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REALPRO INNOVATIONS REALPRO PLUS Manual

Portable real estate/lending computer system
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REALPRO Innovations, Inc.
PORTABLE
REAL ESTATE/LENDING COMPUTER SYSTEM
Manual
Copyright© 1985-2005
REALPRO Innovations, Inc.
All Rights Reserved
1

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Summary of Contents for REALPRO INNOVATIONS REALPRO PLUS

  • Page 1 REALPRO Innovations, Inc. PORTABLE REAL ESTATE/LENDING COMPUTER SYSTEM Manual Copyright© 1985-2005 REALPRO Innovations, Inc. All Rights Reserved...

  • Page 2: Table Of Contents

    Contents PREFACE ................................4 BENEFITS OFFERED BY THE REALPRO PLUS™ PORTABLE COMPUTER SYSTEM .......... 4 On a listing presentation ............................ 5 As the listing agent ............................5 Working with home-buyers ..........................6 Working with buyers who are renting ......................... 6 When holding an open house ..........................
  • Page 3 Error 1 ................................18 Error 2 ................................18 Error 7 ................................18 Error 8 ................................19 DESCRIPTION OF KEYS ............................19 DESCRIPTION OF THE DISPLAY ......................... 20 GLOSSARY OF TERMS ............................21 FUTURE PROGRAM UPDATES ..........................39 CHANGE OF ADDRESS ............................39 CHANGE OF OWNERSHIP ...........................

  • Page 4: Preface

    REALPRO Innovations, Inc. would like to thank the thousands of REALPRO users who have called us to make helpful suggestions. Your feedback has been invaluable in updating and enhancing our product.

  • Page 5: On A Listing Presentation

    √ √ √ √ √ Enhances your professional image. You have the “Real Estate Tools” others don’t have. √ √ √ √ √ Gives you a competitive edge. Be “different and better” than your competition. √ √ √ √ √ You have the Confidence which tells your clients you can handle any questions relating to Real Estate Finance.

  • Page 6: Working With Home-Buyers

    WORKING WITH HOME-BUYERS You can begin to work with your buyers immediately by running the PREQUALIFICATION PROGRAM to determine the loan details and sales price range for which they are qualified. This assures that you will begin SHOWING your buyers properties that they can afford. KNOWING your buyers “Price Range” at the start will allow you to focus on meeting their other property qualifications.

  • Page 7: Operating Your Realpro Plus

    OPERATING YOUR REALPRO PLUS The following is a list of available programs and the key you must press to “call up” the program for use: PROGRAM NAME PROGRAM KEY FHA LOANS press FINANCING VA LOANS press FINANCING CONVENTIONAL LOANS press FINANCING...

  • Page 8: To Calculate An Input

    Remember: you cannot leave a function sign at the end of a calculation. For example 2400+1200+. TO PRINT OR VIEW YOUR ANSWERS Once you have entered all of the requested data into a program, your REALPRO PLUS is ready for you to PRINT the calculations. You will know this when your computer asks PRINT Y/N? NOTE: You will also have an opportunity to print when your REALPRO PLUS asks 1=ENTR 2=PRNT.

  • Page 9: To Enter The Date

    PMI’s, VAFF, MMI and when they are appropriate. By choosing the FINANCING key and answering the following questions, your REALPRO PLUS will calculate the important information you need when working with a client. The information contained in the FINANCING program answers the questions: what is my PITI payment, what is my loan...

  • Page 10: Amortization

    The AMORTIZATION program contains the FHA, VA and Conventional loan amortization information. By choosing the AMORTIZATION key and based on the months paid, loan amount, term and interest rate, your REALPRO PLUS will calculate the Interest Paid, Principal Paid, Total Paid and Balance Due. The AMORTIZATION program also calculates principal paydown and negative amortization.

  • Page 11: Personalizing The Disclaimer

    This is not a fun process, but it can be done. However, be aware that you can always have it personalized by REALPRO Innovations, Inc. at no charge provided you have the current version of the program.
  • Page 12 MORE Y/N [ENTER] 1=LET 2=# 3=SP ENTER [ENTER] *** COUA is showing on the screen Use the [NO] key to scroll through the alphabet ZYXWVU..R [ENTER]. *** COUR is showing on the screen This is the letter we want so press [ENTER] MORE Y/N [ENTER] 1=LET 2=# 3=SP...

  • Page 13: To Print Your Disclaimer

    Input 1 [ENTER] PRINT DISCLM<Y> IMPORTANT: The above information is now stored in your REALPRO PLUS memory and need not be reentered unless it requires adjusting or you RESET your computer’s memory. TO CHANGE ONE OR MORE LINES OF THE DISCLAIMER You may choose to use a portion of your message area for your client’s name, property address, date, etc.

