Calyx Point 7 - Creating Construction Loans

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Point User Guide 291

Construction loans

Creating construction loans

Complete the Loan Application as you would for any other loan. The following

exceptions apply to all construction loans:

1 In the

Borrower Information screen:

a Select either the

Construction or Construction – Permanent check box in the

Purpose of Loan section.

b Complete the

SalesPrice, ApprValue, LoanAmt, NoteRate, and Term/Due fields

for this loan.

2 Open page 1 of the

Loan Application and complete the If Construction Loan

section,

a Enter the estimated construction duration, in months, in the

Period field or click

Calendar and enter the estimated date range of the construction.

The number of days is automatically calculated.

b In the

IntRate and ReqRsv fields, enter the interest rate and required reserves (if

the values are known).

c Complete the

YrAqd (year acquired), OriginalCost, ExistingLien, LotValue(a),

and

Impvmts (b)(Improvements) fields.

The

Total(a+b) is calculated with these figures.

3 Open the

Good Faith Estimate and enter the loan fees.

Tip

Point does not calculate construction draws. To indicate draws in the

payment schedule, select the

Customize check box on the Truth-In-

Lending

disclosure, and enter the information there. When you finish,

click the Calculate button again.