Difference between revisions of "FM SFLP.Original Loan to Value Ratio"
Wiki admin (talk | contribs) |
Wiki admin (talk | contribs) |
||
| Line 1: | Line 1: | ||
| − | |||
== Definition == | == Definition == | ||
| − | <b>Original Loan to Value Ratio</b>: The ratio, expressed as a percentage | + | <b>Original Loan to Value Ratio</b>: The LTV ratio, expressed as a percentage is obtained by dividing the amount of the [[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 (1) 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 (2) in the case of a refinancing, the value of the mortgaged property at the time of refinancing. | + | This field is calculated by dividing the original loan amount by either |
| + | |||
| + | * (1) 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 | ||
| + | * (2) 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. | 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. | ||
Latest revision as of 18:53, 11 March 2023
Definition
Original Loan to Value Ratio: The LTV ratio, expressed as a percentage is obtained by dividing the amount of the Loan at origination by the value of the property.
Notes
This field is calculated by dividing the original loan amount by either
- (1) 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
- (2) 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)
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