  • Page 14: Change Information In Setup

    FHA does not require that the base loan amount be rounded down to the nearest $50 unless the property is a Condo. Your REALPRO PLUS gives you the choice. The default is set at YES. Days Locked can indicate to the client whether you have offered to lock the interest rate...
  • Page 15 And so on If your Escrow, Title or Closing Fees do not match what is preprogrammed in your REALPRO PLUS, enter your own numbers off your chart as you see them come up on the screen. If your company charges a flat rate and is not dependent on the sales price or loan amount, enter that figure for all of the increments.

  • Page 16: Care And Maintenance Of Your Realpro Plus™ Computer

    PAPER JAM If paper gets caught in the printer under the thermal print tab, call REALPRO Innovations, Inc. at 909/597-4504 for further instructions. If you are comfortable, you can open the back of the printer as seen in the following pictures.

  • Page 17: To Replace The Printer Paper

    You will damage the print head. If you are unable to reach the caught paper, call REALPRO Innovations, Inc. at 909/597-4504 for further instructions. This should not happen if you change the paper BEFORE the roll runs out and you CUT the edge of the fresh roll.

  • Page 18: Troubleshooting

    I CANNOT LOWER OR CHANGE THE DOWNPAYMENT If you attempt to input a lower downpayment and your REALPRO PLUS will not take it, you are probably working with the 1=F choice. 1=F is for FHA, you may want choice #3 for CONVENTIONAL. REMEMBER, FHA HAS A MAXIMUM LOAN AMOUNT which cannot be exceeded.

  • Page 19: Error 8

    Memory key for arithmetic calculations. Adds the value input or the result of the calculation to the value of the memory contents. Equals key. This key IS NOT used at the end of a calculation within the REALPRO PLUS programs; instead use the [ENTER] key at the end of a calculation.

  • Page 20: Description Of The Display

    [YES] Press the YES key when appropriate while answering REALPRO PLUS program questions. Also, use the YES key to scroll forward through the alphabet while entering your Personal Disclaimer. [NO] Press the NO key when appropriate while answering REALPRO PLUS program questions. Also, use the NO key to scroll backward through the alphabet while entering your Personal Disclaimer.

  • Page 21: Glossary Of Terms

    The following information is an alphabetized list of all of the questions and answers that will appear throughout your REALPRO PLUS programs. The descriptions and explanations are GUIDELINES and should be checked with the current standards in your area!! It is provided ONLY to familiarize you with how the REALPRO PLUS is accepting and processing information.
  • Page 22 1 TD % asks the interest rate on the 1st trust deed. The interest owed at closing is automatically calculated from this information and shown on the DAYS OWD INT line. 1=$ 2=ALL asks if the Seller or other 3rd party is paying a specific dollar amount of the buyers Non Recurring Closing Costs or if the Seller or other 3rd party is paying ALL of the NRCCs.
  • Page 23 VAFF, and prepaid interest. The APR must be disclosed to the borrower as part of the truth-in-lending act. Your REALPRO PLUS calculates the A.P.R. based on the interest rate, note rate or index plus margin. The A.P.R. on an Adjustable Rate Mortgage is being calculated based on the index plus margin. If you do not know the answer to these questions or don’t wish to quote the APR, say NO to CALC APR Y/N.
  • Page 24 BCK RATIO Front and Back ratios are calculated based on the type of loan. For FHA and VA loans the ratios are considered but do not generally constitute the only criteria to approve or deny a loan. Conventional: Calculated automatically based on the Fanny Mae guidelines according to the loan-to-value OR you may input your own figures.
  • Page 25 CONSULTANT FEES asks for the amount of the Consultant fees for the FHA 203K program. CONTINGNCY is part of the FHA 203K program. Your REALPRO PLUS defaults to 20%. This percentage can be changed and the last answer is held.
  • Page 26 DISC PTS asks the number of discount points being charged for the loan. The dollar amount charged will be automatically calculated. Discount points are computed based on the buyer’s total new loan (including MIP/VAFF) and can be paid by either the buyer or seller on a Conventional, FHA or VA loan. In the FHA 203K program, the Disc Pts are based on the REHAB costs.
  • Page 27 ESCRW EF= Escrow Fee.Because of custom throughout each state, who pays what Escrow cost and how much can vary greatly. If the Escrow fees in your REALPRO PLUS don’t match how business is done in your area, you are able to customize your own fees through the SETUP program.
  • Page 28 Automatic calculations based on LTV: 95% - 28/36 90% - 28/36 80% and below - 30/38 FHA: Front ratio represents the total monthly payment (principal, interest, taxes, insurance, MIP/MMI, and association fee) as a percentage of the borrowers gross income per month. FHA guideline is 29. VA: Does not use a Front Ratio GROSS EQUITY This amounts represents the difference between the sales price and the current loan(s) and liens on the property.
  • Page 29 LISTING % asks for the percent or dollar amount of the seller’s brokerage commission on the LISTING side. Do not use the percent key! LN asks the LOAN amount in the Amortization program. Input the loan amount. If you input 0, your REALPRO PLUS will solve for the loan amount based on the term, interest rate and payment.
  • Page 30 MAX RTE asks for the maximum interest rate on an Adjustable Rate Mortgage or a Buydown. For example, if the cap is 6, you would add that to the initial rate 5 + 6 = 11 MAXIMUM (Y/N)? asks whether the Refinance is for the maximum cash out or a specific dollar amount. Answer [YES] for the maximum cash out and [NO] for a specific dollar amount.
  • Page 31 MOS PMT IMP asks the number of months of payments to be impounded for a FHA 203K loan. Generally 2 months. MOS RESERVES asks the number of months the lender may require be available to the buyer as reserves. MOS TO 1ST ADJ asks for the number of months until the first adjustment on an Adjustable Rate Mortgage (ARM). Some ARM loans adjust for the first time in 6 months, 12 months, 36 months, 60 monthx, etc.
  • Page 32 PMI FINANC asks for the factor relating to the PMI to be financed into the loan. When the PMI is financed into the loan, there is no seperate monthly factor or upfront points. Your REALPRO PLUS will zero out these other inputs. The following is a sample chart for these factors.
  • Page 33 PRINT Y/N asks whether you want to print the program you just ran. PRN 0 VALUES Y/N is found in the SETUP program. Choosing YES, allows your REALPRO PLUS to print ALL of the inputs and outputs in the Buyers and Sellers programs.
  • Page 34 RECON asks the cost of the reconveyance related to the payoff of the existing trust deeds. Automatically calculated at $75 per statement per trust deed that the seller has on the property that will be released upon the sale of the property. REFINANCE Program heading for the Refinance program.
  • Page 35 Financing, Seller’s Net and Buy/Rent Programs: You must input the sales price of the property. Prequalification: Input Ø if the sales price is unknown, and the REALPRO PLUS will calculate the maximum loan and sales price according to the income, debts and loan type selected and the parameter options available.
  • Page 36 Because of custom throughout each state, who pays what Title cost and how much can vary greatly. If the Title fees in your REALPRO PLUS don’t match how business is done in your area, you can customize the amounts through the SETUP program.
  • Page 37 TOTAL ADJUST % The adjusted payment including the property taxes, home insurance, mortgage insurance and association fee. TOTAL COSTS Total of the costs. TOTAL LOAN This figure represents the total new loan including the MIP or VAFF as applicable. TOTAL PAID Part of the Amortization Program. Total amount of interest and principal paid over the life of the loan. TOTAL PMT/MO Total payment per month including P&I, property taxes, insurance, mortgage insurance, and association fee, if applicable.
  • Page 38 Veteran from the National Guard or Reserves using their eligibility for the first time: Purchase: % DOWN VAFF 0 - 4.99% 2.75% 5 - 9.99% 2.25% 10% and above 2.00% Refinance No Cash Out: The VAFF is based on .50% regardless of the LTV. Refinance Cash Out: The VAFF is based on 2.75% regardless of the LTV.

