112
Calyx Software
Loan Application
2
Click
New
to open the
Edit Real Estate Owned
dialog box.
3
Enter the property street address, city, state, and zip code in the
Property
Address
fields.
If the loan is a refinance, the property address is automatically populated from the
Loan Application
. Select the
Subject Property
check box to specify the subject
property.
4
Indicate if the property was sold (S), if a sale is pending (PS), or if the property will be
held for rental income (R) in the
S/PS/R
field:
If none of the values apply (for example, if the property is a second home), leave the
field blank.
5
Select the property type from the
Type
dropdown list.
6
Enter any comments about the property in the
Remarks
field.
7
Enter the market value of the property in the
Market
Value
field.
8
Enter the remaining mortgage balance in the
Amt
of
Mtg
field.
9
If the property is a rental, enter the gross rent amount in the
Gross
Rent
field.
10
If this is a second mortgage or property, add the first and second mortgage balance
and payments together. Enter the amount in the
Mtg
Payment
field.
11
Enter the total insurance and tax payments, and any miscellaneous payments, such
as home owner’s association dues in the
Ins/Tax/Misc
field.
If the
Occupancy
Rate
field contains a value and the property disposition is R (the
S/
PS/R
field) Point calculates the net rent.
12
To enter multiple properties, click
Save & New
after each entry.
Use the arrow buttons to navigate between entries in the
Edit Real Estate Owned
dialog box.
Note
If the property has a positive cash flow, the
Net
Rent
field on page 2 of
the
Loan Application
is automatically populated.
If the property has a negative cash flow, it is displayed on the
Transmittal Summary
.
Note
The REO list can contain a maximum of 200 properties.