| Field |
Descriptions |
| FHA
Case Number |
Unique 10-digit identifier assigned to the mortgage by the Federal Housing
Administration (FHA). |
| General
Information
|
| Property
Address |
House number, street name, city, state, and zip code of the property (including
unit number, if applicable). |
| Condo ID |
FHA's identifier for the condominium project. |
| PUD ID |
FHA's identifier for the PUD. |
| County Code |
System-generated number for the county in which the property is located. |
| Name |
Name of the PUD or condominium. |
| Originator/Principal ID |
Ten-digit FHA ID of the FHA-approved lender that originated the mortgage or FHA-approved lender (principal)
that designated another FHA-approved lender to serve as its agent in originating
the mortgage. The lender's name, city, state, zip code and Nationwide Mortgage Licensing System (NMLS) ID appear below the Originator/Principal ID. |
| -or- |
|
| Sponsored Originator EIN |
Nine-digit Employer Identification Number (EIN) of the mortgage banker or broker that originated the mortgage and was established as a sponsored originator by an FHA-approved lender. The name and NMLS ID of the mortgage banker or broker appear below the Sponsored Originator EIN. |
| Sponsor/Agent ID |
Ten-digit FHA ID and name of the FHA-approved lender acting as a sponsor or agent for the mortgage originator. The lender's name, city, state, zip code and NMLS ID appear below the Sponsor/Agent ID. |
| Loan Officer Name |
Name of the loan officer for the mortgage originator, including First Name, MI (middle initial), Last Name, and Suffix (Jr, II, etc.). Source: Fannie Mae form 1009, section VIII. Information
for Government Monitoring Purposes, Loan Originator's Name. |
| Loan Officer NMLS |
Nationwide Mortgage Licensing System (NMLS) identifier of the loan officer for the mortgage originator. Source: Fannie Mae form 1009, section VIII. Information
for Government Monitoring Purposes, Loan Originator Identifier. |
| Issue MIC in Sponsor Name |
Indicator establishing whether the Mortgage Insurance Certificate (MIC) or Notice of Return (NOR) is to be issued in the name of the sponsor or agent only. |
| Mail to Sponsor |
Indicator establishing whether the MIC or NOR is to include the name and address of the sponsor or agent. |
| ADP Code |
Automated data processing code related to the section
of the National Housing Act under which mortgage insurance is being requested. Source: Fannie Mae form 1009, section I. Type
of Mortgage and Terms of Loan, FHA Case No. (HECM). |
| Program
ID |
FHA's two-digit identifier
(and description) for the mortgage insurance program under which the application
is being made. |
| Living
Units |
Number of separate dwellings. For example, a two-family house has 2 living units. Source: Fannie Mae form 1009, section II. Primary Residence Property Information,
No. of Units. |
| Accessory Dwelling Unit |
Specifies whether the property has an accessory dwelling unit (ADU). Sources: Fannie Mae Form 1004; Fannie Mae Form 1007. |
|
|
ADP Code
Characteristics
|
| Amortization
Type |
Loan amortization classification, including:
| Fixed: Amount
of the payment and the interest rate remain fixed for the life of the loan. |
| Adjustable Rate Mortgage (ARM): Interest rate changes over the life of the loan
relative to changes in the index rate. Also called Adjustable Mortgage Loan
(AML) or Variable Rate Mortgage (VRM). |
| Graduated Payment Mortgage (GPM): Payments are low for the first few years, gradually
increase for a few years, and then remain fixed.* |
| Growing Equity Mortgage (GEM): Scheduled increases in payments, with the additional
amount being used to reduce the principal.* |
| *Note: GPM and GEM are now obsolete for a Home Equity Conversion Mortgage (HECM). |
Source: Fannie Mae form 1009, section I. Type of Mortgage and Terms of Loan, Features. |
| Housing Program |
Type of Federal Housing Administration (FHA) Single
Family Housing program, including:
| FHA
Standard Mortgage Program (203b): Basic FHA mortgage
insurance for one- to four-family housing. |
| Condominium
(203b): FHA mortgage insurance for a unit in a
condominium building (which must contain at least four dwelling units). |
| Improvements (203k): FHA
