Definitions of the various LTV fields as used in Servicing Director
1. Customer Service Property screen - This screen has two LTV (Loan to Value) values, the Original LTV and the LTV based on the current appraisal.
- Original LTV - this is not a calculated field. The user can enter any percentage value they choose. It would be expected that the user would enter the LTV based on the original principal balance and original appraised value. They might also use the lesser of the appraised value or sales price to determine the original LTV.
- LTV - this is a calculated field. This value is calculated by dividing the current principal balance by the current appraised value. We added new fields for current appraised value and current LTV as part of the PMI Cancellation project, since in some cases PMI can be canceled based on a new appraisal. Unless information from a new appraisal is entered on the property screen in the Current Appraisal Info section, this LTV field will be blank.
2. Loan to Value screen in Tracking - This screen also has two LTV values, the Original LTV and the Current LTV.
- Original LTV - this displays the value entered for Original LTV on the Property screen.
- Current LTV - this displays the LTV calculated as the current principal balance divided by the original appraised value, rounded up to an even number.
3. Customer Service Loan Information screen - This screen has one LTV value, Current LTV.
- Current LTV - this displays the same Current LTV as the Current LTV on the Loan to Value screen, calculated in the same way.
4. Customer Service > Options > PMI Cancellation Screen Loan Info Tab - This screen has two LTV values, the Current LTV (Original Appraisal) and the Current LTV (Current Appraisal).
- Current LTV (Original Appraisal) - this displays the current LTV based on the current principal balance divided by the lesser of the original appraised value or sales price. Only the original appraised value is used in the case of refinances or properties located in New York.
- Current LTV (Current Appraisal) - this displays the current LTV based on the current principal balance divided by the current appraised value, as entered in the Current Appraisal Info section on the Property screen.
ArticleNumber:
000052189
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