Point User Guide 105
Entering income and housing expenses
b Enter a description of the income in the Description field or select a description
from the dropdown list.
c Enter the amount of income per month in the
MonthlyInc field.
The
Other field in the Gross Monthly Income section is populated with the total
“Other” income.
6 Complete the
Monthly Housing Expenses section.
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
Second, the First Mtg button is enabled for
you to enter that information. Point calculates the first payment for the subject loan.
a If the borrower has a second mortgage or owns additional property, enter that
amount in the
OtherFin field. Any proposed financing is entered in the Proposed
column.
b Enter the monthly hazard insurance and real estate tax expenses for the primary
residence in the Present column.
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.
c 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.
d If the property in the transaction requires homeowner association dues, enter the
monthly amount of the dues in the
HOADues field.
Point computes both the present and the proposed expense totals.
e Click Other to open the
Other In Housing Expenses dialog box. Enter or
change the current values. To exclude an expense from the total expenses, click
the
Exclude check box.
Tip
Set up standard tax and insurance formulas by using the dropdown list
utility.
Tip
Set the values that are used to calculate mortgage insurance by using the
dropdown list utility.
These values are used in the
Mortgage Insurance Premium/
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.
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