Point User Guide
225
Locking rates and registering loans
e
If not prepopulated, complete the
Interest
Rate
field.
f
Select the
1st Time Home Buyer
check box if any borrower of the loan is a first
time buyer.
g
Select the
Escrows waived
check box if the lender is allowing the borrower to pay
certain escrow items directly to the payees.
h
Select the
Prepayment Penalty
check box if the selected loan program has a
prepayment penalty.
Enter the number of years the prepayment penalty is in effect and select the
Prepay Type
from the dropdown list.
i
Complete the
Interest Rate from Rate Sheet
section.
i
Enter the base rate from the rate sheet in the
Base
Rate
field.
ii
Select up to two additional rate adjustments from the dropdown lists.
iii
Enter the adjustment percent in the
%
field.
Point calculates the
Net
Adjusted
Rate
field based on the rate adjustments
entered.
j
Complete the
Pricing from Rate Sheet
section.
i
Enter the base price from the rate sheet in the
Base
Price
field.
ii
Select additional loan price adjustments from the dropdown lists.
iii
Enter the adjustment percent in the
%
field.
Point calculates the
Net
Adjusted
Lock
Price
field based on the price
adjustments entered.
k
Complete the
Request Type
section.
i
To register the loan, select the
Register
check box to enable the
Create
Registration Request
button.
The
Registration
Date
field is automatically populated with the current date.
Tip
Price adjustments are calculated as positive values. Therefore, to enter a
negative amount, precede it with a minus sign (-) to deduct the amount
from the total.
Attention
The rate sheet is provided by the secondary marketing department if the
loan is funded internally or by the wholesale lender if the loan is to be
brokered.
Tip
Price adjustments are calculated as positive values. Therefore, to enter a
negative amount, precede it with a minus sign (-) to deduct the amount
from the total.
