Transmittal Summary
The Transmittal Summary form (form 1008) summarizes borrower, subject property, mortgage, and seller information. It is included with the loan package submitted to the lender and is typically the last form completed prior to submission. Much of the information on the form is already completed, based on data on the loan application, verifications, and other disclosures.
Section I. Borrower and Property Information
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Review the borrower and property information and update as required.
Section II. Mortgage Information
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Review the mortgage information and update as required.
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In the Purpose of Loan section, if you select one of the refinance checkboxes, select an option from the Purpose of Refinance list.
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If necessary, click the Subordinate Financing button to open a dialog box to record a secondary source of financing.
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For a purchase loan, use the Mortgage Originator section to indicate if the borrower was referred by the Seller, Broker, or a Correspondent. Type the Name and Company Name if you selected Broker or Correspondent.
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For a second mortgage, select a checkbox to indicate the owner of the first mortgage, and type the Original Loan Amount and Unpaid Balance of the first mortgage.
Section III. Underwriting Information
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Complete the underwriter and appraiser information.
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Review the Stable Monthly Income, Present Housing, and Proposed Monthly Payments information.
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If you need to change information other than the Base Income values, refer to the corresponding source fields on the 1003 application.
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If the Occupancy Status of the loan is Secondary Home or Investment Property, the values in the Proposed Monthly Payment section are derived from the Present expenses on page 2 of the 1003 application.
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If the Occupancy Status is Primary Residence, the values are derived from the Proposed expenses on page 2 of the 1003 application.
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Section IV. Seller, Contract, and Contact Information
The information in this section is used when the loan is sold to a third-party.