Compare
correct APR with disclosed APR.

Click
to analyze all transaction data, apply the calendar math, calculate the
Regulation Z disclosures, prepare amortization schedules, and produce the
results.

Indicates whether the future value is being calculated.

Indicates whether the future value is being calculated.

Select to calculate credit life insurance on the total of
the payments.

Select to calculate credit life insurance on the amount of the
loan.

Click to
display the calendar.

Select
a day on the selected monthly calendar to enter the corresponding date in the
date field.

A provision in the mortgage that gives the mortgagee the right to call the mortgage due and payable at the end of a specified period for whatever reason.

Cancels
entries without saving any changes.

A provision of an adjustable-rate mortgage (ARM) that limits the amount of adjustment in the interest rate, payment amount or both on an ARM mortgage. Caps may be applied toeach adjustment period and/or over the life of the loan. Example, a 2/6 would denote a 2%cap on the rate per adjustment period and 6% over the term of the mortgage. See: lifetimepayment cap, periodic payment cap, and periodic rate cap.

The cost of an improvement made to extend the useful life of a property or to add to its value.

Any structure or component erected as a permanent improvement to real property that adds to its value and useful life.

Enter the maximum percentage that the initial interest rate can increase for the life of the loan.

Enter the maximum dollar amount to which the payment can increase for the life of the loan.

Enter the maximum percentage to which the payment can increase for the life of the loan.

A set percentage amount by which an adjustable rate mortgage may adjust eachadjustment period. For adjustable loans, caps are usually quoted as two numbers as in 2/6. The first number indicates how much a loan may adjust at each adjustment period while thesecond number indicates how much a loan may adjust over its lifetime. Loans like the 3/1 and 5/1 adjustable which have an initial fixed period are quoted with 3 numbers as in 3/2/6 which would mean that the first adjustment may be as much as 3%,subsequent adjustments are capped at 2% each, and the lifetime cap is 6%. Two-Step loans are quoted with a single cap, which is the amount by which the loan mayadjust at its single adjustment date.

Click to
save the current loan application as an example for future use.

A refinance transaction in which the amount of money received from the new loan exceedsthe total of the money needed to repay the existing first mortgage, closing costs, points,and the amount required to satisfy any outstanding subordinate mortgage liens. In otherwords, a refinance transaction in which the borrower receives additional cash that can be used for any purpose.

The maximum rate to which an ARM loan could grow. As opposed to a Cap which is the maximum number of points of interest which the rate can increase.

Select
to center the amortization schedule on the page.

An index that is used to determine interest rate changes for certain ARM plans. Itrepresents the weekly average of secondary market interest rates on six-month negotiablecertificates of deposit. See adjustable-rate mortgage (ARM).

VA Form 26-8320, the form issued to a named veteran as evidence of eligibility for a VA home loan.

A document issued by the Department of Veterans Affairs (VA) that establishes the maximum value and loan amount for a VA mortgage.

The frequency (in months) of payment and/or interest rate changes in an adjustable-rate mortgage (ARM).

Another name for personal property.

Click
to remove your entries.

The conclusion of the transaction. Includes but not limited to the delivery of the deed,signing of mortgage documents, settling the closing costs and the disbursement of funds to the seller and other interested parties. Also called settlement.

A fee or amount that a home buyer must pay at closing for a single service, tax, or product. Closing costs are made up of individual closing cost items such as origination fees andattorney's fees. Many closing cost items are included as numbered items on the HUD-1statement.

Expenses (over and above the price of the property) incurred by buyers and sellers intransferring ownership of a property. These typically include a loan origination fee, discountpoints, appraisal fee, title search, title insurance, survey, taxes, deed recording fee, andcredit report charges. credit report, attorney, processing, underwriting, taxes, title insurance and survey. Closing CostsFees paid by the borrower when property is purchased or refinanced. Co-borrower

Closing cost's factor. Typically, you can figure 3%. Enter the amount as a whole number, i.e. 3

The closing date.

The co-borrower’s birthdate.

Two or more borrowers obtaining the same mortgage. If a co-borrower is not living in the house he/she would be known as a non-occupying co-borrower.

An asset (such as a car or a home) that guarantees the repayment of a loan. The borrower risks losing the asset if the loan is not repaid according to the terms of the loan contract.

The efforts used to bring a delinquent mortgage current and to file the necessary notices to proceed with foreclosure when necessary.

A person who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment. See endorser.

The principal balance of all mortgages on the property (including second and third liens)divided by the value of the property.

A formal offer by a lender stating the terms under which it agrees to lend money to a homebuyer. Also known as a "loan commitment. "

In some states, a form of ownership under which property acquired during a marriage is presumed to be owned jointly unless acquired separately by either spouse.

The person's name appearing on the application with the mortgagor. The co-mortgagor'sincome, assets, and debts are added together with the mortgagor's for underwriting andratio analysis. The co-mortgagor's must appear on the FHA 'Certificate of Commitment', theNote, and the Mortgage Deed of Trust. For full guarantee under the VA's program, the co-mortgagor must be either a spouse or another eligible veteran.

A small binary object or program that performs a specific function and is designed in such away to easily operate with other components and applications.

Interest paid on the original principal balance and on the accrued and unpaid interest.

The payment of interest on interest. Compounding is the process of accumulating intereston the amount borrowed when the interest is paid(credited) more frequently then annually. If a loan is due in one year and compounding is annual, compounding will not occur. However, if a loan is due in one year and the compounding is monthly, then at the end of the first month the interest for one month will be added to the principal of the loan and thisamount (principal and interest) will be the amount on which interest will be calculated at the end of the second period.

Enter the number of compounding periods per year.

Enter the number of compounding periods per year.

