Calyx Point 7 - Page 130

112 Calyx Software
Loan Application
2 Click New to open the Edit Real Estate Owned dialog box.
3 Enter the property street address, city, state, and zip code in the
PropertyAddress
fields.
If the loan is a refinance, the property address is automatically populated from the
Loan Application. Select the Subject Property check box to specify the subject
property.
4 Indicate if the property was sold (S), if a sale is pending (PS), or if the property will be
held for rental income (R) in the
S/PS/Rfield:
If none of the values apply (for example, if the property is a second home), leave the
field blank.
5 Select the property type from the Type dropdown list.
6 Enter any comments about the property in the
Remarks field.
7 Enter the market value of the property in the
MarketValue field.
8 Enter the remaining mortgage balance in the
AmtofMtg field.
9 If the property is a rental, enter the gross rent amount in the
Gross Rent field.
10 If this is a second mortgage or property, add the first and second mortgage balance
and payments together. Enter the amount in the
MtgPayment field.
11 Enter the total insurance and tax payments, and any miscellaneous payments, such
as home owner’s association dues in the
Ins/Tax/Misc field.
If the
OccupancyRate field contains a value and the property disposition is R (the S/
PS/R
field) Point calculates the net rent.
12 To enter multiple properties, click Save & New after each entry.
Use the arrow buttons to navigate between entries in the
Edit Real Estate Owned
dialog box.
Note
If the property has a positive cash flow, the NetRentfield on page 2 of
the
Loan Application is automatically populated.
If the property has a negative cash flow, it is displayed on the
Transmittal Summary.
Note
The REO list can contain a maximum of 200 properties.