Servicing Guide

Published September 9, 2020

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What is the expense type "Primary Resident Housing Expense" used for in the Evaluate for a Workout 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).

For additional information please refer to the "Evaluate for a Workout" section of the SMDU UI User Guide.

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