The Property tab appears within the stepper navigation for the 1003 loan application in oPOS. This section of the application collects information about the subject property, including the address, property type, purchase price, and loan amount.
Table of Contents
- Property – Overview
- New Features in 6.0.1000
- Purchase
- Buying Stage
- TBD as Address: Avoiding RESPA Triggers (6.0.1000)
- Property Address
- Property Info
- New Loan Info
- Seller Info (6.0.1000)
- Borrower Current Address & Info
- Agent Information
- Buying Stage
- Refinance
- Property Address
- Property Info
- New Loan Info
- Borrower Current Address & Info
- Homeowner’s Insurance
- Summary
- Related
Property – Overview
From the Property tab, the oPOS user can:
- enter information about the subject property on behalf of the borrower
- view information about the subject property provided by the borrower on the loan application
The sections and fields that appear in the Property tab differ for purchase and refinance loans. The following graphic specifies which sections correspond to each loan type:
Purchase |
Refinance |
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*Indicates that the section appears identically for both loan types
New Features in 6.0.1000
The following changes have been made to the Property tab of the loan application within oPOS in release 6.0.1000:
- for purchase loans, this page now includes the Seller Info section, which collects basic information about the individual or entity that is selling the property. This information is automatically populated into any disclosure documents.
- entering 'TBD' (or any invalid address) in the Property Address field will now prompt an error message and clear all text from the field. This functionality is designed to prevent accidental or premature triggering of RESPA on TBD loans.
- for refinance loans, the Purpose of Refinance field will now automatically update to match the response given by the borrower in cPOS
Purchase
In a purchase loan, the Property tab contains the following sections:
- Buying Stage - indicates the status of the borrower’s home search
- Property Address* - designates the location of the subject property
- Property Info* - specifies the subject property type and plan for occupancy
- New Loan Info* - calculates the size of the loan based on the purchase price and down payment amount
- Seller Info - documents the seller’s name
- Current Address* - indicates the borrower’s current address
- Mailing Address - indicates the borrower’s current mailing address
- Agent - indicates whether the borrower is working with a real estate agent
Note: sections marked by a red asterisk (*) contain required fields
Buying Stage
The Buying Stage drop-down menu asks the user to indicate the status of the borrower’s home search. The menu contains the following options:
- Get PreApproved - the borrower is still shopping for a home. If the loan is in this stage, the Street Address field will automatically appear as ‘TBD’ until the borrower signs a purchase agreement
- Offer Accepted - the borrower has signed a purchase agreement for the home they plan to buy
‘TBD’ as Address: Avoiding RESPA Triggers - Added in 6.0.1000
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If the Buying Stage field is set to ‘Offer Accepted,’ the user must enter a valid street address in the Property Street field. Values such as ‘TBD,’ ‘T.B.D.,’ ‘NA,’ or ‘Unsure’ cause an error message to appear and clears the Property Street field. Clearing out invalid subject addresses avoids prematurely triggering RESPA. An identical feature appears on the “Shop for Rates” page.
Video walkthrough: ‘TBD’ as Address
Property Address*
The Property Address section collects information about the location of the subject property. If the borrower completed this section of the loan application in cPOS, the information they provided will appear here.
This section contains the following fields:
- Property Street – enter the street number and street name of the subject property
- Unit # – enter the unit number of the subject property (if applicable)
- City – enter the city where the subject property is located. This field is automatically filled in when the user enters a ZIP Code.
- State - enter the state where the subject property is located. The user can select the 2-letter state abbreviation from the drop-down menu, or they can wait for this field to fill in automatically after entering a ZIP Code.
- Zip Code - enter the 5-digit zip code field of the subject property.
- County - enter the county where the subject property is located. The user can select the county from the drop-down menu, or they can wait for this field to fill in automatically after entering a ZIP Code.
- Community Property State Indicator – if the subject property is located in a community property state, the words ‘Community Property State’ will appear in green text within in this section.
Property Info
The Property Info section collects information about the subject property type and how the borrower intends to use it. If the borrower completed this section of the loan application in cPOS, the following fields will contain the information they provided:
- Property Type
- In a PUD
- Occupancy Type
Property Type *
Select one of the following options from the Property Type drop-down menu:
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In a PUD *
Use the drop-down menu to indicate whether the property is located within a Planned Unit Development (PUD). The menu contains the following options:
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Attachment
Select one of the following options from the Attachment drop-down menu to indicate whether the property is attached:
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Occupancy Type *
The Occupancy Type drop-down menu is a required field that asks how the borrower intends to use the subject property. Select one of the following options:
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Lot Size
Select one of the following options to indicate the lot size of the subject property:
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If the subject property’s lot size is less than 1 acre, the lot size will appear as ‘.99’ - if it is larger than 1 acre, the user can enter the exact size of the lot in the text field.
