Calyx Point 7 - Page 243

Point User Guide 225
Locking rates and registering loans
e If not prepopulated, complete the InterestRate field.
f Select the
1st Time Home Buyer check box if any borrower of the loan is a first
time buyer.
g Select the
Escrows waived check box if the lender is allowing the borrower to pay
certain escrow items directly to the payees.
h Select the
Prepayment Penalty check box if the selected loan program has a
prepayment penalty.
Enter the number of years the prepayment penalty is in effect and select the
Prepay Type from the dropdown list.
i Complete the
Interest Rate from Rate Sheet section.
i Enter the base rate from the rate sheet in the
BaseRate field.
ii Select up to two additional rate adjustments from the dropdown lists.
iii Enter the adjustment percent in the
% field.
Point calculates the
NetAdjustedRate field based on the rate adjustments
entered.
j Complete the
Pricing from Rate Sheet section.
i Enter the base price from the rate sheet in the
BasePricefield.
ii Select additional loan price adjustments from the dropdown lists.
iii Enter the adjustment percent in the
% field.
Point calculates the
NetAdjustedLockPrice field based on the price
adjustments entered.
k Complete the
Request Type section.
i To register the loan, select the
Register check box to enable the Create
Registration Request button.
The
RegistrationDate field is automatically populated with the current date.
Tip
Price adjustments are calculated as positive values. Therefore, to enter a
negative amount, precede it with a minus sign (-) to deduct the amount
from the total.
Attention
The rate sheet is provided by the secondary marketing department if the
loan is funded internally or by the wholesale lender if the loan is to be
brokered.
Tip
Price adjustments are calculated as positive values. Therefore, to enter a
negative amount, precede it with a minus sign (-) to deduct the amount
from the total.