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Mortgage Loan Information

This document shows you the Mortgage Loan Information sections and gives information about some of the fields.

Here are the drop-down list options for the following fields:

Field Name 

Options

Mortgage Loan Applied For
  • Conventional
  • FHA
  • USDA-RD
  • VA

Community Lending Product
  • HFA Preferred
  • HFA Preferred Risk Sharing
  • HomeReady

Community Seconds Repayment Structure
  • Deferred Fully Forgiven (repayment deferred for 5 or more years)
  • Deferred Not Fully Forgiven (repayment deferred for 5 or more years)
  • Non Deferred (repayment required within 5 years)

Mortgage Lien Type

Note: If Second Lien is selected, DU will return an Out of Scope recommendation. 
  • First Lien
  • Second Lien

Amortization Type
  • Adjustable Rate
  • Fixed Rate
  • GEM
  • GPM
  • Other

Product Plan Number (sub-category of Amortization field when Adjustable Rate is selected)

Note: If you do not see the ARM   Plan you are looking for refer to   the DO/DU ARM Plan reference   document.
  • 251 - FHA ARM: 1 YR TREASURY 1&5 Caps
  • FHA HYBRID ARM
  • FM GENERIC, 1 YR, 1% ANNUAL Cap
  • FM GENERIC, 1 YR, 2% ANNUAL Cap 
  • FM GENERIC, 3 YR 
  • FM GENERIC, 5 YR 
  • FM GENERIC, 7 YR 
  • FM GENERIC, 10 YR 
  • VA 1 YR ARM
  • VA HYBRID ARM
  • LENDER ARM PLAN

Note: If Adjustable Rate is selected in the Amortization Type field, the following fields without a drop-down list will be displayed: Current Index Value, ARM Index Margin, ARM Qualifying Rate, Initial Period Prior to First Adjustment, and Subsequent Adjustment Period.

Related Job Aids
 Refer to the Loan Type section of the Navigating Loan Application Fields job aid, for more information about theMortgage Loan Applied For and Amortization Type fields.

 Refer to the Affordable LTV job aid, for information about how theProduct Description field is used to support the  data entry for affordable lending product options.

 Refer to the Community Seconds job aid, for detailed instructions for entering a Community Seconds® mortgage loan as a subordinate lien on a purchase   transaction.

 Refer to the HomeReady Loan job aid, for detailed instructions for entering a Fannie Mae HomeReady® loan.

 Refer to the HFA Preferred Loans job aid, for detailed instructions for entering a Fannie Mae HFA Preferred™ loan.

 Refer to the DU Qualifying Interest Rate for Proposed Monthly Housing Expense document, for information about the qualifying interest rate DU uses to  calculate the proposed PITIA that is used in qualifying the borrower.