Size of Home
Enter the square footage of the subject property.
Year Built | Structure
Enter the year the subject property was built in the text field. Use the drop-down menu to indicate whether the property is a new or existing home.
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Additional Property Details - Added in 6.0.1000
The user can provide additional information about the subject property by clicking the additional property details link, which opens the “Subject Property Details” modal window
This window contains the following fields about the subject property:
- Property Street - enter the street address of the subject property
- Unit # - enter the unit number of the subject property
- City - enter the city where the subject property is located
- State - enter the 2-letter state abbreviation for the state where the subject property is located
- Zip Code - enter the 5-digit ZIP Code where the subject property is located
- County - enter the county where the subject property is located
- Appraised Value - enter the appraised value of the subject property
- Full Appraisal Needed for the Loan? (6.0.1000)
Choose one of the following options:- Yes (default) - In most cases, a full appraisal property assessment will be needed
- No - This option is applicable only under certain circumstances, such as government loan products that are labelled ‘Appraisal Not Needed,’ or if the borrower refinances their home quickly after purchasing. The borrower may also request to not have an appraisal.
- Property Inspection Waiver (6.0.1000) - Indicate if the property inspection has been waived. This field is set to ‘No’ by default
- Property Type - select the property type from the drop-down menu:
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- In a PUD * - indicate whether the subject property is in a Planned Unit Development (PUD):
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- Attachment - indicate whether the subject property is attached or not:
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- Property Rights - no action needed. This field defaults to “Fee Simple”
- Short Legal - this field represents a shortened legal description of the subject property. This field is blank by default.
- Full Legal - this field represents the complete legal description of the property. This field appears as ‘See Preliminary Report/Title Commitment’ by default.
- Project Type - applies to properties located in a PUD. Enter the property type here.
- Project Name - applies to properties located in a PUD. Enter the name of the property here
- CPM Project ID# - applies to properties located in a PUD. Enter the name of the property here
- Property Review - enter the type of reviews that have been performed on the property (Ex: ‘Exterior,’ ‘Exterior and Interior’ or ‘No Appraisal’)
- Form Number - enter the form number for the appraisal report
- Property Form Type – enter the type of Appraisal Report that was used for the review
New Loan Info
The New Loan Info section collects the following information in order to calculate the size of the borrower’s loan:
- Purchase Price * - enter the Purchase Price of subject property. This field only accepts valid currency values.
- Loan Amount * - enter the Loan Amount, if known. The user can calculate this figure automatically by completing the Purchase Price and Down Payment fields. This field only accepts valid currency values.
- Down Payment - enter the amount of the down payment that the borrower intends to pay up front. The user can calculate this figure automatically by completing the Purchase Price and Loan Amount fields or the Down Payment Percentage field. This field only accepts valid currency values.
- Down Payment Percentage - enter the percentage of the total purchase price that the borrower intends to pay up front. The user can calculate this figure automatically by completing the Purchase Price and Loan Amount fields or the Down Payment field.
- Down Payment Source * - select the source of the money that the borrower intends to use for their down payment. The drop-down menu contains the following options:
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- First time Homebuyer - click this box to indicate if the borrower is a first-time homebuyer. This information will be sent to the pricing engine and AUS to be applied to the pricing request.
- Seller Credit - enter the amount of the Seller Credit, if applicable. This field only accepts valid currency values.
Seller Info - Added in 6.0.1000
The Seller Info section contains information about the seller of the subject property. The seller can be an Individual or a Company/Trust
Individual – Select this option if the seller is an individual
If the seller is an individual, the user will be presented with the following fields:
- Seller Name - enter the name of the seller. Separate multiple names with a comma
- Seller Phone - enter the seller’s phone number
- Seller Email - enter the seller’s email address
Company or Trust – Select this option if the seller is an entity such as a company or Trust.
