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Point User Guide 181
FHA loans
h
Enter any additional comments in the
Underwriter Comments
field.
Creating an FHA refinance file
Complete the following screens to process an FHA refinance loan:
•
Borrower or Prospect Information screen
•
Loan Application
•
Good Faith Estimate
•
FHA Loan Underwriting and Transmittal Summary
FHA has multiple programs available for refinancing loans, each with specific guidelines
that govern the loan, such as the maximum allowable mortgage amounts, closing costs,
prepaid expenses, and MIP refunds.
Completing the Prospect and Borrower Information screens
Begin a refinance loan by completing the Prospect or Borrower Information screen.
1
On the Borrower (or Prospect ) Information screen select
FHA
and enter:
•
Appraised value
•
Loan amount
•
Interest rate
•
Loan term
2
In the Purpose of Loan section, select
No Cash-Out Refi
for all types of refinances
except Cash-Out Refinances.
3
Entering the ZIP Code of the subject property automatically populates the
City
and
State
fields.
4
Click the
Mtg Insurance
button to complete the Mortgage Insurance Premium/
Funding Fee dialog box.
Related information
• For information about using the
Monthly Income Calculator
,
entering secondary income sources, and entering monthly housing
expenses, refer to
Entering income and housing expenses , on
page 104.
• For information about entering debts and obligations, refer to
Entering liabilities , on page 108.
• For information about entering real estate income, refer to Entering
real estate owned , on page 111.
• For information about completing the
Mortgage Insurance
Premium/Funding Fee
dialog box, refer to Calculating mortgage
insurance , on page 170.
• For more information about the Technology Open to Approved
Lenders (TOTAL) Mortgage Scorecard and the Credit Alert Interactive
Voice Response system (CAIVR), go to
www.hud.gov .
Related information
• For information about completing the FHA Loan Underwriting and
Transmittal Summary screen, refer to
Completing the FHA Loan
Underwriting and Transmittal Summary , on page 176.
• For more information about processing FHA refinance loans, see
www.calyxsupport.com .