Calyx Point 7 User Manual page 123

b
c
Complete the
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The proposed first mortgage (First Mtg) payment is calculated and populated by Point
based on the values entered on page 1.
If the lien position for the subject loan is
you to enter that information. Point calculates the first payment for the subject loan.
a
b
c
d
e
Point User Guide
Enter a description of the income in the
from the dropdown list.
Enter the amount of income per month in the
The field in the Gross Monthly Income
Other
"Other" income.
Monthly Housing Expenses
If the borrower has a second mortgage or owns additional property, enter that
amount in the
Other Fin
column.
Enter the monthly hazard insurance and real estate tax expenses for the primary
residence in the Present column.
Set up standard tax and insurance formulas by using the dropdown list
utility.
Use the buttons that correspond to each field to select the formula to use to
calculate the proposed expense or click the lock box to enter the amount
manually.
If the borrower must pay mortgage insurance, click the MtgIns button to select the
formula to use to calculate the expense or click the lock box to enter the amount
manually.
Set the values that are used to calculate mortgage insurance by using the
dropdown list utility.
These values are used in the
Funding Fee
dialog box which is used to specify the conditions that are
used to calculate the mortgage insurance premium.et up standard tax
and insurance formulas by using the dropdown list utility.
If the property in the transaction requires homeowner association dues, enter the
monthly amount of the dues in the
Point computes both the present and the proposed expense totals.
Click Other to open the
change the current values. To exclude an expense from the total expenses, click
Exclude
the check box.
Entering income and housing expenses
Description
Monthly Inc
section is populated with the total
section.
Second
, the First Mtg button is enabled for
field. Any proposed financing is entered in the Proposed
Tip
Tip
Mortgage Insurance Premium/
field.
HOA Dues
Other In Housing Expenses
field or select a description
field.
dialog box. Enter or
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