1003 Loan Application - Page 3

Section VI. Assets and Liabilities (cont.)

  1. To update values in the Schedule of Real Estate Owned section, click Show All (VOM) to open the Verification of Mortgages.

    • Mortgages on the VOM must first be recorded on the Verification of Liabilities (VOL).

  2. In the Additional Credit Received section, type other names under which the borrower has received credit, including the creditor's name and account number.

Section VII. Details of Transaction

Most of the fields in this section are filled from entries on previous pages or other forms, such as the Good Faith Estimate.

  1. Use the four fields under line l to record additional credits due to the borrower.

  2. Click the Edit icon open a calculator to determine upfront and monthly mortgage insurance and funding fees, if applicable. For detailed instructions, refer to Calculating Mortgage Insurance Premiums.

Section VIII. Declarations

  1. Answer the questions for both the borrower and co-borrower.

  2. If you answered Yes to question m, complete subparts (1) and (2) as follows.

    • 1 - PR (principal residence), SH (second home), or IP (investment property).

    • 2 - S (sole ownership), SP (jointly with spouse), or O (jointly with another person).

Section X. Information for Government Monitoring

  1. To print a previous year's application, select a corresponding checkbox.

  2. If you are using Encompass 17.2 and later, select the Use 2018 DI checkbox to populate the 2018 HMDA reporting information data fields in this section of the form. This checkbox in enabled only when the Print 2009 Application option is selected.

  3. If you are using Encompass 17.2 and later, complete the information that describes how the Demographic Information was selected

  4. To the best of your ability, complete the borrower and co-borrower information regarding ethnicity, race, and sex.

  5. If you are using Encompass 17.1 and earlier, select the method by which the application information was obtained and type the interviewer information.

  6. If you are using Encompass 17.1 and earlier, the loan originator and company information is filled from the default information for the organization in which you are a member. Accept the defaults, right-click in one of the company information fields to open the Business Contacts window and select a different organization and its information, or manually change information as required.