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Calyx Software
Disclosures and other forms
Prepaid Finance Charge (APR Items)
The fees are included in the calculation of the Annual Percentage Rate (APR)
and the total amount is populated in the
Truth
‐
In
‐
Lending
Disclosure
.
FHA Allowable
The item is an FHA-allowable closing cost and affects what can be charged to
the borrower or financed in the loan.
Paid Outside of Closing
Fees that are not included in the total estimated settlement charges
calculation.
f
After all fees are entered, enter any fees that are to be paid directly to the broker
by the lender in the
Compensation to Broker by Lender
fields. These values are
not included in the total estimated settlement charges.
5
Complete the
Items Required by Lender to be Paid in Advance
section.
This section contains an itemized list of fees that are required by the lender to be paid
in advance, who they are paid to, who pays them, and whether they are a prepaid
finance charge, FHA-allowable, or paid outside of closing. Blank fields are provided to
add user-defined fees.
a
Select who is to receive payment (
Broker
,
Lender
,
Investor
, or
Other
) for the prepaid
item from the
Paid To
dropdown list.
b
Enter the company name of the payment recipient in the
Company
Name
field.
c
Enter how many days or months of the fee that must be paid in advance in the
days
or
mths
field.
The
Amount
field is automatically populated.
For prepaid interest, interest is paid for the remainder of the current month. The
amount is calculated based on the number of days per year that is set in the
company defaults.
d
Click the
Mtg Insurance Premium
button to open a dialog box to calculate the
mortgage insurance based on the rates that were defined in the dropdown utility,
or enter the information manually.
e
Click the
Hazard Insurance
button to open a dialog box to calculate the hazard
insurance premium or request a quotation for hazard insurance, or click the lock
box to unlock the field and enter the information manually.
