172 Calyx Software
Disclosures and other forms
d Enter the number of months that the renewal rate is effective in the months field.
The resulting amount populates the second
MortgageInsurance field on the
Truth-in-Lending Disclosure.
e If the mortgage insurance policy is to end when the loan amount reaches a
specific LTV percentage, enter that amount in the
Cancelat___% field.
If you enter a value for both the
for___months and the Cancelat fields, the
mortgage insurance ends at whichever one occurs first.
This information is populated in the corresponding fields on the
Truth-in-
Lending Disclosure
.
f To calculate the insurance based on the balance of the loan, select the
Calculate
based on remaining balance
check box.
This calculation averages the loan balance every 12 months and averages the
mortgage insurance premium in the
Truth-in-Lending payment schedule.
g To cancel the insurance halfway through the mortgage term, select the
Midpoint
payment cancellation
check box.
h Select an option from the Calculate Based On dropdown list:
• To calculate the premium based on the appraised value of the property, select
Appraisal Val.
• To calculate the premium based on the loan amount, select Loan Amount.
• To calculate the premium based on the sale price of the property, select Sales
Price.
5 Click OK.
The information is populated into the mortgage insurance fields in the forms
throughout the loan file.
Related information
• For information about how to define mortgage insurance rates, refer
to Creating dropdown lists, on page44.
• Refer to Chapter 7, FHA and VA loans, for information about
processing FHA loans.
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