Calyx Point 7 - Prequalifying by Prospect

Point User Guide 421
Prequalification
6 Click OK.
7 Click Present HE.
8 In the
Present Housing Expense dialog box, enter the current monthly payments.
9 Click OK.
10 In the
Required Ratio section, use your lender’s guidelines to enter data for the top
and bottom values for the debt ratios.
11 Complete the
LTV and CLTV fields of the Max Loan-to-Value section.
12 Complete the rest of the fields as necessary.
13 Select File > Save.
14 Check the
MinIncomeReq’d and the MaxDebtAllowable fields. These are the
minimum monthly income that is required and the maximum monthly non-housing
debt that are allowed for the borrower to qualify for the purchase price and the loan
program.
15 To check the Prequalification, verify the amounts in the following fields:
• MaxLoanAmount
• DownPmt
• MaxPropValue
• MaxLoanLimit
• MinIncomeReq’ d
• MaxDebtAllowable
Prequalifying by prospect
To prequalify a prospect based on what they can afford:
1 Open a prospect or borrower file.
2 Select Marketing > Prequalification.
When the
Prequalification screen is displayed, enter either:
• Down payment percentage in the DownPmt field
• Equity amount (as a dollar figure) in the Equity field
3 In the
NoteRate field, enter the note rate and the number of months in the term.
4 Click Income. Enter the borrower’s income information and click OK.
5 Click HE & Oblig.
6 In the
Housing Exp & Other Obligations dialog box, select the following options to
enter supplemental data:
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.
Option To enter...
HazIns Hazard insurance
Taxes Property taxes