Point User Guide
421
Prequalification
6
Click
OK
.
7
Click
Present HE
.
8
In the
Present Housing Expense
dialog box, enter the current monthly payments.
9
Click
OK
.
10
In the
Required Ratio
section, use your lender’s guidelines to enter data for the top
and bottom values for the debt ratios.
11
Complete the
LTV
and
CLTV
fields of the
Max Loan-to-Value
section.
12
Complete the rest of the fields as necessary.
13
Select
File > Save
.
14
Check the
Min
Income
Req’d
and the
Max
Debt
Allowable
fields. These are the
minimum monthly income that is required and the maximum monthly non-housing
debt that are allowed for the borrower to qualify for the purchase price and the loan
program.
15
To check the Prequalification, verify the amounts in the following fields:
•
Max
Loan
Amount
•
Down
Pmt
•
Max
Prop
Value
•
Max
Loan
Limit
•
Min
Income
Req’d
•
Max
Debt
Allowable
Prequalifying by prospect
To prequalify a prospect based on what they can afford:
1
Open a prospect or borrower file.
2
Select
Marketing > Prequalification
.
When the
Prequalification
screen is displayed, enter either:
•
Down payment percentage in the
Down
Pmt
field
•
Equity amount (as a dollar figure) in the
Equity
field
3
In the
Note
Rate
field, enter the note rate and the number of months in the term.
4
Click
Income.
Enter the borrower’s income information and click
OK
.
5
Click
HE & Oblig
.
6
In the
Housing Exp & Other Obligations
dialog box, select the following options to
enter supplemental data:
Tip
You can display the
Ratios
dialog box for the current loan file at any
time by selecting
Utilities > Display Ratios
, by clicking the Ratios icon
on the toolbar, or by typing <Ctrl> + <T>. The
Ratios
dialog box
contains the top, bottom, LTV, and CLTV ratios.
Option
To enter...
HazIns
Hazard insurance
Taxes
Property taxes