mortgage insurance for a loan that covers both the acquisition and rehabilitation
of a home. |
| Home Equity Mortgage (255): FHA insurance on a reverse
mortgage for a home (Home Equity Conversion Mortgage or HECM). Note: Applicable to cases assigned an FHA case number on or after September 30, 2013. |
| Home
Equity Mortgage (255) - Standard: FHA insurance on a reverse
mortgage for a home (Home Equity Conversion Mortgage or HECM). Note: Applicable to cases assigned an FHA case number on or before September 28, 2013 and with a closing date on or before December 31, 2013. (Obsolete) |
| Home
Equity Mortgage (255) - Saver: FHA insurance on a reverse
mortgage for a home (Home Equity Conversion Mortgage or HECM). The upfront mortgage insurance premium and the amount of funds (principal limit) available to the borrower are less than the standard HECM. Note: Applicable to cases assigned an FHA case number on or before September 28, 2013 and with a closing date on or before December 31, 2013. (Obsolete) |
Urban Renewal (220): FHA mortgage insurance for new or rehabilitated housing
located in a designated urban renewal area or area with concentrated programs
of code enforcement and neighborhood development. |
| HOPE
for Homeowners (257): FHA mortgage insurance for
a distressed loan being refinanced under the HOPE for Homeowners program (obsolete for endorsements after 09/30/2011). |
| Other: Less
common FHA Single Family Housing program (e.g., 235(r) Homeownership Assistance/Refinance
or 240 Fee Title Purchases). |
|
| Property Type |
Indicator specifying whether the property is a condominium unit. Source: Appraisal
Report. |
| Special Program |
Type of Federal Housing Administration (FHA) Single Family Housing special program,
including:
| No Special Program: A special housing program is not applicable. |
| Indian Lands: FHA
mortgage insurance for property located on Native American trust land or
otherwise restricted land (property eligible for insurance pursuant to Section
248 of the National Housing Act). |
| Hawaiian Homelands: FHA
mortgage insurance for property located within Hawaiian homelands (property
eligible for insurance pursuant to Section 247 of the National Housing Act). |
| Military Impact Area:
FHA mortgage insurance for property located in a
military impacted area designated by the Secretary of Defense (property
eligible for insurance pursuant to Section 238(c) of the National Housing
Act). (Obsolete) |
|
223(e) Location Waiver: FHA
mortgage insurance for property in an older, declining urban area where
there is a need for affordable housing (property eligible for insurance
pursuant to Section 223(e) of the National Housing Act). |
|
| Buydown |
Indicator specifying whether there is an interest buydown sales incentive to reduce the amount of the borrower's payments during the early years of the loan. Source: Buydown Agreement. |
|
| Repair Set Aside |
Indicator establishing whether the Loan Agreement has a Repair Rider. Source: Home Equity Conversion Loan Agreement, Exhibit 3 - Repair Rider. |
| Repair Complete Date |
Month and year (mm/yy) repairs or improvements to the property are to be completed. Source: Home Equity Conversion Loan Agreement, Exhibit 3 - Repair Rider. |
| Repair Set Aside Amount |
Cost of repairs, plus the repair administration fee, if repairs are required to be completed after loan closing and during the first 12-month disbursement period. Amount held in escrow to complete repairs or improvements to the property. Source: Home Equity Conversion Loan Agreement, Exhibit 3 - Repair Rider. |
| PUD |
Planned Unit Development (PUD) indicator. Source:Appraisal
Report, Subject section, PUD. |
| Manufactured
Housing |
Indicator for specifying whether the dwelling is a manufactured home. Source: Appraisal
Report. |
| Construction
Code |
Building status, including:
| Proposed Construction: Property where no concrete or permanent material has been placed. (Digging of footing is not considered permanent.) |
| Under Construction: Construction period from the first placement of permanent material to 100 percent completion with no Certificate of Occupancy (or equivalent). |
Existing Construction: Property where construction is 100 percent complete and the building is habitable.
