Point User Guide 165
Transmittal Summary
b If the lien position is second, select the owner of the first mortgage and enter the
original loan amount in the If Second Mortgage column.
5 Complete the
Underwriting Information section.
The income data in the
Stable Monthly Income section is populated from page 2 of
the
Loan Application.
If the subject property is an investment or secondary residence, the total for the
Proposed Monthly Payments/Borrower’s Primary Residence section reflects the
borrower’s current housing expenses.
Note
If the Note Rate is different than the Qualifying Rate, the First Mtg P & I
on the 1008 will be different from the
Loan Application.
The P & I on the
Loan Application is the Note Rate. The P & I on the
1008 is the Qualifying Rate.
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