Calyx Point 7 - Creating an FHA Refinance File; Completing the Prospect and Borrower Information Screens

Point User Guide 181
FHA loans
h Enter any additional comments in the UnderwriterComments field.
Creating an FHA refinance file
Complete the following screens to process an FHA refinance loan:
• Borrower or Prospect Information screen
• Loan Application
• Good Faith Estimate
• FHA Loan Underwriting and Transmittal Summary
FHA has multiple programs available for refinancing loans, each with specific guidelines
that govern the loan, such as the maximum allowable mortgage amounts, closing costs,
prepaid expenses, and MIP refunds.
Completing the Prospect and Borrower Information screens
Begin a refinance loan by completing the Prospect or Borrower Information screen.
1 On the
Borrower (or Prospect) Information screen select FHA and enter:
• Appraised value
• Loan amount
• Interest rate
• Loan term
2 In the
Purpose of Loan section, select No Cash-Out Refi for all types of refinances
except Cash-Out Refinances.
3 Entering the ZIP Code of the subject property automatically populates the
City and
State fields.
4 Click the Mtg Insurance button to complete the
Mortgage Insurance Premium/
Funding Fee
dialog box.
Related information
• For information about using the Monthly Income Calculator,
entering secondary income sources, and entering monthly housing
expenses, refer to Entering income and housing expenses, on
page104.
• For information about entering debts and obligations, refer to
Entering liabilities, on page108.
• For information about entering real estate income, refer to Entering
real estate owned, on page111.
• For information about completing the
Mortgage Insurance
Premium/Funding Fee
dialog box, refer to Calculating mortgage
insurance, on page170.
• For more information about the Technology Open to Approved
Lenders (TOTAL) Mortgage Scorecard and the Credit Alert Interactive
Voice Response system (CAIVR), go to www.hud.gov.
Related information
• For information about completing the FHA Loan Underwriting and
Transmittal Summary screen, refer to Completing the FHA Loan
Underwriting and Transmittal Summary, on page176.
• For more information about processing FHA refinance loans, see
www.calyxsupport.com.