Calyx Point 7, User Manual

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Point User Guide 171
Mortgage insurance and escrow (impound) account details
3
Complete the Up-Front Mortgage Insurance Premium Funding Fee section if the
mortgage insurance policy requires payment to the escrow account in advance.
The
Base Loan Amount
field is automatically populated if previously entered in the
Borrower Information screen or Loan Application .
a
If the loan is an FHA loan, click the
FHA Max Ln
button to calculate the maximum
loan amount that is allowed. Click
Yes
in response to the prompt to copy the
maximum loan amount to the
Loan Amount
field in the Borrower Information
screen.
b
Enter the mortgage insurance premium in the
MIP, FF
field or select a predefined
value from the dropdown list.
c
If part or all of the fee will be paid in cash, click the lock box next to the
Amount
Paid in Cash
field to manually enter the cash amount.
The
Up ‐ Front MIP/Funding Fee Financed
and
Loan Amount with Up ‐ Front MIP/
Funding Fee
fields are automatically populated.
4
Complete the Monthly Mortgage Insurance Premium section.
a
Select the mortgage insurance rate for the initial period from the first dropdown
list.
b
Enter the number of months that the initial rate is effective in the
months
field.
The amount is calculated and automatically populated in the Proposed Monthly
Housing Expenses section on page 2 of the Loan Application , the
Mortgage
Insurance
field on the Truth-in-Lending Disclosure , and Line 1002 of the GFE .
c
If the mortgage insurance rate changes after the initial period, select the renewal
rate from the second dropdown list.
Tip
The
Mortgage Insurance Premium/Funding Fee
dialog box is
accessible from the following screens:
• Borrower Information
• Prequalification
• Amortization Schedule
• Rent vs. Own
• Truth-in-Lending
• Loan Application page 4 (the MIP/FF button)
• Good Faith Estimate
• Mortgage Loan Disclosure Statement
Requirement
The FHA Max Ln button is enabled only when FHA is selected in the
Loan Type
section on the
Borrower Information
screen.
Note
The values for these dropdown lists are defined in the dropdown list
utility.