| Notes: |
| • |
The FHA treats an occupied property that has been completed less than one year from the issuance of the Certificate of Occupancy (or equivalent) as an existing property. |
| • |
For Manufactured Housing, Existing Construction refers to a manufactured home that has been permanently installed on a site for one year or more prior to the Case Number Assignment date. |
|
| New Construction (Less than 1 Year): Property that is 100 percent complete and was completed less than one year from the date of the issuance of the Certificate of Occupancy (or equivalent). The property was never occupied. |
| Note: For Manufactured Housing, New Construction refers to a manufactured home that has been permanently erected on a site for less than one year prior to the Case Number Assignment date. |
Source: Appraisal
Report. |
| HECM
Counseling Certificate Number |
Nine-digit
identifier issued for the Certificate of HECM Counseling, form HUD-92902 through the FHA Connection. Note: The name of the housing counseling agency that
issued the certificate is displayed below the certificate number. Source: Form HUD-92902. |
| Counseling Waived |
Specifies whether HECM housing counseling is waived for a HECM refinance case. |
| Counsel
Date |
Month, day, and year (mm/dd/yy) HECM counseling was completed for the borrower (homeowner). Source: Form HUD-92902. |
| Purpose of Loan |
Indicator specifying the reason for the reverse mortgage. Note: If Other is selected, additional information is entered in the Reason field. Source: Fannie Mae form 1009, section I. Type of Mortgage and Terms of Loan, Purpose of Loan. |
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|
Worksheet
Information
|
| Property
Value |
Appraiser's estimate of the market value of the property. Source: Appraisal
Report, Reconciliation section, Based on a complete visual inspection ...
my (our) opinion of the market value, ... is ... |
| Total Monthly
Income |
Effective monthly income of all borrowers from all sources (e.g., employment, pension, Social Security, etc.), except imputed income from dissipated assets. |
| Sale Price |
Contract sales price of the
property. Note:
This is only applicable to a HECM purchase case and corresponds to the first lien
on the property. Source: Fannie Mae form 1009, section I. Type of Mortgage
and Terms of Loan, Sales Contract Price. |
| Amount of Total Income Derived from ADU |
Total amount of monthly income the borrower receives from the rental of the ADU. Sources: Fannie Mae Form 1004, Fannie Mae Form 1007, and Form 1040, Schedule E. |
| Closing
Costs |
Expenses incidental to the closing of the loan. Sources: Settlement Statement/Closing Disclosure or Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan or Exhibit 2 - Schedule of Closing Costs. |
| Limited or No History of ADU Income |
Specifies whether the borrower has limited or no history of rental income from the ADU since the previous tax filing. |
| Origination
Fee |
Amount charged by the lender for originating the mortgage. Source: Fannie Mae form 1009, section I. Type of Mortgage
and Terms of Loan, Loan Origination Fee. |
| Assets
Available |
Sum of borrower's liquid assets available for closing. Source: Fannie Mae form 1009, section III. Borrower Information, Available
Assets. |
| Existing Liens |
Total amount owed to creditors that are using the property as security for debts. Source: Fannie Mae form 1009, section IV. Liens against the Property or Credit Report. |
| Debts
(non-Real Estate) |
Total amount owed to creditors for debts not related to real estate. Source: Fannie Mae form 1009, section V. Total Non-Real Estate Debts. |
| Borrower
Investment |
Dollar amount provided
by the borrower for the purchase of the property. Note: This is only applicable
to a HECM purchase case and corresponds to the first lien on the property. Source: Fannie Mae form 1009, section I. Type of Mortgage
and Terms of Loan, Borrower's Investment. |
| Real
Estate Assets |
Total value of borrower's real estate assets. Source: Fannie Mae form 1009, section III. Borrower Information, Real Estate
Assets. |
| Real Estate Debts |
Total amount owed to creditors for real estate debts. Source: Fannie Mae form 1009, section IV. Liens against the Property or Credit Report. |
| Underwriter ID |
FHA's unique four-character identifier for the underwriter. Source: Form HUD-92900-A. |
| Underwriter
Approval Date |
Month, day, and year (mm/dd/yy) the underwriter approved the loan. Source: Form HUD-92900-A. |
| Underwriter
Name |
System-generated last name, first name, and middle initial of the underwriter. |
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|
Borrower
Information
|
| [Borrower 1, 2, 3, 4, 5] Name |
Last name, first name, and middle initial of the mortgagor or co-mortgagor. Source: Fannie Mae form 1009, section III. Borrower Information, Borrower's
Name or Co-Borrower's Name. |
| Married to NBS |
Indicator specifying whether the borrower is married to a non-borrowing spouse (NBS). This is a spouse, as defined by the state in which the spouse and borrower reside or state of celebration, who is not a borrower (mortgagor) at the time of loan closing.
