290 Calyx Software
Loan scenarios
Construction loans
You can complete three types of construction loans in Point:
• Construction
• Construction-to-permanent
• Construction with Required Reserve
After you have completed the
Loan Application, the Truth-In-Lending disclosure
reflects the construction loan terms.
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 equals prepaids, plus closing
cost, plus PMI/MIP/Funding Fee, plus 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).
Related information
• For more information about completing the Good Faith Estimate,
see Good Faith Estimate, on page119.
• Refer to Borrower and prospect information screens, on page151,
for more information about the
Borrower Information screen.
• Refer to Chapter 5, Loan Application, for more information about the
Loan Application.
Field Value
Important
Construction loans do not include a payment schedule on the printed
Truth-in-Lending Disclosure form based on the terms that are
entered.
They state “Repayment: One payment of principal of [the entire loan
amount] on [the end of the amortization period specified].”
For more information, refer to Subpart E (Special Rules for Certain Home
Mortgage Transactions) on the Reg. Z.
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