If the seller is a company or Trust, the user will be presented with the following fields:
- Seller Name - enter the name of the seller. Separate multiple names or entities with a comma
- Contact Name - enter the name of the primary contact for the seller
- Contact Phone - enter the phone number of the primary contact for the seller
- Company Email - enter the email address of the primary contact for the seller
Borrower Current Address & Info
The Borrower Current Address & Info section collects information about the borrower’s current address and residential history. If the borrower completed this section of the loan application in cPOS, the information they provided will appear here. This section contains the following fields:
- Current Street Address - enter the number and street of the borrower’s current address.
- Unit # - enter the unit number, if applicable
- City - enter the city where the borrower currently lives
- State - select the 2-letter abbreviation of the state where the borrower currently lives
- Zip Code - enter the 5-digit ZIP Code of the borrower’s current address
- County - enter the County where the borrower currently lives
- Ownership* - select the borrower’s relationship to their current residence. The drop-down menu contains the following options:
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- Time at address (years) * - enter the number of years that the borrower has lived at their current address. The text entered in this field must be a number less than 99. If the number of years is less than 2, the user will be required to enter a Previous Address.
- Time at address (months) * - enter the number of months (in addition to years) that the borrower has lived at their current address. The text entered in this field must be a number. If the user enters a value greater than 12, the excess months will be added to the years provided in the previous field.
- Mailing address different? - select this option if the borrower’s mailing address is different from their current address. If this option is selected, separate fields will appear to record the mailing address.
- Co-Borrower address different? - select this option if the borrower’s address is different from the co-borrower’s. If this option is selected, separate fields will appear to record the co-borrower’s address.
- Monthly Rent * - this option appears if the user indicates that they are currently renting at their primary address. Enter the amount that the borrower pays in monthly rent at their current address.
Agent Info
If the borrower or seller is working with a real estate agent, the Agent Info section collects information about the agent(s). If the same real estate agent represents both the borrower and seller, click the box next to ‘Does your agent also represent the seller?’ This will collapse the Seller’s Agent fields and record the information provided for a dual agent.
Buyer Agent
Use the following fields to provide information about the borrower’s real estate agent:
- Company - enter the agent’s company name
- Company Lic # - enter the license number of the agent’s company
- Street Address - enter the street address of the agent’s company
- Unit # - enter the unit number (if applicable)
- City - enter the city where the agent’s company is located
- State - enter the 2-letter abbreviation for the state where the agent’s company is located
- Zip Code - enter the ZIP Code where the agent’s company is located
- County - enter the County where the agent’s company is located
- Contact Name - enter the name of the primary contact for the agent
- Contact License # - enter the agent’s license number
- Contact Email - enter the agent’s email address
- Contact Phone - enter the agent’s primary phone number
- Company Phone - enter the phone number of the agent’s company
- Fax - enter the fax number for the agent
Seller Agent
Use the following fields to provide information about the seller’s real estate agent:
- Company - enter the agent’s company name
- Company Lic # - enter the license number of the agent’s company
- Street Address - enter the street address of the agent’s company
- Unit # - enter the unit number (if applicable)
- City - enter the city where the agent’s company is located
- State - enter the 2-letter abbreviation for the state where the agent’s company is located
- Zip Code - enter the ZIP Code where the agent’s company is located
- County - enter the County where the agent’s company is located
- Contact Name - enter the name of the primary contact for the agent
- Contact License # - enter the agent’s license number
- Contact Email - enter the agent’s email address
- Contact Phone - enter the agent’s primary phone number
- Company Phone - enter the phone number of the agent’s company
- Fax - enter the fax number for the agent
Refinance
In a refinance loan, the Property tab contains the following sections:
- Property Address* - designates the location of the subject property
- Property Info* - specifies the subject property type and plan for occupancy
- New Loan Info* - calculates the size of the loan based on the estimated value and borrower’s needs
- Current Address* - indicates the borrower’s current address
- Mailing Address - indicates the borrower’s current mailing address
- Homeowner’s Insurance - collects information about the borrower’s home insurance
Property Address*
The Property Address section collects information about the location of the subject property. If the borrower completed this section of the loan application in cPOS, the information they provided will appear here.
This section contains the following fields:
- Property Street - enter the street number and street name of the subject property
- Unit # - enter the unit number of the subject property (if applicable)
- City - enter the city where the subject property is located. This field is automatically filled in when the user enters a ZIP Code.
- State - enter the state where the subject property is located. The user can select the 2-letter state abbreviation from the drop-down menu, or they can wait for this field to fill in automatically after entering a ZIP Code.
- Zip Code - enter the 5-digit zip code field of the subject property.
