Add
a column to display the number of days in each period.

Enter
the number of months of insurance premiums that will be saved in escrow.

Enter
the number of months in which payments should be skipped.

Enter the number of payment periods before the first rate
change in an ARM or GPARM loan.

Enter
the number of payments at this rate.

Enter
the number of payments in this payment stream.

Enter the number of payment periods between subsequent rate
changes.

The growth rate for accounts where the deposits or withdrawals will graduate at a constant rate.

Enter the maximum PERCENTAGE of the total loan that the
outstanding balance may increase, if interest rates fluctuate to a point where
the borrower's minimum payment doesn't cover the interest due.

The amount of tax you paid on the amount of money you made. The total of Federal,State and local income taxes, divided by taxable income. This is the average rate you paid, as if you were paying the same rate on every dollar you make, not taking into account tax brackets.

This
screen displays the escrow information entered on the 1/6 Aggregate Escrow
screen. Information includes the escrow item, annual and monthly escrow
amounts, payee, and running balance.

You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.

After filling in the loan application fields, click to display the
1/6 Aggregate Escrow screen.

Enter the information for the escrow items, such as mortgage
insurance, including number of months of cushion, escrow item, payee, number of
payments per year, the month due, and the amount.

Enter the first payment date for the draw note.

Enter the date the first interest payment is due.

Enter the date, in mm/dd/yyyy format, when the first payment is due
for this stream. This date determines the dates for the other payments,
according to the values entered in the Prin PY and Prin term fields, for this
stream.

The date on which the first interest payment on the construction loan is scheduled to occur.

The history of the chain of title (all of the documents that transfer title) to a parcel of real property, starting with the earliest existing document and ending with the most recent.

Enter the amount for producing the title abstract.

Select if payments will be made every fourteen days. (This isn't the same
as semi-monthly payments, which are collected twice a month. )

Select
if payments will be made every seven days. (This isn't the same as weekly
payments, which are collected four times a month. )

A provision in a mortgage that gives the lender the right to demand payment of the balance of the loan immediately, if regular payments are not made as agreed or for breach of other terms of the mortgage.

Gross coverage Net coverage

Insures against borrower's inability to make loan payments due to njury or illness. In order for the premium be excluded from the Finance Charge, it must be OPTIONAL (not required), or the consumer must be allowed to purchase the coverage elsewhere.

n/a

n/a

Enter
the rate for accident and health insurance.

Enter
the term for accident and health insurance. In most cases, this will be the
same as the term for the loan.

Click
to activate the developer options, which are available from the final
calculation screen. You will need to contact Math Corporation for the password.

Click Activate Developer to display the
password screen. Click Developer Activated to deactivate the developer mode.

The method of allocating payments between the amount financed and the finance charge, where a payment is applied first to the accumulated finance charge. Any remainder is subtracted from, or any deficiency is added to the unpaid principal balance of the amount financed.

Additional Principal Limit Usage

Unscheduled principal payments made to reduce the remaining balance of a loan.

When interest is added to the amount borrowed. For example, a $5,000. 00 loan at a 10% nominal rate for one year would have the $500. 00 interest added to the loan amount. The base loan amount would be $5,500. 00, but the borrower would actually receive $5,000. 00 at closing.

also called AMLs(Adjustable Mortgage Loans) or VRMs (Variable rate mortgage). A Mortgage where the interest rate may change over the life of the loan in accordance with movements in an index rate. The terms, adjustment schedule and index that the loan is based upon vary by loan program. To protect the borrower, "caps" often limit the amount of payment adjustment. ARMs are also referred to as

Enter the payment number when adjustments should occur for
reimbursement information.

The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

For an adjustable rate mortgage, the time between changes in the interest rate charged. The most common adjustment intervals are one, three or five years.

With most ARMs, the interest rate and monthly payment change every year, every three years, or every five years. However, some ARMs have more frequent interest and payment changes. The period between one rate change and the next is called the adjustment period. So, a loan with an adjustment period of one year is called a one-year ARM, and the interest rate can change once every year.

Enter
the closing date for the loan, when the customer will receive the requested
funds.

The date on which the funds were advanced (disbursed).

A detailed analysis of your ability to afford the purchase of a home. An affordability analysis takes into consideration your income, liabilities, and available funds, along with the type of mortgage you plan to use, the area where you want to purchase a home, and the closing costs that you might expect to pay.

Select to
print all pages.

Select if you want to use a different accrual method in the odd first
period than you do for the rest of the loan.

Literally to kill (root: mort) the outstanding balance of a loan by making equal payments on a regular schedule (usually monthly). The payments are structured so that the borrower pays both interest and principal with each equal payment.

An amortization schedule shows the amount of each payment applied to interest and principal and shows the remaining balance after each payment is made. It may also show amount due for mortgage insurance or other items

This screen displays the amortization report for the loan
application. Information includes base terms, dates, Truth In Lending
information, the selected calculation options, and the amortization schedule.
You can modify the amortization schedule results by clicking the Customize
button.

You can scroll through the pages, zoom in and out, and print
the report by using the icons on the toolbar.

