The Property section of the loan application collects important information about the subject property and the amount of money the borrower is seeking to borrow.
Table of Contents
Overview
The "Property" page represents the second section of the 1003 loan application that borrowers are prompted to complete. If the borrower is competing their loan application online, the information that they provide in this section will automatically populate the corresponding fields on this page. Conversely, if the borrower is offline, their information can be entered directly into these fields.
Accessing the Property Section
The loan application is accessible within the loan menu
Each section of the loan application is represented by a corresponding tab that appears below the stepper navigation bar when the application is opened.
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Subject Property
The Subject Property section is used to provide important information about the subject property and the size of the borrower's loan. The fields that appear in this section differ for purchase and refinance loans.
Subject Property - Purchase
The Subject Property section contains the following fields for purchase loans (required fields are marked by a red asterisk*):
Buying Stage
Use the Buying Stage drop-down menu to indicate where the borrower is in the purchase process
- Get PreApproved - the borrower is seeking to get PreApproved for a loan and does not know which home they intend to buy
- Offer Accepted - the borrower has made an offer on a home and their offer has been accepted by the seller of the property. Selecting this option will enable the Street Address field
Property Address
- Street Address (Property Street) - enter the number and street name where the subject property is located (this field is enabled only when the Buying Stage is set to 'Offer Accepted'). If you enter 'TBD' or a similar keyword, this field will be cleared and an error message will appear. This prevents the system from triggering RESPA and reminds you to set the buying stage to 'Get PreApproved' when there is no subject property.
- Unit Number - enter the unit # of the subject property (if applicable)
- City - enter the name of the city where the subject property is located
- State - use the drop-down menu to choose the two-letter abbreviation of the state where the subject property is located
- ZIP Code - enter the 5-digit ZIP code where the subject property is located. Completing this field will auto-populate the City and State fields
- County - use the drop-down menu to select the county where the subject property is located
If the street address entered is located within a community property state, a green message will appear next to the County field
Property Info
-
Property Type* - use the drop-down menu to select a property type:
- Single Family
- Condo
- Manufactured/Double-Wide
- Manufactured/Single-Wide
- Coop
- Modular
- Townhouse/Rowhouse
- 2-4 Units
-
In a PUD* - use the drop-down menu to indicate whether the property is located within a Planned Unit Development (PUD) (this field does not appear when Condo is selected as the Property Type)
- Yes
- No
-
Attachment - use the drop-down menu to indicate whether the property is attached
- Attached
- Detached
- Semi-attached
-
Occupancy Type* - use the drop-down menu to indicate how the borrower intends to use the subject property
- Primary Residence
- Investment Property
- Second/Vacation Home
- Lot Size - use the drop-down menu to indicate whether the lot size of the subject property is less than or greater than 1 acre. Then enter the size of the lot in the text field
- Size of Home - enter the size of the home (in square feet)
- Year Built | Structure - enter the year in which the subject property was built. Use the drop-down menu to indicate whether the subject property is a new or existing property
New Loan Info
- Purchase Price* - enter the purchase price of the subject property
- Loan Amount* - enter the amount of money the borrower is seeking to borrow. When this figure is entered, the Down Payment is calculated automatically by deducting the loan amount from the purchase price.
- First Time Homebuyer - check this box if the borrower is a first time homebuyer
- Down Payment - enter the amount that the borrower intends to pay towards the purchase price out of pocket. You can enter the down payment either as a dollar amount or as a percentage. When either of these fields is completed, the other figure will be calculated automatically.
- Down Payment Source* - use the drop-down menu to indicate where the borrower is obtaining the money to make their down payment
- Seller Credit - enter the value of any any discounts provided to the borrower by the seller
Seller Info
- Seller Type - use the radio buttons to indicate whether the seller of the subject property is an individual or a company/trust
- Seller Name - enter the name of the seller
- Seller Phone - enter the seller's phone number
- Seller Email - enter the seller's email address
The information provided in the Seller Information section is used to populate the Loan Participants window as well as the Loan Participants task on the Submit, Request ICD, and Closing Docs tabs.
Subject Property - Refinance
Property Address
- Street Address (Property Street) - enter the number and street name where the subject property is located (this field is enabled only when the Buying Stage is set to 'Offer Accepted'). Entering 'TBD' as the street address will not trigger RESPA
- Unit Number - enter the unit # of the subject property (if applicable)
- City - enter the name of the city where the subject property is located
- State - use the drop-down menu to choose the two-letter abbreviation of the state where the subject property is located
- ZIP Code - enter the 5-digit ZIP code where the subject property is located. Completing this field will auto-populate the City and State fields
- County - use the drop-down menu to select the county where the subject property is located
If the street address entered is located within a community property state, a green message will appear next to the County field
Property Info
-
Property Type* - use the drop-down menu to select a property type:
- Single Family
- Condo
- Manufactured/Double-Wide
- Manufactured/Single-Wide
- Coop
- Modular
- Townhouse/Rowhouse
- 2-4 Units
-
In a PUD* - use the drop-down menu to indicate whether the property is located within a Planned Unit Development (PUD) (this field does not appear when Condo is selected as the Property Type)
- Yes
- No
-
Attachment - use the drop-down menu to indicate whether the property is attached
- Attached
- Detached
- Semi-attached
-
Occupancy Type* - use the drop-down menu to indicate how the borrower intends to use the subject property
- Primary Residence
- Investment Property
- Second/Vacation Home
- Lot Size - use the drop-down menu to indicate whether the lot size of the subject property is less than or greater than 1 acre. Then enter the size of the lot in the text field
- Size of Home - enter the size of the home (in square feet)
- Year Built | Structure - enter the year in which the subject property was built. Use the drop-down menu to indicate whether the subject property is a new or existing property
New Loan Info
- Estimated Value* - enter the purchase price of the subject property
- Loan Amount* - enter the amount of money the borrower is seeking to borrow.