| • |
No: Not married to a non-borrowing spouse. |
| • |
Eligible Spouse: Married to a non-borrowing spouse who meets all qualifying attributes for a deferral period. |
| • |
Ineligible Spouse: Married to a non-borrowing spouse who does not meet the eligibility requirements. |
|
| SSN |
Social Security Number of the borrower/coborrower. (SSN may be masked based on the user's authorizations.) Source: Fannie Mae form 1009, section III. Borrower Information, Social Security Number. |
| Date of Birth |
Month, day, and year (mm/dd/yyyy) of the birth of the borrower/co-borrower. Source: Fannie Mae form 1009, section III. Borrower Information, DOB. |
| Borrower
Information |
Indicator specifying whether the borrower/co-borrower disclosed race, ethnicity,
and gender information. Source: Fannie Mae form 1009, section VIII. Information for Government Monitoring Purposes or Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number before March 1, 2021. |
| Credit Scores |
Scores
determining the borrower's creditworthiness for the loan amount, including:
| • |
Experian/FICO: Fair Isaac Corporation (FICO) credit score for the borrower reported by Experian,
a credit repository (formerly known as TRW). Note: It is also known as Experian/Fair
Isaac Risk Score. |
| • |
Equifax/Beacon®: Fair Isaac Corporation (FICO) credit score for the borrower reported by Equifax
Inc., a credit repository. Beacon® is Equifax's commercial name for the FICO
score. |
| • |
TransUnion/Empirica®: Fair Isaac Corporation (FICO) credit score for the borrower reported by TransUnion
LLC, a credit repository. Empirica® is TransUnion's commercial name for the
FICO score. |
|
| NBS Name |
Last name, first name, and middle initial of a non-borrowing spouse for a Home Equity Conversion Mortgage (HECM); spouse, as defined by the state in which the spouse and borrower reside or state of celebration, who is not a borrower (mortgagor) at the time of loan closing. |
| [NBS] SSN |
Non-borrowing spouse's Social Security Number. (SSN may be masked based on the user's authorizations.) |
| [NBS] Date of Birth |
Non-borrowing spouse's date of birth. |
| Ethnicity |
Indicator specifying whether the borrower/co-borrower is of Latino or Hispanic
descent. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). |
| Race |
Racial background of the borrower/co-borrower. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). |
| Sex |
Gender of the borrower/co-borrower. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). |
| Was the ethnicity of the Borrower collected on the basis of visual observation or name? |
Specifies whether the borrower's ethnicity was ascertained through visual observation or the borrower's name. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number on or after March 1, 2021. |
| Was the sex of the Borrower collected on the basis of visual observation or name? |
Specifies whether the borrower's gender was ascertained through visual observation or the borrower's name. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number on or after March 1, 2021. |
| Was the race of the Borrower collected on the basis of visual observation or name? |
Specifies whether the borrower's race was ascertained through visual observation or the borrower's name. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number on or after March 1, 2021. |
| The Demographic Information was provided through |
Method by which the borrower's demographic information was received. Source: Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number on or after March 1, 2021. |
| Total
Children |
Total number of children of all borrowers, regardless of age or level of dependency. |
| Application Received by |
Method by which the loan application was received. Source: Fannie Mae form 1009, section VIII. Information for Government
Monitoring Purposes, To be Completed by Loan Originator or Demographic Information Addendum to the URLA (Fannie Mae form 1003, Freddie Mac form 65). Note: This field appears for a mortgage assigned an FHA case number before March 1, 2021. |
| I certify that the lender associated with this case number has an active loan application for this property address and listed borrower(s) |
Certification that the lender has an active mortgage for the specified property and borrower(s). |
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|
Mortgage Information
|
| Interest Rate (%) |
Mortgage interest (accrual) rate.
