Calyx Point 7 User Manual page 304

Loan scenarios
Verify the following information on the
4
Open page 2 of the
5
Monthly Housing Expenses, including the
other fee fields match the values in the first mortgage file.
Open page 4 of the
6
Details of Transaction
Open the
7
Open page 4 of the
8
of Transaction
Save the file.
9
286
Field Value
Lien Pos Second
Sales Price Same sales price that is included on the first mortgage file
Down Pmt 90%
This down payment percentage is not included on the
Application
Appr Value Same appraised value that is included in the first mortgage file.
Loan Amt Second mortgage amount (10% of the sales price).
Note Rate Rate for the second mortgage.
Term/Due The Term/Due.
Mth Pmt Second mortgage monthly payment.
Loan Application
Loan Application
section:
Field
Purchase Price (a)
Subordinate financing (j)
For Sub Financing Only section
(This section applies only to the closing costs from the new first mortgage)
New First Mortgage
Closing Costs from New First
Mortgage
Loan Amt, excl. fee financed (m) Second mortgage amount.
Loan Amount (o)
Cash from/to Bor (p)
Good Faith Estimate
Loan Application
section.
• For more information about completing the
see Good Faith Estimate, on page 119.
• Refer to Borrower and prospect information
for more information about the
• Refer to Chapter 5,
Loan Application.
• For more information about second mortgages, see Knowledge Base
article #0535 Streamlined PiggyBack/First and Second Mortgage
loans.
Borrower Information
screen.
and verify that the values in the Proposed
,
First Mtg Other Fin
and verify the following information in the
Value
Same as the 1st mortgage file
Blank
First mortgage loan amount.
Sum of costs from the first mortgage.
The sum in the Closing Cost box is the total of prepaids,
closing costs, PMI/MIP/Funding Fee, Discount, minus
Closing Cost paid by Seller and PMI/MI financed.
The total second mortgage amount (m + n).
Funds the borrower will pay or receive.
and enter any fees for the second loan.
and enter any other fees on line l in the
Related information
Good Faith Estimate
screens, on page 151,
Borrower Information
Loan Application, for more information about the
screen:
Loan
, , and
Haz Ins Taxes
Details
,
screen.
Calyx Software