Point User Guide
187
FHA loans
Sections C & D are mortgage calculations for purchase and refinance transactions,
respectively. The enabled fields in these sections depend on whether the
Purchase
or
Refinance
check box is selected.
Section E is calculated entirely from previously-entered data.
In the borrower’s Acknowledgement section, the check box affects the 203(k)
borrower’s acknowledgment, a print-only form accessed from the
FHA/VA Forms
dialog box.
FHA Application for Property Improvement
The FHA Application for Property Improvement is used to apply for credit to complete
improvements to a home or other property.
To open the FHA Credit Application for Property Improvement Loan, HUD form number
56001:
1
Open a borrower file.
2
Select
Forms > Federal Housing Administration (FHA) > FHA Application for
Property Improvement (HUD–6001)
.
The screen follows the printed form, and all fields are shown in the same order as that on
the standard form.
When you complete the
Borrower Information
screen and other basic screens, much
of the information populates this screen.
FHA Consumer Choice Disclosure
Use the FHA Consumer Choice Disclosure to compare the typical costs of a conventional
mortgage product with the costs associated with an FHA-insured mortgage.
FHA requires that you compare an FHA loan with similar information for a conventional
loan.
To open the FHA Consumer Choice Disclosure:
1
Open a borrower file.
2
Select
Utilities > Company Defaults > FHA Consumer Choice Dis
.
FHA Request for Insurance Endorsement
The information needed to enter correct mortgage insurance information is entered into
the Computerized Homes Underwriter Management System (CHUMS).
CHUMS can issue a reliable Mortgage insurance Certificate (MIC). Enter the information
requested on the screen.
Attention
The Consumer Choice Disclosure comparison does not need to be based
on the loan on which you are working.
