasoning Term
  • Balloon
    • Balloon Term
  • Mortgage Lates
    • 30 days
    • 60 days
    • 90 days
    • 120 days
  • Seller Provided Below Market Financing
  • Negative Amortization
  • Affordable Loan - May be applicable for DPA loans
  • Doctor Loan



Down Payment Sources

Clicking the Sources button next to the Down Payment field allows you to select one or more sources for the down payment funds. There are many different options, and you must ensure that the correct sources are selected in order for AUS to run successfully. For information on what sources are accepted by AUS under what circumstances, refer to Fannie Mae and Freddie Mac's official documentation.


When entering Down Payment Assistance (DPA), the Source type will typically be either Forgivable Secured Loan, Secondary Financing, or Grant.

  • If the DPA is a Grant, you will need to add the Grant as an Asset in the Financial Info tab.
  • If the DPA is not a Grant, you will also need to enter it in the Subordinate Liens section--see below.

You should always confirm with the lender how the DPA should be entered into the LOS.



Subordinate Liens

Any subordinate financing on the property (including down payment assistance/DPA, if not a Grant) is added in the Subordinate Liens section. The monthly payment amount of subordinate liens is added to the Other Financing line of the Proposed Monthly Payment.


When entering a subordinate lien, you must enter the following:

  • Creditor Name
  • Lien Position
  • Monthly Payment
    • For subordinate liens with no monthly payment, enter $0.
  • Loan Amount
  • Fund Source Type


Selectable Lien Types are:

  • Mortgage
  • HELOC
  • Affordable
    • Select this when entering income-restricted DPA.

Which one you will select depends on the specifics of the lien.



Proposed Monthly Payment

The Proposed Monthly Payment section shows the monthly payment for the loan. This includes:

  • First Mortgage
    • The Principal and Interest on the loan.
  • Other Financing
    • If there are any other liens on the property, their payments will be added here.
  • HOI
    • IS CALC? No - Select Annual or Monthly and enter an amount.
    • IS CALC? Yes - Enter the % factor and choose if it should be based on Purchase Price, Appraised Value, or Total Loan Amount.
  • Supplemental
    • IS CALC? No - Select Annual or Monthly and enter an amount.
    • IS CALC? Yes - Enter the % factor and choose if it should be based on Purchase Price or Appraised Value.
  • Property Taxes
    • IS CALC? No - Select Annual or Monthly and enter an amount.
    • IS CALC? Yes - Enter the % factor and choose if it should be based on Purchase Price or Appraised Value.
  • MI
    • PPE - Calculated from the product you've applied to the loan in the Products & Pricing tab.
    • Calculated - Enter the Initial Premium and the Renewal Premium.
    • Manual - Select Monthly or Annual and enter the amount.
    • Lender Paid - Indicates this will be paid by the lender and sets the monthly amount to $0.
  • Association Dues
    • Enter monthly Homeowners Association (HOA) dues, if applicable.
  • Other
    • Here you can manually enter a description and monthly amount, for anything that may need to be added to the monthly payment that is not included in the other fields.



Purchase Credits

See our support article Add Purchase Credits.



Property Info


This section contains the following:

  • Subject Property Address
    • To set the address as TBD, click the To Be Determined slider button.
    • Do not enter "TBD" in the address field. If you already have the other 5 elements of TRID in the loan file, entering and saving anything in the Subject Property Address field will trigger TRID.
  • Occupancy info (Primary Residence, Second Home, or Investment)
  • Mixed Use Property
  • Non Occupant Co-Borrower
  • Community Property State
  • Mortgage loan will finance energy-related improvements
    • Improvements Cost
  • Property lien could take priority over the first mortgage lien
    • Payoff amount of any PACE loan
  • Conversion of Contract for Deed or Land Contract
  • Renovation
  • Construction Loan
    • Construction-to-Permanent
      • Single Closing
      • Two Closing
    • Construction/Improvement Costs
    • Appraised Cost of Lot
    • Time Period
  • Lot Acquired Date
  • Original Cost of Lot
  • Property Type
    • Single Family (1-4 Units)
    • PUD
    • Manufactured Home
    • Cooperative
    • Condominium
    • Town House
    • Vacant Lot/Land
  • Attachment Type
  • Number of Units
    • Maximum of 4
  • Construction Method
  • Located in Project?
    • Structure Type
    • Design Type
  • Year Built
  • Acreage
  • Improvements
  • Improvement Costs
  • Accessory Dwelling Unit Count
    • Construction Status
  • Project Name
  • Condo Project Manager ID
  • Legal Description


Occupancy

When selecting Primary Residence, Declaration A ("Will you occupy the property as your primary residence?") must be set to Yes. When selecting Second Home or Investment, it must be set to No.


If the property has more than one unit, or if you select Investment as the occupancy type, you will be prompted to enter rental income.



You can choose Calculated or Enter Manually.

  • Calculated: Enter the monthly gross rental income, select the rental percentage, and the system will calculate the net subject income by subtracting the proposed monthly payment from the income.
  • Enter Manually: Enter the net subject income directly.


GROSS and NET are not the same thing. If you enter the gross income as the net income, the system thinks you've already subtracted the monthly expense from the income amount and your income and DTI numbers will be inaccurate. This is the single most common cause of inaccurate DTI numbers.


If you have any questions about how rental income is read by AUS, refer to the Fannie Mae Selling Guide.



Title Info


This section contains the following:

  • Manner in which Title will be held
  • Title to the property will be held in what name(s)
  • Vesting To Read
  • Trust Information
  • Indian County Land Tenure
  • Estate will be held in



Custom Fields


This section contains any custom fields that your Company Admin has added to the Loan & Property section, via their Company Settings > LOS Custom Fields.