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| | | Supreme Being
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| | Ok, 2nd issue of the day. Ever since upgrading to Calyx 5.1, I have yet to get investment properties or second homes to LP correctly. I keep getting an error message about the monthly payment on the primary not being included in the total debt. Is there something I'm missing? Page 3 of the app is reconciled to the credit and all of the properties are matched on the new LP addendum, however LP is not reading all of the mortgage debts for some reason. Anyone else having this type of issue? if so, what did you do to fix this. Chris J. Sauerwein |
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Sepal
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| how exactly are you transacting with lp? by exporting to the point.frd file or by clicking the send loan to lp button?
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Supreme Being
Group: Moderators
Last Login: 11/15/2008 10:00:24 PM
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| | 1. Go to Loan Application Page 3, in declaration l "Do you intend to occupy the property as your primary residence?" mark "N" if your borrower is purchasing an investment property. Mark "Y" if your borrower is purchasing a second home. 2. Go to Loan Application Page 2. In the Liabilities section: for a second home enter an "L" in the R/L/M field. For an investment property enter an "M" 3. At the top of Loan Application Page 2, enter the Primary Residence present housing expenses in the "Present" column for Monthly Housing Expenses. 4. Re-submit to LP. I hope that helps.
Bryan
Point Product Manager |
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| | | Supreme Being
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Last Login: Today @ 10:58:28 AM
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| | All of those are filled out correctly, I apologize if I'm not communicating this effectively. The particular file that prompted me to research this is a file that was LP'd correctly (getting the correct ratios) prior to upgrading to Calyx 5.1 and is now LP'ing incorrectly after upgrading. I am now submitting directly to Freddie via the 5.1 feature and I'm getting two different errors. 1. the "monthly payment on the primary not being included in the total debt." when I know for a fact that Calyx is updated correctly. 2. if I un-match all REO properties, I'm able to get an LP finding however it is with DRASTICALLY incorrect ratios (getting 18/19 when it should be 36/50). Again, for clarity sake. Let me repeat. NO changes have been made to the Calyx data on the file in question other than upgrading to 5.1 and matching debts to properties on the new Freddie Mac Addendum. The Calyx file is set up exactly as it should be. I decided to test something out by doing the same thing on a 2nd home and am getting the same error. Chris J. Sauerwein |
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Supreme Being
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Last Login: 11/15/2008 10:00:24 PM
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| | Hi Chris, I am researching the problem and will post a reply back here sometime today. Bryan Telford
Bryan
Point Product Manager |
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Supreme Being
Group: Moderators
Last Login: 11/15/2008 10:00:24 PM
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| I sent a private message to ChrisSauerwein to inquire more on the problem. Once the solution is found, I will post it in this forum.
Bryan
Point Product Manager |
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| | | Junior Member
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Last Login: 4/23/2008 3:10:06 PM
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| | Did you ever find a fix for this? I'm now having the exact same problem. And I ran this file through LP on a computer running 5.0 yesterday and it worked fine. |
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| | | Supreme Being
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| | Sort of... it's duct tape, but it seems to work. Essentially you have to ensure that every single tradeline in the liabilities section has the corresponding (M,I(L),R) AND it must have the months remaining populated. For the sake of time, I basically put 100 or 50 and each revolving account must have the (R). Without this information, Freddie is 'assuming' that these debts don't exist because it's reading the blank as a zero and not counting the debt. Hopefully that will help (even though it's annoying as heck to have to manually update the months remaining, at least it works until they get a fix in place). Chris |
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| | | Junior Member
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Last Login: 4/23/2008 3:10:06 PM
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| | Sorry, that's not going to change anything for me. I'm pretty OCD so I fill those blanks in on every file I work up. Any other ideas? BTW - I did go ahead and get on another computer that's still running 5.0 to re-run LP. It went through smooth as silk! |
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| | | Junior Member
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