Construction Loans - Calyx Point 7 User Manual

Loan scenarios

Construction loans

You can complete three types of construction loans in Point:
•
•
•
After you have completed the
reflects the construction loan terms.
290
Field
New First Mortgage
Closing Costs from New
First Mortgage
Loan Amt, excl. fee
financed (m)
Loan Amount (o)
• 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.
Construction
Construction-to-permanent
Construction with Required Reserve
Construction loans do not include a payment schedule on the printed
Truth-in-Lending Disclosure
entered.
They state "Repayment: One payment of principal of [the entire loan
amount] on [the end of the amortization period specified]."
For more information, refer to Subpart E (Special Rules for Certain Home
Mortgage Transactions) on the Reg. Z.
Loan Application
Value
First mortgage loan amount.
Sum of costs from the first mortgage.
The sum in the Closing Cost box equals prepaids, plus closing
cost, plus PMI/MIP/Funding Fee, plus Discount, minus Closing
Cost paid by Seller and PMI/MI financed.
Second mortgage amount
The total second mortgage amount (m + n).
Related information
Good Faith Estimate
screens, on page 151,
Borrower Information
Loan Application, for more information about the
Important
form based on the terms that are
, the Truth-In-Lending
,
screen.
disclosure
Calyx Software