190
Calyx Software
FHA and VA loans
6
If the loan is for an Energy Efficient Mortgage (EEM), enter the values in the
Energy
Efficient
Improvements
field.
7
If the loan is a 203(k) loan, click
From 203k WS Line C3
(line 10a) to retrieve the
calculation from the 203(k) Maximum Mortgage Worksheet. You must enter the
Minimum Required Cash Investment on the GFE Total Cash to Close Section for an
EEM or 203(k) transaction.
8
Continue to enter Required Adjustments, Repairs and Improvements, in their
appropriate fields.
9
If the amount in the MCAW line 12f is incorrect, click the lock box and correct the
number.
10
If the loan is for an Energy Efficient Mortgage (EEM) loan, click
Calculate EEM
Qualifying Ratios
after
the file is complete to get an accurate calculation.
11
If the loan includes non-married co-borrowers, combine all of the borrowers’
information into the Combined Mortgage Credit Analysis Worksheet:
a
Complete the MCAW screen for the borrower.
b
Complete the
Loan Application
for the co-borrower by selecting
Bor/Co-Bor >
Borrower (name of Borrower)
. To copy the information to the co-borrower’s
application, select
Bor/Co-Bor > Co-Borrower 1
.
c
Complete the MCAW screen for the co-borrower by selecting
Federal Housing
Administration (FHA) > FHA MCAW–Purchase (HUD– 92900–PUR)
.
d
At the bottom of the co-borrower’s MCAW screen, click the
From Loan
and
From
GFE
buttons on the workspace to transfer the fees from the
Loan Application
and the
Good Faith Estimate
.
e
Return to the Borrower screens, and select
Bor/Co-Bor > Borrower (name of
Borrower)
.
Tip
The
Energy
Efficient
Improvements
field amount is used to calculate
the EEM Qualifying ratios.
Important
If you click the
Calculate EEM Qualifying Ratios
button before the
debt-to-income ratios are finalized, the calculations in your loan file will
be incorrect.
Tip
To view the additional itemized closing cost calculations, click the
FHA
GFE
button on the workspace in the
MCAW
.
Using the
FHA GFE
button ensures that your
GFE
and
MCAW
total cash-
to-close figures match exactly.
It also provides a streamlined method to change user-defined field
calculations if necessary.