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U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, D. C. 20410-8000

November 9, 1987
OFFICE OF THE ASSISTANT SECRETARY FOR
HOUSING-FEDERAL HOUSING COMMISSIONER
Mortgage Letter 87-37
TO:  ALL APPROVED MORTGAGEES
SUBJECT:  Single Family Development - The Use of a Real Estate
          Schedule in Investor Transactions
 
     This Mortgagee Letter restates and clarifies the requirements of
the Department on the use of a real estate schedule when originating
investor transactions.  Your continued cooperation will assist us in
maintaining efficient and consistent underwriting.
 
     Current instructions, as provided in paragraph 3-17(f) of
Handbook 4155.1, suggest that the use of a schedule of all other
real estate owned be completed and made part of the application
(92900) package at the time of origination.  This schedule should
clearly itemize the monthly gross income, taxes and operating
expenses and net income or loss, if any, on all real estate, other
than the subject property, owned by the borrower.
 
     A suggested format is attached for your convenience.
 
                                     Sincerely yours,
 
                                     Thomas T. Demery
                                     Assistant Secretary
 
     Attachment
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