- County - enter the county where the subject property is located. The user can select the county from the drop-down menu, or they can wait for this field to fill in automatically after entering a ZIP Code.
- Community Property State Indicator - if the subject property is located in a community property state, the words ‘Community Property State’ will appear in green text within in this section.
Property Info
The Property Info section collects information about the subject property type and how the borrower intends to use it. If the borrower completed this section of the loan application in cPOS, the information they provided will appear here.
Property Type *
Select one of the following options from the Property Type drop-down menu:
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In a PUD *
Use the drop-down menu to indicate whether the property is located within a Planned Unit Development (PUD). The menu contains the following options:
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Attachment
Select one of the following options from the Attachment drop-down menu to indicate whether the subject property is attached:
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Occupancy Type *
The Occupancy Type drop-down menu is a required field that asks how the borrower intends to use the subject property. Select one of the following options:
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Lot Size
Select one of the following options to indicate the lot size of the subject property:
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If the subject property’s lot size is less than 1 acre, the lot size will appear as ‘.99’ - if it is larger than 1 acre, the user can enter the exact size of the lot in the text field.
Size of Home
Enter the square footage of the subject property.
Year Built | Structure
Enter the year the subject property was built in the text field. Use the drop-down menu to indicate whether the property is a new or existing home.
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New Loan Info
The New Loan Info section collects the following information about the value of the subject property and the size of the loan that the borrower is seeking:
- Temporary Appraised Value - enter the temporary appraised value of the subject property. This field only accepts valid currency values.
- Estimated Value * - enter the estimated value of subject property. This field only accepts valid currency values.
- Loan Amount * - enter the amount of money that the borrower wants to take out of their home. This field only accepts valid currency values.
- Purchase Price & Date * - enter the original price and purchase date of the subject property. This field only accepts valid currency values. The Purchase Date field uses the following format: mm/dd/yyyy
- Purpose of Refinance * - select the reason for refinancing from the following options:
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Borrower Current Address & Info
The Borrower Current Address & Info section collects information about the borrower’s current address and residential history. If the borrower completed this section of the loan application in cPOS, the information they provided will appear here. This section contains the following fields:
- Street Address - enter the number and street of the borrower’s current address. If the borrower’s current address is the same as the subject property, click the box next to ‘Same as Subject Property’ to disable this section
- Unit # - enter the unit number, if applicable
- City - enter the city where the borrower currently lives
- State - select the 2-letter abbreviation of the state where the borrower currently lives
- Zip Code - enter the 5-digit ZIP Code of the borrower’s current address
- County - enter the County where the borrower currently lives
- Ownership - select the borrower’s relationship to their current residence. The drop-down menu contains the following options:
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- Time at address (years) * - enter the number of years that the borrower has lived at their current address. The text entered in this field must be a number less than 99. If the number of years is less than 2, the user will be required to enter a Previous Address.
- Time at address (months) * - enter the number of months (in addition to years) that the borrower has lived at their current address. The text entered in this field must be a number. If the user enters a value greater than 12, the excess months will be added to the years provided in the previous field.
- Mailing address different? - select this option if the borrower’s mailing address is different from their current address. If this option is selected, separate fields will appear to record the mailing address.
- Co-Borrower address different? - select this option if the borrower’s address is different from the co-borrower’s. If this option is selected, separate fields will appear to record the co-borrower’s address.
Homeowner’s Insurance
The Homeowner’s Insurance section collects the following information about the borrower’s homeowner’s insurance:
- Company Name - enter the name of the insurance company
- Company Phone - enter the phone number of the insurance company
- Street Address - enter the street address of the insurance company number and street of the insurance company address.
- Unit # - enter the unit number
- City - enter the city where the insurance company is located
- State - enter the 2-letter abbreviation for the state where the insurance company is located
- Zip Code - enter the 5-digit ZIP Code where the insurance company is located
- Contact Name - enter the name of the primary contact person at the borrower’s insurance company.
- Contact Phone - enter the phone number of the primary contact at the borrower’s insurance company
- Contact Email - enter the email address of the primary contact at the borrower’s insurance company.
- Contact Fax - enter the fax number for the insurance company
Summary
The Property section of the 1003 loan application collects important information about the location of the subject property and the size of the borrower’s loan. Completing this section is necessary for the oPOS user to search for and find eligible loan products for the borrower. In particular, the ZIP Code, loan amount, and property/occupancy types are major factors in determining which loan products are available to the borrower.
Related
- Shop for Rates
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