Multi-family apartment complex

Posted By: ougirl

Multi-family apartment complex - 05/04/11 03:26 PM

I have a man and wife that just did a loan to refi an apartment building. When reporting on my LAR I put a property type of 3, purpose 3 (refi) and occupancy 2 (not owner occ). First question.. do I need to chg the occ to a 3 (NA)? I got the govt monitoring info and income amt and it is giving me a validity error saying property type = 3 therefore income must = NA. Do I still need to collect the gmi?
Posted By: RR Becca

Re: Multi-family apartment complex - 05/04/11 03:29 PM

Originally Posted By: ougirl
do I need to chg the occ to a 3 (NA)?
Yes.

Quote:
I got the govt monitoring info and income amt and it is giving me a validity error saying property type = 3 therefore income must = NA.
That is correct.

Quote:
Do I still need to collect the gmi?
Yes.
Posted By: ougirl

Re: Multi-family apartment complex - 05/04/11 03:41 PM

Thank you RR
Posted By: RR Becca

Re: Multi-family apartment complex - 05/04/11 03:42 PM

No problem. smile