Navigating the 1003.
This tutorial will explain how loan officers can navigate through MortgageDashboard’s 1003 tab. It will also provide a basic understanding of the application’s functions inside the loan application.
A. Page 1
1. From inside of a loan, click on Page 1 of the 1003.
2. From here, Loan Officers can change the type of loan to Prospect or Borrower under Application Information. When you save or update the page, it will automatically move the loan to the category you choose.
3. Source, Lender and Referral Partner are optional fields. It is meant to keep track of who is giving you business.
4. Under Loan, you have the option of adding a second lien under Sub. Financing as well as the ability to add a second mortgage.
5. The Mortgage Insurance Worksheet will cover any time you have a monthly or upfront fee associated with a loan. You can add whether or there is mortgage insurance active and the monthly factor and/or the upfront factor. The system will generate what the payment is. There are two links to Radian and Genworth for quick MI for conventional loans.
6. Throughout the page, there are options to order credit.
7. At the bottom, if you need to swap or delete the co-borrower, you can utilize the buttons at the end of the co-borrower section.
8. The last two fields include Residences and Employments. Residences refers to the previous address of the borrower. Clicking “Edit Borrower/CoBorrower Residences” will save the page automatically.
10. The same principle applies to the Employees tab. You will be able to add whether it is current employment or not.
11. Click “Save and Continue” to move to Page 2
B. Page 2
1. The second page on the 1003 will look exactly how it does on the printed 1003.
2. Under Monthly Housing Expenses, users have the option of adding City and County Property Taxes. These do not have to be broken down, they’re for your organization.
3. In the Assets section, there are Liquid Assets, Stocks and Bonds, and Other Assets.
Liquid Assets refers to checking, savings, money market, CDs, IRAs, any of the true liquid assets that count towards your cash to close or reserves.
There is a separate section that refers to stocks and bonds.
Other Assets might refer to GIF funds not deposited, net equity from the sale of a home, or a gift of equity from a parent or relative.
4. Under Additional Assets, there is a field for Cash Deposits, Life Insurance, 401k.
5. As soon as you pull credit, your liabilities tab will be populated for you.
6. Adding Alimony, Child Support or Job Related expenses under “Other Liabilities” will come up with your total monthly payments.
C. Page 3
1. The Real Estate Owned Schedule, or REO gives the option of adding a second homes or rental properties.
2. To change any of the options under “Details of Transaction” it will require the loan officer to change the appropriate parts of the 1003 or GFE.
3. Your “originator” tab will automatically update from the admin. This includes address and license information.
E. Page 5
1. Page 5 gives you the option to add additional misc. information for processors including the Human Resources manager, Real Estate Agent, etc.