Entering Mortgage Information

Mortgage information is entered in the Mortgage Information section on the Application Edit screen. This section can be directly accessed by clicking Application Information > Mortgage Information in the Left Navigation Pane. Details regarding this screen are below.

Mortgage Information Fields

Why Can't the Application Purpose be Changed?

Why Can't a Mortgage Amount be Changed?

Why Can't "Existing" be Changed on a Mortgage?




 

• The Application Type is defaulted to what you selected when Creating a New Application. The options are Approval and Pre-Approval.
   
• The Application Purpose is defaulted to what you selected when Creating a New Application. The options are as follows (click the option to display its description in a separate pop-up window).
  
  Purchase
  Purchase Plus Improvements
  Refinance
  ETO (Equity Take Out)
  Switch / Transfer
  Port
  Deficiency Sale
  Workout
  
  Note: If a mortgage on the deal is co-brokered, the Application Purpose cannot be changed. You would have to first break the link to the co-brokered mortgage in order to change the application purpose.
   
• The Property Value is automatically populated from either the Purchase Price, Estimated Value, or Appraised Value field in the Subject Property Information section (you select one of those fields to populate the Property Value).
   
• The Down Payment can be automatically populated by clicking its copy/paste icon (). The value is taken from the total of all down payments in the Down Payment section.
   

• For the 1st Mortgage, click its calculator icon () to automatically populate the value (Property Value - Down Payment = 1st Mortgage amount). In the adjacent dropdown, select Requested.
  
  Calculator Note: Changing the down payment and then clicking the Property Value calculator affects the Property Value amount and the Purchase Price amount (in Subject Property Information section). For example, assume the property value is $260,000 with a down payment of $50,000. If the down payment is then increased to $55,000 and you click the Property Value calculator, the Property Value increases to $265,000, as does the Purchase Price in the Subject Property Information section.
   

• If the mortgage is to be divided into more than one mortgage, than enter the appropriate amount in the 2nd Mortgage field (and even the 3rd Mortgage field if needed), and then select Requested for each mortgage.
   

• If a Mortgage is to be insured, check (select) the Insured checkbox. Later, you will select the other insurance options in the Mortgage Request Details section.
   

• If the Application Purpose is Purchase Plus Improvements, enter what the applicant will be doing with the funds in the Improvements field, and also enter the value of the improvements in the Improvement Value field.

Note: If you access an existing deal, the find that a mortgage amount cannot be edited, it means a lender response has already been accepted in Expert for that mortgage. To edit the amount, you will be required to first un-accept the lender response.

Note: If you access an existing deal, and find that a mortgage is designated as Existing and cannot be changed, it indicates that the mortgage has been co-brokered. You would have to first break the link to the co-brokered mortgage in order to change this field.