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6487 If loan purpose is refinance, property valuation amount or estimated value required warning


cswms
Error Messages

Symptom

The error message 3044 If LoanPurposeType Equals Refi then either property valuation amount or property estimated value amount is required. Data must be numeric up to 9 digits with up to 2 decimal places. is displayed when submitting a UCD XML file through the Fannie Mae UCD portal.


Cause

The Loan Purpose value selected on page 1 of the Closing Disclosure is Refinance and the Valuation Type field was not completed on the Banker > Shipping or the eLoanFile > Property screens.


Resolution

Select a Valuation Type from the Banker > Shipping or eLoanFile > Property screens.
Note: The Shipping screen is used in the following example.

To specify the valuation type:

  1. Open the loan associated with the UCD XML that caused the error.
  2. Select Banker > Shipping from the main menu.


  3. Scroll down to the Property section.


  4. Select the Valuation Type from the dropdown list.
  5. Save the loan.
  6. Add the Closing Disclosure to the document repository. Refer to knowledge base article 5800 Preparing a loan for UCD export for information about adding the Closing Disclosure to the document repository.
  7. Export the data to UCD XML. Refer to knowledge base article 5500 Exporting data to UCD XML for instructions to export the data to a UCD XML file.
  8. Submit the UCD XML file to the GSE.


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Details
Last Modified: 2 Years Ago
Last Modified By: cswms
Type: Point
Rated 3 stars based on 4 votes.
Article has been viewed 1.7K times.
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