192
Calyx Software
FHA and VA loans
7
Click
From GFE
to send costs marked F on the
Good Faith Estimate
to the MCAW,
Total
Closing
Costs
field a. Point calculates the Maximum Loan Amount and copies it
to the
Borrower Information
screen.
8
Click
From Loan App
to pull information from the
Loan Application
to the MCAW
screen. Point transfers the following:
•
Total installment debt
•
Unpaid balance of total installment debt
•
Child support
•
Other debt
•
Unpaid balance of other debt
9
If the Non-Realty and Other Items on line 10l are incorrect, click the lock box and
change the number manually. You must total any Earnest Money, Commitment Fees,
Energy Efficient Improvements, indicated on your GFE. Enter the total.
10
If the loan is an 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 the Borrower’s information
onto the Combined MCAW by selecting
Federal Housing Administration (FHA) >
Combined FHA Worksheet
after the individual MCAWs are completed for all
borrowers.
VA loans
Veterans Administration forms, which are used for VA loans, are discussed in the following
topics.
VA Loan Analysis (26-6393)
If you are processing a VA loan, you must complete the VA Loan Analysis file. The VA loan
analysis is divided into five sections:
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.
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.
Section
Description
A
Pertains to loan data.
B
Contains borrower’s personal and financial status.
C
Enumerates estimated monthly shelter expenses.