The amount of time required to amortize the mortgage loan. The amortization term is expressed as a number of periods (months, quarters ,years etc. ) to maturity. For example, a 30-year monthly payment mortgage would have an amortization term of 360 months.

The
total number of payments on which the payment is based.

To repay a mortgage with regular payments that cover both principal and interest.

Enter the
dollar amount of the payment due for this payment period.

Select
to charge interest on only the amounts actually drawn.

This is the amount of money being loaned to the borrower. The total includes: the principal loan amount, amounts financed by the creditor which are not part of the finance charge, less any prepaid finance charges.

The
amount of each payment in this payment stream.

Check this box if the mortgage insurance premium is payable to the agency on an annual basis.

A report sent to the mortgagor each year. The report shows how much was paid in taxes and interest during the year, as well as the remaining mortgage loan balance at the end of the year.

The total cost of credit on a yearly basis expressed as a percentage. It takes into account the total cost of the loan including finance charges (origination fee, points, prepaid interest, etc. This calculation is disclosed as part of the disclosure statement which is required by the Federal Truth-in-Lending Act. The statement is required on all consumer loans and is required to be disclosed within three working days of application for residential owner-occupied mortgage loans pursuant to the Real Estate Settlement Procedures Act (RESPA).

An amount paid at regular intervals from principal and interest provided by a fund set up for the purpose. (the present value).

Where the first payment in a stream of payments is made at the beginning of the period and at the beginning of each subsequent period. Leases are often structured this way.

Click
to add another escrow item under 1/6 aggregate escrow, or another rate to a random
rate loan or draw note, or another buydown under buydown terms.

Enters the input area for another buydown period.

Click to add another payment stream.

A form used to apply for a loan and to record pertinent information about a prospective borrower and the proposed security.

The fee charged by the lender to the borrower for accepting a loan application.

The fee charged by the lender to the borrower for accepting a loan application. If you charge this fee to all applicants, whether or not their application is successful, you don't have to include it in the finance charge. However, if you only charge it to some applicants, you must include it. Application fees can be entered as an exclusion for real estate loans.

Enter
the application fee for accepting this loan application. If you charge this fee
to all applicants, whether or not their application is successful, you don't
have to enter it here. However, if you only charge it to some applicants, you
must enter it here. Application fees can be entered as an exclusion for real
estate loans.

Enter the application fee for

A written analysis of the estimated value of a property prepared by a qualified appraiser as of a particular date.

Enter the amount charged to determine the value of the collateral. This figure will be included in the finance charge, except in the case of real estate loans where it may be excluded by specific exemption under RegZ.

Enter
the amount charged to determine the value of the collateral. This figure can be
included in the finance charge, except in the case of real estate loans where
specifically excluded.

An opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.

For loan-to-value purposes you will enter the lesser of the appraised value or the sales value at the time of the transaction.

Enter
the appraised value of the property.

A person qualified by education, training, and experience to estimate the value of real property and personal property.

The amount you expect the market value of this property to increase each year.

An increase in the value of a property. The opposite of depreciation.

Select to
calculate an adjustable rate mortage.

Enter
the terms for an adjustable rate mortgage (where the interest rate changes
periodically according to a prescribed index). You must enter the interest
rate, periods per year, term, loan amount, prepaids, advance date, and date of
first payment or error messages display.

Click the Options and Variations button on the toolbar to
enter any variations.

n/a

With an adjustable rate mortgage the rate is a combination of an index to which a margin is added. The result can be an odd number like 9.12975. The system lets you round this to a more convenient number the choices are; round up, round down, round to the nearest 1/10th, round to the nearest 1/8th, round to the nearest 1/4, round to the nearest 1/2, or you can elect to leave the number unrounded.

In a stream of payments where the payments are made at the end of each period. The opposite of this arrangement is the annuity due where payments are made at the beginning of the period.

The valuation placed on property by a public tax assessor for purposes of taxation.

The process of placing a value on property for the strict purpose of taxation. May also refer to a levy against property for a special purpose, such as a sewer assessment.

A public official who establishes the value of a property for taxation purposes.

Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).

The transfer of title to property from one person to another.

These loans may be passed on from a seller of a home to the buyer. The buyer assumesall outstanding payments.

A mortgage that can be taken over ("assumed") by the buyer when a home is sold.

A provision in an assumable mortgage that allows a buyer to assume responsibility for thebalance remaining on a mortgage from the seller.

The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage. Assumption fee

Enter
the fee you charge for letting the borrower assume an existing mortgage.

Assumption by a purchaser of liability for payment of an existing mortgage or deed of trust. The seller remains secondarily liable unless specifically released by the lender.

Indicates if the regular deposit occurs at the beginning of the period.

Indicates if the regular deposit occurs at the beginning of the
period.

Indicates if the regular deposit occurs at the end of the period.

Indicates
if the regular deposit occurs at the end of the period.

Enter the amount charged by the attorney for the title opinion.

Click
to display the previous screen.

Select
to display the outstanding balance in the Excel spreadsheet.

The amount of yearly maint you expect to pay.