| Adjustable
rate mortgage (ARM): Initial interest rate charged on the loan beginning
at closing; equals the one-year rate for U.S. Treasury Securities, plus
a margin. |
| Fixed rate
mortgage: Same as the expected average mortgage interest rate. See
the field description for Expected Rate. |
Source: Note. |
| Expected
Rate (%) |
Estimate of the average interest rate for the life of an adjustable rate mortgage (ARM). For a fixed rate mortgage, it is the same as the Interest Rate (%). This rate is used to calculate the mortgage's principal limit and payment plan. It is also referred to as the expected average mortgage interest rate. Sources: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan or Note. |
| Expected
Rate Index |
Rate used
to calculate the expected average mortgage interest rate on an adjustable rate
mortgage (ARM).
| • |
10
Year CMT: Constant Maturity Treasury (CMT) rate for an ARM tied to the 1 Month CMT or 1 Year CMT index. |
| • |
10
Year LIBOR Swap: London Interbank Offered Rate (LIBOR) swap rate for an
ARM tied to the 1 Month LIBOR or 1 Year LIBOR index. Note: This option cannot be used for mortgages closed on or after May 3, 2021. |
Source: Note. |
| ARM |
Adjustment interval of an adjustable rate mortgage (ARM).
| Annually:
Interest rate is adjusted every year. |
| Monthly:
Interest rate is adjusted every month. |
Sources: Fannie Mae form 1009, section I. Type of Mortgage and Terms of Loan, ARM Type
or Note. |
| Maximum |
Maximum amount the interest rate can change over the life of an adjustable rate
mortgage (ARM) with a monthly adjustable interest rate. Also referred to as the
interest rate cap. Source: Note. |
| ARM Index |
The index used by the lender to determine changes in the interest rate for
an adjustable rate mortgage (ARM).
| • |
1
Month CMT: Constant Maturity Treasury (CMT) index, which is the average
yield on United States Treasury securities adjusted to a constant maturity of
1 month, as made available by the Federal Reserve Board. |
| • |
1
Year CMT: Constant Maturity Treasury (CMT) index, which is the average
yield on United States Treasury securities adjusted to a constant maturity of
1 year, as made available by the Federal Reserve Board. |
| • |
1
Month LIBOR: London Interbank Offered Rate (LIBOR) index, which is the
rate of interest at which banks offer to lend money to one another in the London
wholesale money markets. The index value is adjusted on a monthly basis. Note: This option cannot be used for mortgages closed on or after May 3, 2021. |
| • |
1
Year LIBOR: London Interbank Offered Rate (LIBOR) index, which is the rate
of interest at which banks offer to lend money to one another in the London wholesale
money markets. The index value is adjusted on an annual basis. Note: This option cannot be used for mortgages closed on or after May 3, 2021. |
| • |
30-day SOFR: Secured Overnight Financing Rate (SOFR) index, which is based on the transactions in the U. S. Department of the Treasury where treasuries are borrowed or loaned by banks and investors overnight. It replaces LIBOR. Note: This option can be used for mortgages closed on or after May 3, 2021. |
Source: Note. |
| Margin |
Percentage points added to the index rate to determine the interest change on an adjustable rate mortgage (ARM). Source: Note. |
| Payment
Plan |
Type of mortgage payment plan.
