Audit Update
Description
On a construction loan (C or CTP) that is a purchase DocMagic uses the Sale Price + Construction Cost Amount for the “Sale Price” in the standard LTV calculation of loan amount divided by the lesser of “Sale Price” or “Appraised Value”. This audit will check for a sale price and construction cost amount when the loan is a construction purchase (C or CTP loan purpose with a construction loan purpose of Purchase) and provide messaging when one or more are missing.
