Calyx Point 7 - Page 152

134 Calyx Software
Disclosures and other forms
If you have already completed the Borrower Information screen, Loan
Application
, and Good Faith Estimate, most of the information is already
populated.
3 To populate this screen from a loan program template, click the Loan Prog button and
select the loan program that you want to use.
4 Complete the
Loan Information section.
5 If the loan is an adjustable rate loan, complete the
InterestOnly__mths field.
6 If you have entered the note rate, check the
Qualify Ratios at the Interest Only
Payment
check box if you do not want the top and bottom ratios to be based on the
interest and principal amount of the note rate.
If you have entered the qual rate, check the
Qualify Ratios at the Interest Only
Payment
check box to base the top and bottom ratios on the interest-only amount of
the qual rate (not the note rate).
If you have entered the qual rate and do not check the
Qualify Ratios at the Interest
Only Payment
check box, the top and bottom ratios are based on the interest and
principal amount of the qual rate (not the note rate).
7 Select the
Bi-Weekly Pmt Schedule check box to indicate bi-weekly payments.
8 Enter the amount that the rate is to be rounded to in the
Rate field. Select the
applicable check box to specify if the rate is to round up to the nearest point, or down.
If this information was entered in the
ARM Disclosure (Initial) screen, it is
automatically populated. If this information is entered or changed in the
Truth-in-
Lending
screen, the ARM Disclosure (Initial) screen is automatically populated.
9 Complete the
Payment Schedule section.
The
Payment Schedule section provides details for each time the payment is
scheduled to change over the course of the loan.
The
PrepaidFinChg, AmountFinances, APR, and ExtraPaymentfield links open
dialog boxes that contain detailed information related to the loan.
a To manually add or edit payments in the payment schedule, select the
Customize
Payment Schedule
check box to enable the fields.
b To add a regularly scheduled principal payment to the amortization schedule,
enter the amount and the frequency in the
ExtraPayment fields.
10 Complete the
Rate Adjustments section.
Attention
The QualRate supersedes the NoteRate when both values are entered.
Attention
For negative amortization loans, leave the 1stAdjCap and AdjCap fields
blank.
The
Floor field is optional.