This guide covers data entry for REO Investment Properties.
 |  S = Sold PS = Pending Sale R = Retained |
Each property on the REO should have a separate bucket in the eFolder. |  |
Primary Residence
Primary Residence Property Status must be left blank. Do not lock Net Income/Loss |  |
Second Home
Second Home Property Status must be left blank. Do not lock Net Income/Loss |  |
Page 2 of the 1003 under present housing expenses; Input current housing for primary residence. Make sure tax/insurance and HOA fees are included there too (if not included in their first mortgage payment). |  |
Investment Property
| Investment Property Property Status - R (Retained) If Subject Property - Mark Box if applicable |  |
| Page 2 of the 1003 under present housing expenses; Input current housing for primary residence. Make sure tax/insurance and HOA fees are input separately if not included in their first mortgage payment as evidenced by their mortgage statement. |  |
| Rental Income The income should be entered on page 1 of the 1003. The income should come from the tax returns on a refinance or if using a lease, 75% of the lease amount. |  |
| The ratios are figured from the subject property rent LESS NEW mortgage payment. On this example - it is taking $1,500 less $3,093.65 (new mortgage payment) = -$1,593.65 in ratios. |   |