| Line of Credit: Borrower
receives mortgage proceeds in unscheduled payments or in installments at
times and in amounts of the borrower's choosing until the line of credit
is exhausted. |
| Tenure: Borrower
receives equal monthly payments from the lender for as long as the borrower
continues to occupy the home as a principal residence. |
| Term: Borrower
receives equal monthly payments from the lender for a fixed period of months
selected by the borrower. |
| Modified Tenure: Combines a line of credit with monthly payments for life or for as long as borrower continues to occupy the home as a principal residence. |
| Modified Term: Combines a line of credit with monthly payments for a fixed
period of months selected by the borrower. |
| Lump Sum Disbursement: Single disbursement at loan origination, not to exceed the Initial Disbursement Limit amount. Further draws are not allowed during the first 12-month disbursement period after loan closing. |
Sources: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan or Fannie Mae form 1009, section I. Type of Mortgage and Terms
of Loan, Loan Payment Plans. |
| 10 Year Rate Lock |
Indicator specifying whether the expected average mortgage interest rate was locked. Source: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan. |
| Length
of Term (months) |
Number of months borrower receives monthly payments from the lender under the
term mortgage payment plan. Source: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan. |
| UFMIP
Financed |
Indicator establishing whether the upfront mortgage insurance premium (UFMIP)
is included in the mortgage. Note: For a HECM case, UFMIP is also referred to as initial MIP or initial
fee. Source: Settlement Statement/Closing Disclosure. |
| Initial Principal Limit (IPL) |
Maximum amount, established at loan closing, the borrower may receive from the HECM before any disbursements are made. Maximum Claim Amount multiplied by the principal limit factor corresponding to the age of the youngest
borrower and expected average mortgage interest rate. Source: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan. |
| Initial Disbursement Limit |
Maximum amount that may be disbursed to the borrower and/or used for Mandatory Obligations, set asides, and other charges incurred with originating the HECM at:
| • |
loan closing and/or during the first 12-month disbursement period after loan closing (begins on day of loan closing and ends on the day before the anniversary date of loan closing), or |
| • |
loan closing only for the Lump Sum Disbursement Payment Plan. |
For mortgages assigned an FHA case number on or after September 19, 2017, this is the lesser of A or B below:
| A. |
The greater of 60% of the Initial Principal Limit (IPL) or the sum of Mandatory Obligations (Does not include cash) and Additional 10% of IPL Usage Amount available during the first 12-month disbursement period, not to exceed 100% of the Initial Principal Limit (IPL). |
| B. |
Initial Principal Limit (IPL) amount less the sum of the Net LESA and Servicing Fee Set Aside, not to exceed 100% of the Initial Principal Limit (IPL). |
For mortgages assigned an FHA case number before September 19, 2017, this is the greater of 60% of the Initial Principal Limit (IPL) or the sum of Mandatory Obligations (Does not include cash) and Additional 10% of IPL Usage Amount available during the first 12-month disbursement period, not to exceed 100% of the Initial Principal Limit (IPL).
|
| Initial MIP Factor |
Percentage used for calculating the initial (upfront) mortgage insurance premium (MIP).
For mortgages assigned an FHA case number on or after October 2, 2017, the current rate is displayed and is view only. For mortgages assigned a case number before October 2, 2017, one of the following rates is selected:
| • |
0.5%; <= 60% IPL: Maximum Claim Amount multiplied by 0.5% if the sum of Mandatory Obligations (Does not include cash), Taxes/Insurance 1st Yr Payments, Additional 10% of IPL Usage Amount, and Repair Set Aside Amount is less than or equal to 60% of the Initial Principal Limit (IPL). |
| • |
2.5%; > 60% IPL: Maximum Claim Amount multiplied by 2.5% if the sum of Mandatory Obligations (Does not include cash), Taxes/Insurance 1st Yr Payments, Additional 10% of IPL Usage Amount, and Repair Set Aside Amount is greater than 60% of the Initial Principal Limit (IPL). |
|
| Maximum
Claim Amount |
The lesser of:
| • |
appraised value, |
| • |
maximum mortgage allowed by FHA under Sec. 305(a)(2) for a single family home in the area, or |
| • |
the sales price of the property being purchased for the sole purpose of being the principal residence. |
Initial (upfront) mortgage insurance premium is based on this amount. |
