Calyx Point 7 - Page 304

286 Calyx Software
Loan scenarios
4 Verify the following information on the Borrower Information screen:
5 Open page 2 of the
Loan Application and verify that the values in the Proposed
Monthly Housing Expenses, including the
FirstMtg, OtherFin, HazIns, Taxes and
other fee fields match the values in the first mortgage file.
6 Open page 4 of the
Loan Application and verify the following information in the
Details of Transaction section:
7 Open the
Good Faith Estimate and enter any fees for the second loan.
8 Open page 4 of the
Loan Application and enter any other fees on line l in the Details
of Transaction
section.
9 Save the file.
Field Value
Lien Pos Second
Sales Price Same sales price that is included on the first mortgage file
Down Pmt 90%
This down payment percentage is not included on the
Loan
Application
screen.
Appr Value Same appraised value that is included in the first mortgage file.
Loan Amt Second mortgage amount (10% of the sales price).
Note Rate Rate for the second mortgage.
Ter m /D ue The Term/Due.
Mth Pmt Second mortgage monthly payment.
Field Value
Purchase Price (a) Same as the 1st mortgage file
Subordinate financing (j) Blank
For Sub Financing Only section
(This section applies only to the closing costs from the new first mortgage)
New First Mortgage First mortgage loan amount.
Closing Costs from New First
Mortgage
Sum of costs from the first mortgage.
The sum in the Closing Cost box is the total of prepaids,
closing costs, PMI/MIP/Funding Fee, Discount, minus
Closing Cost paid by Seller and PMI/MI financed.
Loan Amt, excl. fee financed (m) Second mortgage amount.
Loan Amount (o) The total second mortgage amount (m + n).
Cash from/to Bor (p) Funds the borrower will pay or receive.
Related information
• For more information about completing the Good Faith Estimate,
see Good Faith Estimate, on page119.
• Refer to Borrower and prospect information screens, on page151,
for more information about the
Borrower Information screen.
• Refer to Chapter 5, Loan Application, for more information about the
Loan Application.
• For more information about second mortgages, see Knowledge Base
article #0535 Streamlined PiggyBack/First and Second Mortgage
loans.