How to use the 1003 Property Information

Property Information.

This tutorial will explain how loan officers can navigate the Property Information in the 1003.

Step-By-Step Overview

1. From the Pipeline screen, click on a loan ID. You will be directed to page 1 of the 1003.

2. Below “Mortgage Insurance Worksheet” is the “Property” section.

3. This section includes the “Subject Property Address”. It does have auto-detect based on the zip-code and property address. If the address is the same as the borrower, you can click “Address Same as Current“. Likewise, if you are unsure of the address you can select “Address is to be determined” and the “Property Address” bar will read “TBD“.

4. The “Property Information and Purpose of Loan” includes the purchase information and basic property information.

5. Under “Loan Purpose” you have the option of determining the type of loan it will be, whether PurchaseConstructionRefinance, or Other. If the Loan was a Refinance, you could fill out the information under “Refinance” with “Refinance Purpose”. Any existing Liens will auto-populate once you have pulled credit.

6. If the property is an investment, select the corresponding name under “Property Will Be:“. A “Investment Adjustment” button will appear for you to edit.

7. If the property is construction, there is a field to input the property information below this field. Likewise, if the property is a refinance, selecting it under “Loan Purpose” will generate a field to populate under “Construction

8. The “Title Holding” section will pre-load the names of the Title holders based on the manner you choose.

 

About Technical Support

MortgageDashboard creates cloud-based mortgage software for credit unions, community banks, and mortgage bankers. MortgageDashboard has been an industry leader in cloud-based loan origination software since 2001 and continues to innovate how mortgage companies operate.

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