Difference between revisions of "FM SFLP.Original Loan to Value Ratio"
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== Definition == | == Definition == | ||
| − | <b>Original Loan to Value Ratio</b>: The ratio, expressed as a percentage | + | <b>Original Loan to Value Ratio</b>: The [[Loan to Value Ratio | LTV ratio]], expressed as a percentage is obtained by dividing the amount of the [[Mortgage Loan]] at origination by the [[Collateral Valuation | value]] of the property. |
== Notes == | == Notes == | ||
| − | This field is calculated by dividing the original loan amount by either | + | * This field is calculated by dividing the original loan amount by either: |
| − | + | ** in the case of a purchase, the lower of the sales price of a mortgaged property or its value at the time of the sale, or | |
| − | For the purposes of calculating the LTV ratio and determining eligibility for a mortgage loan acquired through a HARP refinancing, an appraisal is not required if Fannie Mae waived the property fieldwork requirements to establish program eligibility. | + | ** in the case of a refinancing, the value of the mortgaged property at the time of refinancing. |
| − | + | * For the purposes of calculating the LTV ratio and determining eligibility for a mortgage loan acquired through a HARP refinancing, an appraisal is not required if Fannie Mae waived the property fieldwork requirements to establish program eligibility. | |
| − | The disclosed LTV ratio for that loan is based on an estimate of value produced by an automated valuation model at the time of the refinance. | + | * The disclosed LTV ratio for that loan is based on an estimate of value produced by an automated valuation model at the time of the refinance. |
| − | + | * Alternatively, if Fannie Mae did not waive the property fieldwork requirements, an appraisal can be provided to Fannie Mae by the lender to establish program eligibility. | |
| − | Alternatively, if Fannie Mae did not waive the property fieldwork requirements, an appraisal can be provided to Fannie Mae by the lender to establish program eligibility. | + | * When an appraisal is obtained and is used to successfully establish HARP program eligibility, it is used to calculate the disclosed LTV ratio. Value is reported as null if LTV is >97% or is >200% for a mortgage loan acquired through a HARP refinance, or unknown. |
| − | + | * The field belongs to the [[FM SFLP Template]] | |
| − | When an appraisal is obtained and is used to successfully establish HARP program eligibility, it is used to calculate the disclosed LTV ratio. Value is reported as null if LTV is >97% or is >200% for a mortgage loan acquired through a HARP refinance, or unknown. | ||
| − | |||
| − | The field belongs to the [[FM SFLP Template]] | ||
== Field Characteristics == | == Field Characteristics == | ||
| Line 21: | Line 17: | ||
* Data Type: NUMERIC | * Data Type: NUMERIC | ||
* Data Maximum Length: 9(3) | * Data Maximum Length: 9(3) | ||
| + | * Temporal Classification: Acquisition | ||
| + | * Data Category: Loan | ||
| + | |||
| + | == Implementation == | ||
| + | * [https://github.com/open-risk/openNPL openNPL repository] | ||
| + | |||
| + | == Learn More == | ||
| + | * [https://www.openriskacademy.com/course/index.php?categoryid=37 Mortgage Modeling Courses] | ||
| + | |||
| + | == Discuss == | ||
| + | * [https://www.openriskcommons.org/c/academy/mortgage-modeling/35 Commons Mortgage Modeling Discussions] | ||
| + | * [https://www.openriskcommons.org/c/open-source/opennpl/13 Commons openNPL Discussions] | ||
== Disclaimer == | == Disclaimer == | ||
Latest revision as of 12:45, 17 May 2024
Contents
Definition
Original Loan to Value Ratio: The LTV ratio, expressed as a percentage is obtained by dividing the amount of the Mortgage Loan at origination by the value of the property.
Notes
- This field is calculated by dividing the original loan amount by either:
- in the case of a purchase, the lower of the sales price of a mortgaged property or its value at the time of the sale, or
- in the case of a refinancing, the value of the mortgaged property at the time of refinancing.
- For the purposes of calculating the LTV ratio and determining eligibility for a mortgage loan acquired through a HARP refinancing, an appraisal is not required if Fannie Mae waived the property fieldwork requirements to establish program eligibility.
- The disclosed LTV ratio for that loan is based on an estimate of value produced by an automated valuation model at the time of the refinance.
- Alternatively, if Fannie Mae did not waive the property fieldwork requirements, an appraisal can be provided to Fannie Mae by the lender to establish program eligibility.
- When an appraisal is obtained and is used to successfully establish HARP program eligibility, it is used to calculate the disclosed LTV ratio. Value is reported as null if LTV is >97% or is >200% for a mortgage loan acquired through a HARP refinance, or unknown.
- The field belongs to the FM SFLP Template
Field Characteristics
- FM SFLP Field Index: 20
- Column Label: OLTV
- Data Type: NUMERIC
- Data Maximum Length: 9(3)
- Temporal Classification: Acquisition
- Data Category: Loan
Implementation
Learn More
Discuss
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
