Each section of the form is discussed below, with instructions provided for certain fields in instances in which we think they are needed for clarity or to emphasize the need for proper completion of a specific field. This mandatory section includes basic mandatory information related to the borrower and the property. Most fields are self-explanatory. This mandatory section includes basic information related to the mortgage. This mandatory section includes basic information related to the considerations used in underwriting the mortgage.
Most fields are self-explanatory.
Proposed Monthly Payments. The housing expense itemization relates only to the borrower's primary residence. This is also true when the mortgage being delivered to us is secured by a second home. Indicate the interest rate that was used to calculate the monthly payment at which the borrower was qualified for the mortgage. When the payment is based on the actual interest rate of the mortgage, check Note Rate and enter the actual rate.