W. Va. Code §106-5 requires:
“…an assessment of the borrower’s ability to repay the loan according to its terms. Such assessment must be signed by the lender to the lender’s representative and the borrower(s) and must consider the household’s current debt obligations, the term of the loan, and the borrower(s) circumstances along with their current and projected income and assets, other than a security interest in the real estate taken to secure the loan.”
As part of this disclosure, we print a breakdown of the proposed monthly housing expense from the 1003 Uniform Residential Loan Application. We are updating how this breakdown will be shown on Cx21375 to more closely reflect the current 1003. This updated breakdown will print when field 123494 “Print Redesigned 1003 Loan Application” is “Yes”.
These changes are available for testing on Stage & Stage 2 servers and will take effect on June 6, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-6149
DR-184661
Update:
In conjunction with this change to the Monthly Housing Expense section on Cx21375, we are also modifying the associated Gross Monthly Income Minus Monthly Expenses section to include the total of the proposed monthly housing expense from the Redesigned 1003 on the “Total of Monthly Housing Expense” line, and the subsequent modified total on the “Net Monthly Income” line. The field used for the “Total of Monthly Housing Expense” line when 123494 “Print Redesigned 1003 Loan Application” is “Yes” will be field 131692 “Borrower 1 Total of Proposed Expenses”, and the field used for the “Net Monthly Income” line when 123494 is “Yes” will be 193773 “Monthly Total Income Minus Liabilities Minus Redesigned 1003 Proposed Housing”.
These changes are available for testing on Stage & Stage 2 servers and will take effect on Sept. 16, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
COM-6472
DR-194251