| Mandatory Obligations (Does not include cash) |
Financed fees and charges incurred in connection with the origination of the mortgage that are paid at loan closing (e.g., initial (upfront) mortgage insurance premium, loan origination fee, HECM counseling fee, first year disbursements from life expectancy set aside for payment of property taxes and hazard/flood insurance bills, etc.). Note: The sum of financed mandatory obligations cannot exceed the available principal limit. Sources: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan, Exhibit 2 - Schedule Closing of Costs/Schedule of Liens, and Exhibit 3 - Repair Rider, Settlement Statement/Closing Disclosure, and Credit Report. |
| Mandatory Obligations Cash from Borrower |
Amount of "cash" the borrower is required to bring to loan closing to satisfy the difference between the Initial Principal Limit amount and the amount of mandatory obligations. Sources: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan and Exhibit 2 - Schedule Closing of Costs/Schedule of Liens, and Settlement Statement/Closing Disclosure. |
| Mandatory Obligations Cash from Lender |
Amount of "cash" the lender will contribute towards the borrower’s mandatory obligations, as documented in the Good Faith Estimate and Settlement Statement/Closing Disclosure. Note: Applicable for traditional and refinance HECM transactions only.Sources: Home Equity Conversion Loan Agreement, Exhibit 1 - Payment Plan and Exhibit 2 - Schedule Closing of Costs/Schedule of Liens, and Settlement Statement/Closing Disclosure. |
| Taxes/Insurance 1st Yr Payments |
Amount of HECM proceeds, or funds from a property charge set aside, used to pay property taxes and hazard and flood insurance bills. This amount reflects scheduled payments from the property charge set aside or from HECM proceeds that are paid within the first 12-month disbursement period. Note: This is the sum of the actual insurance premium and tax amounts. If a new tax bill has not been issued, the prior year’s amount multiplied by 1.2 is used. |
| Additional 10% of IPL Usage |
Indicator specifying whether an additional amount of up to 10% of the Initial Principal Limit (IPL) was taken by the borrower at loan closing and/or the borrower intends to take during the first 12-month disbursement period after loan closing. |
| Additional 10% of IPL Usage Amount |
Additional amount, up to 10% of the Initial Principal Limit (IPL), taken by the borrower at loan closing and/or the borrower intends to take during the first 12-month disbursement period after loan closing. |
| Net LESA |
Fully or partially funded Life Expectancy Set Aside (LESA) minus Taxes/Insurance 1st Yr Payments. Sources: HECM Financial Assessment and Property Charge Guide and HECM Financial Assessment Worksheet. |
| Servicing Set Aside |
Funds used for the payment of the monthly servicing fee that increases each month at a rate equal to one-twelfth of the sum of the expected average mortgage interest rate (Expected rate), plus the annual mortgage insurance premium rate from the date the loan is funded. |
| Date of Application |
Date the borrower signed the Residential Loan Application for Reverse Mortgages, Fannie Mae Form 1009. Source: Fannie Mae form 1009, VII. Acknowledgment and Agreement. |
| Closing Date |
Date on which the borrower signed the Note (loan closing date).
Source: Settlement Statement/Closing Disclosure. |
| Disbursement Date |
Date on which the lender relinquished control of the funds. Source: Settlement Statement/Closing Disclosure. |
| Appraiser
ID |
ID of the FHA-approved appraiser who performed the appraisal; appraiser's state
license number preceded by the two-character state code. Source: Appraisal
Report, Appraiser's Certification, Appraiser, State Certification #, State
License #, or Other. |
| Appraiser
Name |
Last name, first name and
middle initial of the appraiser who performed the appraisal (view only). Note:
If multiple appraisers were issued the same state license or certification number,
a drop-down list with the names of the appraisers is provided for selection. The
license type is displayed in parenthesis next to the listed name (CG for Certified
General, CR for Certified Residential, and LI for Licensed). Source: Appraisal
Report, Appraiser's Certification, Appraiser, Name. |
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Flood Insurance Information
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| Is property improvement in a Special Flood Hazard Area (Zones with A or V)? |
Indicates whether the property improvement is located in a Special Flood Hazard Area (Zone A or Zone V) as designated by the Federal Emergency Management Agency (FEMA).
