Point User Guide 245
Tracking underwriting status
Most of these fields are populated with information that was entered in other screens.
a If the loan is for a home equity line, enter the initial draw amount in the
Initial
HELOCDraw
field.
b Enter the
MaxLoanLimit.
c Select the
1st Time Home Buyer check box if any borrower of the loan is a first
time buyer.
d Select the
Escrows waived check box if the lender is allowing the borrower to pay
certain escrow items directly to the payees.
e 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.
f Enter the
MaxLTV/CLTV.
The
LTV/CLTV and HCLTV fields are populated from information that was entered in
other screens.
g Select the documentation type from the Doc Type dropdown list.
h Enter the
CreditGrade, if applicable.
i Complete the
Debt-to-Income Ratios section.
When locking a loan, many loan programs require that the top/bottom ratios and
the LTV/CLTV not exceed a maximum amount. Enter the maximum levels that are
allowed on the rate sheet to ensure that the loan parameters meet the rate lock
requirements.
The
Combined fields are automatically populated with the combined debt-to-
income ratios of the borrower and co-borrowers when there are co-borrowers on
the loan.
Tip
You can display the Ratios dialog box for the current loan file at any
time by selecting Utilities > Display Ratios, by clicking the Ratios icon
on the toolbar, or by typing <Ctrl> + <T>.
The
Ratios dialog box contains the top, bottom, LTV, and CLTV ratios.
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