- Purchase Price & Date - enter the original purchase price and purchase date of the subject property
- Purpose of Refinance - use the drop-down menu to select the reason the borrower is seeking to refinance
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Current Address
The Current Address heading contains information about the borrower's current residence and mailing address
- Street Address - enter the borrower's current street address
- Unit # - enter the unit number of the borrower's current address, if applicable
- City - enter the city where the borrower currently resides
- State - use the drop-down menu to choose the state where the borrower currently resides
- Zip - enter the ZIP code of the borrower's current address
- County - use the drop-down menu to select the county where the borrower currently resides
-
Ownership - use the drop-down menu to indicate whether the borrower rents or owns their current residence
- Own
- Rent
- Rent-free
- Time at Address - enter the number of Years and Months that the borrower has resided at their current residence
- Mailing address different? - use this checkbox to indicate whether the borrower's mailing address is different from their current mailing address. When this box is checked, additional fields appear to provide the mailing address
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Agent Info (Purchase Only)
The Agent Into heading contains information about any real estate agents who are working with either the buyer or seller. This section can be expanded by clicking the arrow next to the corresponding heading.
The information provided in the Seller Information section is used to populate the Loan Participants window as well as the Loan Participants task on the Submit, Request ICD, and Closing Docs tabs.
Buyer's Agent
- Company - enter the company/organization of the buyer's agent
- Company Lic # - enter the license number for the agent's company/organization
- Street Address - enter the agent's street address
- Unit # - enter the unit number of the agent's address (if applicable)
- County - use the drop-down menu to select the county where the buyer's agent is located
- State - use the drop-down menu to select the state whether the buyer's agent is located
- Zip - enter the 5-digit ZIP code where the buyer's agent is located
- Contact Name - enter the name of the borrower's real estate agent
- Contact Lic # - enter the agent's license number
- Email - enter the buyer's agent's email address
- Contact Phone - enter the agent's phone number
- Company Phone - enter the company's phone number
- Fax - enter the agent's fax number
If the buyer and seller are represented by the same agent, select the checkbox at the top of this section
Seller's Agent
- Company - enter the company/organization of the seller's agent
- Company Lic # - enter the license number for the agent's company/organization
- Street Address - enter the company's street address
- Unit # - enter the unit number of the agent's address (if applicable)
- County - use the drop-down menu to select the county where the seller's agent is located
- State - use the drop-down menu to select the state whether the seller's agent is located
- Zip - enter the 5-digit ZIP code where the seller's agent is located
- Contact Name - enter the name of the seller's real estate agent
- Contact Lic # - enter the agent's license number
- Email - enter the email address of the seller's agent
- Contact Phone - enter the agent's phone number
- Company Phone - enter the company's phone number
- Fax - enter the agent's fax number
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Homeowner's Insurance (Refinance Only)
For refinance loans, the Home Insurance section can be used to provide information about the borrower's current homeowner's insurance.
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Additional Property Details
To provide further information about the subject property, select additional property details
This opens a separate window that contains the following pieces of information (the fields in this window will populate dynamically based on the information provided on the "Property" page):
Subject Property Details
- Street - street address of the subject property
- Unit # - apt or unit number (if applicable)
- City - city where the subject property is located
- State - state where the subject property is located
- Zip - 5-digit ZIP code where the subject property is located
- County - county where the subject property is located
- Appraised Value - appraised value of the subject property
- Full Appraisal Needed for this Loan? - indicates whether an appraisal is needed. When set to 'No,' the borrower will not see the Order Appraisal task in cPOS
- Property Inspection Waiver - indicates whether the property inspection is waived. When set to 'Yes,' the borrower will not see the Order Appraisal task in cPOS
- Property Type - indicates the subject property type
- In a PUD - indicates whether the subject property is located in a Planned Unit Development
- Attachment - indicates whether the subject property is attached
- Property Rights - indicates the ownership type
- Short Legal - short legal description of the subject property
- Project Type - the type of project in which the subject property is located (i.e. condo project)
- Project Name - the name of the project in which the subject property is located
- CPM Project ID# - the identifier assigned to the project in Fannie Mae's Condo Product Manager
- Property Review - the type of review completed on the subject property (i.e. interior/exterior)
- Form Number - the form number of the appraisal report created for the subject property (i.e. 1004)
- Property Form Type - the type of appraisal report created for the subject property (i.e. Uniform Residential Appraisal Report)
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