Calyx Point 7 - Completing the High Cost Loan Disclosure (Truth-In-Lending Section 32); State-Specific Disclosures

136 Calyx Software
Disclosures and other forms
16 Click Calculate to populate the payment schedule and save the file.
Completing the High Cost Loan Disclosure (Truth-In-Lending Section 32)
When a transaction is subject to Regulation Z Section 32 disclosure requirements, you
must give borrowers the
High Cost Loan Disclosure three business days prior to
closing.
This screen is used to inform borrowers of the amount of the loan, the annual percentage
rate, and their monthly payments.
To complete the
High Cost Loan Disclosure:
1 Open a prospect or borrower file.
2 Open the
Truth-in-Lending (Section 32) screen from the Forms menu, the
shortcut toolbar, or click the Section 32 button in the
Truth-in-Lending screen.
Most of the values on this form are prepopulated.
3 Verify that the values are correct and save the file.
State-specific disclosures
Several state-specific forms are provided with Point. These include:
• Application Log (NY)
• Brokerage Contract (FL)
• CA Fair Lending Notice Disclosure (CA)
• Lender Disclosure (FL)
• Mortgage Broker Disclosure (TX)
• Mortgage Loan Disclosure Statement (CA)
• Pre-Application Disclosure (NY)
Some of the state disclosure forms require no input, therefore, an interface is not provided
for those forms.
With the exception of the
MLDS, access the state disclosure forms that require input from
the Forms > State Disclosures menu or the shortcut toolbar. Access the print-only forms
from the Forms tab in the
Borrower Forms dialog box.
Access the
MLDS directly from the Forms menu or the shortcut toolbar.
Related information
• Refer to Good Faith Estimate, on page119, Borrower and prospect
information screens, on page151, and Chapter 5, Loan Application,
for information about these screens.
• For more information about the
Initial Arm Disclosure and
completing the
Rate Adjustments and Payment Adjustments
sections, refer to Initial ARM Disclosure statement, on page128.
• For more information about calculating mortgage insurance, see
Calculating mortgage insurance, on page170.
• For more information about creating loan program templates, see
Loan program templates, on page353.
Related information
For information about printing forms, refer to Printing and previewing
forms, on page86.