Introduction
Customizing loan property fields ensures that only relevant data is collected during the underwriting and approval process. By enabling or disabling specific fields, lenders can streamline data entry, maintain compliance, and improve efficiency. This guide provides an overview of configuring property details, income settings, existing mortgage tracking, and appraisal/site inspection options.
Navigating to This Section
1. Click the Gear icon in the top-right corner to open Settings.
2. Select Company Settings.
3. Use the left-hand navigation menu to find and expand Loan Setup/Origination.
4. Locate Property Fields.
Tip: If you cannot access Property Fields, ensure you have the necessary permissions or check with your administrator.
This section captures critical information about a property, including:
Lot size and year built – Helps determine the property's age and space.
Property type and occupancy – Specifies whether the property is residential, commercial, or vacant.
Street View integration – Enables visual verification of the property.
Auto-Populate Address – Controls whether the borrower's address is automatically applied to property fields.
Best Practice: Enable only the fields that align with your underwriting requirements to keep loan applications efficient.
Lenders can configure financial fields to assess a borrower's repayment ability:
Rental income – Used for properties with tenants.
Property taxes and condo fees – Ensures accurate debt service calculations.
Heating expenses – Helps determine a borrower's total cost of ownership.
Tip: Enabling Income & Expenses fields improves debt service ratio calculations for better risk assessment.
This section tracks any outstanding loans tied to a property:
Loan positioning – Determines lien priority.
Term type and interest rates – Defines mortgage structure.
Prepayment penalties – Helps calculate costs associated with early repayment.
Note: Keeping these fields enabled ensures comprehensive risk analysis for lenders evaluating encumbrances.
Configuring these fields enables lenders to collect valuation data for underwriting purposes:
Valuation mode – Choose between Inspection, Appraisal, or both.
Property entry details – Provides access instructions for appraisers.
Tip: Ensure entry details are accurate to prevent delays in appraisal scheduling.
FAQs
What happens if I disable a field?
Disabling a field hides it from view but retains the data. You can re-enable it anytime.
Can I change property fields for individual loans?
Yes, while default settings apply globally, property fields can be customized per loan.
Why should I enable Street View?
Street View provides an additional verification layer, helping underwriters confirm property characteristics remotely.
Need Further Assistance?
For additional support, contact us:
📧 Email: support@mortgageautomator.com
💬 Live Chat: Click the question icon at the top-right corner of your screen.