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ASSETS AND LIABILITIES1

Training Objectives AssetsREO PropertyMortgage liabilitiesOther liabilitiesAdditional expenses2

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Asset Tips Assets are not required to be entered. Income from eligible assets must be included on the“Eligibility” page Do not inflate or overstate Compensating factors Not all asset types are considered by GUS Funds to close does not influence uw recommendation6

Assets and Liabilities: REO Property7

Assets and Liabilities8

Assets and Liabilities: Auto‐Populate FeatureImported Loans: Liabilities in LOS transfer to A&L application page Ensure all open liabilities are listed Option: Delete all that import, then select auto‐populatefeature when ordering new/ re‐issue existing credit report9

Assets and Liabilities: Auto‐Populate FeatureManually Entered Loans: Skip manually entering each liability Select the “auto‐populate” option when attaching thecredit report10

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Assets and Liabilities: Mortgage LiabilitiesRetained Property: No mortgage debt Include real estate taxes, insurance, assessments, HOAfees, etc. under “Other Liabilities” No downgrade of a GUS Accept is required for manualentry of these monthly debts16

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Assets and Liabilities: Omit or Paid By CloseOmit Liability is already paid in full Underwriter has determined liability is not required to bepaid in full (medical collection, evidence of paid in full, etc.) Debt will be excluded from ratio calculations20

Assets and Liabilities: Omit or Paid By ClosePaid by Close Liability will be paid in full at or before the guaranteedloan closes Funds required to pay these debts will be deducted fromcash reserves Mortgage liabilities typically have net equity toaccommodate payoff Debt will be excluded from ratio calculations21

What is NOT acceptableThis is coming back for correction!22

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GovDelivery Sign ubscriber/new?qsp USDARD 2528

Thank you for supportingthe USDA Single FamilyHousing Guaranteed LoanProgram!29

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Assets and Liabilities: Auto‐Populate Feature Imported Loans: Liabilities in LOS transfer to A&L application page Ensure all open liabilities are listed Option: Delete all that import, then select auto‐populate feature when ordering new/ re‐issue existing credit report 9