294 Calyx Software
Loan scenarios
b In the Monthly Housing Expenses section, enter the housing expenses for the
borrower’s owner-occupied residence in the Present column, regardless of the
type of loan. Point calculates the proposed monthly payment.
c Complete the
HazIns, Taxes, and MtgIns fields. Click the lock boxes to enable the
fields for manual entry.
4 Open page 3 of the
Loan Application and complete the following information in the
Liabilities section:
a The primary mortgage is already calculated into the ratios from the
Present
Monthly Housing Expenses
section, therefore, enter an M in the R/L(I)/M field to
calculate the amount as a negative value.
If you are paying off an existing mortgage on the investment property, be sure to
mark that it will be paid off.
b Indicate that second homes and land loans as liabilities (
L).
5 On page 3 of the
Loan Application complete the following information in the
Schedule of Real Estate Owned section:
a If the loan is for a refinance, the subject property must be listed first.
b To automatically calculate the net rent for additional rental properties, enter an
occupancy rate (typically 75%) in the
InvestmentPropertyOccupancyRate field.
Select the subject property and click Edit.
c Select the property and enter an
R in the S/PS/R field to indicate the property is a
rental.
d Enter your primary residence and any additional real estate. Leave the
S/PS/R
field blank for these properties.
6 Open the
Transmittal Summary (1008) and verify the following information:
• The Proposed Monthly Payment column should reflect the borrower’s primary
residence (owner-occupied) regardless of the loan type. The figure automatically
populates the 1008 from the
Present Monthly Housing Expenses section on page
2 of the
Loan Application.
• If the subject property’s net rent is positive, the rental income is populated in the
PosCashFlow(SubjProp) field. If the net rent is negative, the negative value will
populate the
NegCashFlow(SubjProp)field.
This calculation comes from any fields that you access by clicking the Investment
button in a
Borrower Information or Prospect Information screen.
• If non-married co-borrowers are sharing the loan, open the 1008 (Transmittal
Summary) in each co-borrower file and click the Other Obligations lock box to
enable the fields and delete the information in the
NegCashFlow(SubjProp) field.
•The
(OtherProp) field contains the total negative net rents from the REO section
of the
Loan Application.
•The
AllOtherPmts field contains a total of all liabilities, except mortgages, from
the
Liabilities section of the Loan Application.
Note
Investment properties are calculated into the ratios by using the amount
in the Net Rent field in the S
chedule of Real Estate Owned section on
page 3 of the
Loan Application.
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