Servicing Guide

Published September 9, 2020

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What is the expense type "Primary Resident Housing Expense" used for in the IDE in SMDU UI?

The Primary Residence Housing Expenseshould only be used if the property is NOT a borrower(s)’ primary residence. You will need to report the monthly housing expenses associated with the location that is a borrower(s)' primary residence. This amount may be associated to rent, mortgage payments, or borrower(s) may be living rent-free. An amount will be expected, and should only be provided, in the following circumstances:

 

  • The subject property is a second home or an investment property.
  • The subject property is NOT the primary residence of ALL the borrowers who signed the mortgage note.
  • Use caution to ensure that “Primary Residence Housing Expenses” is only provided when the subject property is a second home or an investment property; or when the loan contains Non-Occupant Borrowers. Do not report any amount for the “Primary Residence Housing Expenses” associated to owner-occupant borrower(s).
  • SMDU will include this amount in the numerator of the Debt to Income Ratio calculation (DTI also known as Back Ratio). SMDU will include this amount, as appropriate, in the numerator of the Housing Expense to Income Ratio calculation (HTI also known as Front Ratio).

For additional information about the IDE Tool, please refer to the "Imminent Default Evaluation" section of the SMDU UI User Guide.

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