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      How to Enter REO Gross Rental Income Information in 1003?

      When you have a scenario for a REO to have a gross rental income, and/or when you need to take a discount (for example 25%) in the gross rental income.  

      Under "Other Income Details" in Borrower → Income, Manage Income screen, LendingPad will not show "Net Rental Income" because that information is entered through REO screen.  If there is a value in REO screen, it will automatically transfer Net Rental Income back to this screen.

      Under REO screen, LendingPad does have a "Occupancy Rate" field. Users can provide the custom occupancy rate and net rental income amount if the disposition status type is "Rental" or "Pending Sale" and the "Subject Property" is unchecked. In this case, the system resets the value after saving the changes. The default "Occupancy Rate" is 100%.

       

      Net Rental Income Amount = Net Rental Gross Amount - Mortgage Payment - Ins & Tax Expense

          1. Net Rental Gross Amount = Gross Rental Income * Occupancy Rate.

          2. Mortgage Payment = Mortgage Payment Custom or Automatically Calculated.

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