Point User Guide
415
Consolidating consumer debt
For purchase transactions, complete the following fields:
a. Purchase Price
e. Est. prepaid items
f. Est. closing costs
j. Subordinate financing
l. Fees paid by others that you must deduct (such as lenders or builders)
For refinance transactions, complete at least the following fields:
d. Refi (incl. debts to be paid off)
e. Est. prepaid items
f. Est. closing costs
j. Subordinate financing
m./o. Loan Amount (populated from the Information screen)
n. PMI, MIP financed
Consolidating consumer debt
The
Debt Consolidation Worksheet
consolidates consumer debt for any type of
refinance. It is most beneficial when used in conjunction with a credit interface provider or
a credit service in Point. Using the Debt Consolidation Worksheet saves the step of
manually entering liabilities.
To access the
Debt Consolidation Worksheet
screen:
1
Open a prospect or borrower screen.
2
Select
Marketing > Debt Consolidation Worksheet
.
3
Click the
New
button and enter the customer’s current debts by:
•
Company name
•
Type of account
•
Balance
•
Payment
•
Months left
•
Whether the account will be paid off
4
To indicate that a liability is to be paid off:
a
Select the liability.
b
Click
Paid Off
or
Edit
.
c
If you selected
Edit
, the
Liability
dialog box is displayed.
d
Select the
Will be paid off (*)
check box.
Attention
If you entered debts on page 3 of the
Loan Application
, or if you
ordered the credit report from a credit provider, the information
populates this screen.
If the current monthly mortgage payment includes taxes and insurance,
you must change it to reflect only the principal and interest.