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Zone A: Residential building and related property improvements that are within a Special Flood Zone Area. |
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Zone V: Coastal high-hazard area. |
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| Do you have a LOMA, LOMR or Elevation Cert that indicates the property improvements are not in a SFHA? |
Indicates whether the borrower has obtained a Letter of Map Amendment (LOMA), Letter of Map Revision (LOMR), or Elevation Certification indicating that the residential building and property improvements are not located in a Special Flood Hazard Area (SFHA).
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LOMA: Letter of Map Amendment (LOMA) is an official letter/amendment regarding an effective National Flood Insurance Program (NFIP) map that establishes the location of the property in relation to the Special Flood Hazard Area (SFHA). |
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LOMR: Letter of Map Revision (LOMR) is an official letter from the Federal Emergency Management Agency (FEMA) that revises the current Flood Insurance Rate Map (FIRM) to show changes to floodplains, floodways, or flood elevations. |
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Elevation Certificate: An Elevation Certificate from the FEMA National Flood Insurance Program (NFIP) provides elevation information necessary to ensure compliance with community floodplain management ordinances, to inform mitigation actions that will lower flood risk, and/or support a request for a LOMA to remove a building from high-risk. |
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| Insurance Type |
Specifies the type of flood insurance secured by the borrower that covers the dwelling for losses sustained by water damage due to flooding, including:
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No Insurance: (Default) No flood insurance secured by the borrower. |
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National Flood Insurance Program (NFIP): Flood insurance secured by the borrower through the National Flood Insurance Program for the mortgaged property. |
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Private Flood Insurance (PFI): Flood insurance secured by the borrower through a private insurance company for the mortgaged property. |
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Both NFIP and PFI: Flood insurance secured by the borrower through both the National Flood Insurance Program and a private insurance company for the mortgaged property. |
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| NFIP Flood Insurance Building Coverage |
Amount of insurance obtained by the borrower through the National Flood Insurance Program that covers the property's losses sustained by a flood. |
| 100% Replacement Cost |
Cost to reconstruct/replace the property's buildings that were damaged in the flood. |
| NFIP Flood Insurance Company |
Name of the insurance company associated with the NFIP's insurance policy retained on the property. |
Land Cost |
Assessed site value of the land/property. This field should not be entered for condominium properties. |
| NFIP Flood Insurance Policy Number |
Unique identifier associated with the NFIP's insurance policy retained by the borrower for the property. |
| Land Cost Source |
Source of information from which the Land Cost field was determined, including:
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N/A: Not applicable. |
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Assessor: A professional who calculated or estimated the value of the property. |
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Title Records: Held public records that lists a property's ownership, encumbrances, liens, and other real estate transactions. |
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Appraisal: Report that estimates the fair market value of the property. |
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Other: Source other than one of those listed above. |
Note:
This field should not be entered for condominium properties. |
| Outstanding Loan Balance at Closing |
Oustanding balance of the loan at the time of loan closing. |
| PFI Flood Insurance Building Coverage |
Amount of insurance obtained by the borrower through a private insurance company that covers the property's losses sustained by a flood. |
| PFI Flood Insurance Company |
Name of the private insurance company associated with the flood insurance policy retained on the property. |
| PFI Flood Insurance Policy Number |
Unique identifer associated with the flood insurance policy retained by the borrower for the property. |
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| Borrower Request for Appraisal Review Information |
| A Request for Review of Appraisal Results was received from the Borrower |
Indicates whether the borrower requested a review of the appraisal. |
| What was the basis for the Review? |
Reason(s) for the appraisal review request. |
| How did the Mortgagee resolve the request? |
Action taken by the lender to resolve the issue(s). |
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| Firm Commitment Information |
| Firm Decision |
Firm Commitment decision for a HUD employee loan (Approve or Reject). |
| Decision Date |
Date the Firm Commitment decision was entered for a HUD employee loan. |
| Decision ID |
FHA Connection ID of the HUD user who entered the Firm Commitment decision for a HUD employee loan. Note: The ID is only displayed to HUD users. |
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Endorsement
Information (LI Reverse Lenders)
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| Insurance
Decision |
Indicator specifying whether the request for FHA insurance on the mortgage is
approved. Note:
This field only appears for authorized employees of lenders participating in the
Lender Insurance (LI) Reverse program. |
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