  • Page 39: Future Program Updates

    CHANGE OF ADDRESS If you change your office address or your home address, please notify REALPRO Innovations, Inc. We want to stay in touch with you as new programs and program changes become available. You may photocopy the change of address form and mail or FAX it to REALPRO.

  • Page 40: Change Of Address Or Ownership Form

    Phone: ________________________________________________________________________ Office: ________________________________________________________________________ Office Address: _________________________________________________________________ Phone: ________________________________________________________________________ Signature: ________________________________________________________________________ There is a charge for TRANSFER OF OWNERSHIP Call for a current quote Mail this form and payment to: REALPRO Innovations, Inc., 3854 Whirlaway Ln., Chino Hills, CA 91709...

  • Page 41: Index

    [R-cm] 19 For the printer 17 [yes] 20 BCK RATIO 24 _ Cursor 20 Benefits offered by the REALPRO PLUS™ 4 1 TD % 22 BORROWER 24 1 TD BALANCE 22 BRK EVEN Y/N 24 1=$ 2=C 3=P 4=A 22...
  • Page 42 CNTY 1,2,3 25 Error 8 19 Computer batteries ESCRW 27 Replacing 16 EXEMPTIONS 27 Computer Screen EXIT Y/N 27 Letters are dim 18 Repair 16 Won’t turn on 18 FEDTAX 27 Computer’s screen is light 18 FHA CNDO:Y/N 27 CONDO Y/N 25 FHA LOANS 7 CONSULTANT FEES 25 FHA Max loan amounts 15...
  • Page 43 NON TAXBLE INCME/MO 31 NOTARY 31 NOTE % 31 QUALFY 33 QUALIFYING PMT 33 QUICK APR CALC 7 Operating your REALPRO PLUS 7 ORIG PTS 31 ORIGINAL MIP AMT 31 RAD 20 OTHER INT 31 RATIO OR INTEREST CHANGES Y/N 33...
  • Page 44 To calculate an input 8 TO ENTER THE DATE 9 To input information 7 To print or view your answers 8 To reset your REALPRO PLUS program 8 TOTAL 36 TOTAL ADJUST % 37 TOTAL COSTS 37 TOTAL LOAN 37...

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