Calyx Point 7 - Truth-In-Lending Disclosure Statement

132 Calyx Software
Disclosures and other forms
If this information was entered in the Truth-in-Lending screen, it is automatically
populated. If this information is entered or changed in the
ARM Disclosure (Initial)
screen, the
Truth-in-Lending screen is automatically populated.
a Enter the amount that the rate is to be rounded to in the
Rate field. Select the
applicable check box to specify whether the rate is to round up to the nearest
point, or down.
b Specify whether the loan has a prepayment penalty or a demand feature.
9 Click the Calculate button to populate the
Worst Case Scenario fields.
The worst case scenario assumes a loan amount of $10,000 and is based on
information that you entered in the
Rate Adjustments section.
If you print the form before you click Calculate, the fields are automatically calculated
before the form is printed.
Truth-In-Lending Disclosure Statement
The Truth-In-Lending disclosure is used to calculate payments, disclose the payment
schedule, and record any additional parameters that are associated with the subject loan.
The following buttons, located at the bottom of the workspace, provide additional
functionality:
Calculate
Click the Calculate button at the bottom of the workspace to calculate the finance
charges and payment schedule based on data that was entered in the
PrepaidFin
Charge
field in the Payment Schedule section.
Monthly Sch
Use the Monthly Sch button to view the amortization schedule based on the data
in the
Truth-in-Lending screen.
Form 1098
Opens the
Tax Information (1098) screen for reporting interest paid by the
borrower.
Section 32
Click the Section 32 button to open the
Truth-In-Lending (Section 32)
screen. This screen informs borrowers of the loan amount, the annual percentage
rate, and their monthly payments. This disclosure is required for high cost loans.
Related information
• For more information about using the company defaults utility and
the
Company Information dialog box, refer to Company default
information, on page35.
• See Chapter 19, Contact management (Cardex), for information
about populating fields by using the Cardex database.