Point User Guide
291
Construction loans
Creating construction loans
Complete the
Loan Application
as you would for any other loan. The following
exceptions apply to all construction loans:
1
In the
Borrower Information
screen:
a
Select either the
Construction
or
Construction – Permanent
check box in the
Purpose of Loan
section.
b
Complete the
Sales
Price
,
Appr
Value
,
Loan
Amt
,
Note
Rate
, and
Term/Due
fields
for this loan.
2
Open page 1 of the
Loan Application
and complete the
If Construction Loan
section,
a
Enter the estimated construction duration, in months, in the
Period
field or click
Calendar
and enter the estimated date range of the construction.
The number of days is automatically calculated.
b
In the
Int
Rate
and
Req
Rsv
fields, enter the interest rate and required reserves (if
the values are known).
c
Complete the
Yr
Aqd
(year acquired),
Original
Cost
,
Existing
Lien
,
Lot
Value
(a)
,
and
Impvmts
(b)
(Improvements) fields.
The
Total
(a+b)
is calculated with these figures.
3
Open the
Good Faith Estimate
and enter the loan fees.
Tip
Point does not calculate construction draws. To indicate draws in the
payment schedule, select the
Customize
check box on the
Truth-In-
Lending
disclosure, and enter the information there. When you finish,
click the
Calculate
button again.