A real estate A form of ownership of real property project in which each unit owner has titleto a unit in a building, an undivided interest in the common areas of the project, andsometimes the exclusive use of certain limited common areas. A condominium generallydefines each unit as a separately owned space to the interior surfaces of the perimeter walls, floors, and ceilings.

Select to display a confirmation message when you click Exit. Deselect
to Exit without displaying a confirmation message.

A mortgage loan for $240,000 or lower.

A loan where the borrower pays a fixed principal amount each period plus the interest accrued for the period. For example $1,000. 00 plus interest per month.

An interim loan secured by real estate to fund the cost of construction. Draws are made on the construction account as work progresses.

No
construction terms.

At the end of the construction period the loan is paid in full. A new permanent loan may be originated to repay the loan.

Select
for construction-only or construction/permanent terms.

The loan for the construction period and the repayment period are made at the same time.

Enter the fee for consumer credit. You don't need to include
the premium in the finance charge if it is optional, or if the creditors are
allowed to purchase it from an insurer of their choice.

An organization that prepares reports that are used by lenders to determine a potentialborrower's credit history. The agency obtains data for these reports from a credit repository as well as from other sources.

A mortgage that is not insured by HUD/FHA or guaranteed by the VA. It usually meets the underwriting guidelines of FNMA or FHLMC. Contrast with government mortgage.

A provision in some adjustable-rate mortgages (ARMs) that allows the borrower to convert the ARM to a fixed-rate loan under certain conditions.

A type of multiple ownership in which the residents of a residential or mixed own shares in a business trust entity that holds title to, and grants them occupancy rights to a single apartment or unit through a proprietary lease or other arrangement.

Enter the
number of copies to print.

Click to
copy the results from this dialog box.

An index that is used to determine interest rate changes for certain adjustable-rate mortgage (ARM) plans. It represents the weighted-average cost of savings, borrowings, andadvances of the 11th District members of the Federal Home Loan Bank of San Francisco. See adjustable-rate mortgage (ARM).

A clause in a mortgage that obligates or restricts the borrower(s) and that, if violated, can result in foreclosure.

Enter the total of your credit card payments. If you pay off the balance before interest begins to accrue do not include it here.

Insurance which makes the borrower's payment if (s)he is disabled, or pays the loan balance in full in the event of the borrower's death.

A type of insurance often purchased by creditors to pay off the balance of their loan if they die while the loan is outstanding. Under Regulation Z, in order for the premium to be excludable from the Finance Charge, it must be OPTIONAL, or the borrower must be allowed to purchase coverage elsewhere. Credit Insurance calculation method - Gross coverage. Credit Insurance calculation method - Net coverage. Credit life rateCredit life term

Enter
the rate for credit life insurance.

Enter
the term for credit life insurance. In most cases, this will be the same as the
term for the loan.

The borrower will be covered by Accident and Health insurance or Credit Life insurance, or both.

The maximum amount that an applicant may borrow from a lender.

The amount of the credit line requested by the borrower ($ or %). If this number is 1.0 or
less it is treated as a percentage. If there is no credit line OR if the credit line is to be calculated, this variable should equal 0.

Used in the Homekeeper reverse mortgage calculation. This value should be entered as a percentage (i.e. 95). The engine will divide it by 100.

The number of crediting periods per year, which is the number of times per
year that interest is credited to the account if daily or continuous
compounding is selected.

The number of crediting periods per year, which is the number of times per year that interest is credited to the account if daily or continuous compounding is selected.

A report to a prospective lender of an individual's credit history prepared by a credit bureau. Information is included regarding outstanding debt, late payments, defaults, or bankruptcies.

A fee charged for obtaining a credit report from a credit reporting agency. The fee is includeable in the Finance Charge under Regulation Z, unless it is covered by an application fee which is imposed on all applicants(successful as well as unsuccessful). It also need NOT be included in real estate loans in which case it is covered by a specific exclusion.

Enter
the amount charged for obtaining a credit report, which can be included in the
finance charge, except in the case of real estate loans where it is covered by
specific exclusion.

An organization that gathers, records, updates, and stores financial and public records information about the payment records of individuals who are being considered for credit.

A Lender's standardized guidelines taking into account such things as the amount of money owed in relationship to income or the credit limit, the borrower's record of repayment, the length of the relationship and other factors.

A person to whom money is owed.

from some table

Enter
the published interest rate to which the adjustable mortgage rate is tied.
Commonly used indicators include the one-year Treasury Bill, Certificate of
Deposit Index (CODI), London InterBank Offer Rate (LIBOR), and the Cost of
Funds Index (COFI).

Select
to print the page that currently displays on your screen.

Select the desired sample file from the current list of selections.

Enter the customer's first name. This name will appear on the 1/6 Aggregate Escrow Deposit Statement.

Enter the customer's last name. This name will appear on the 1/6 Aggregate Escrow Deposit Statement.

Optional
field that can be used to assign a identifying name to this loan information
for future reference. When saving loan information, you may enter either a
customer name, ID Number, or both.

Click
to display the options dialog box for this document.

Enter the
date of the combined report.

Enter
the date of the first regularly scheduled payment. Select to display the number
of days on the Excel spreadsheet.

where the principal and interest are being amortized differently. The left panel entry is the first payment to principal and this entry box asks for the date of the first interest payment.

Select
to display the number of days on the Excel spreadsheet.

Enter the number of days to term.

Enter
the number of days to term.

The total of all of the borrowers monthly payments including the proposed house payment(PITI), divided by the borrowers gross income.

The document used in some states instead of a mortgage. There are three parties to the instrument: the borrower, the trustee, and the lender, (or beneficiary). The borrower transfers the legal title for the property to the trustee who holds the property in trust assecurity for the payment of the debt to the lender or beneficiary.

Failure to make payments called for on a timely basis, or to comply with other requirements or covenants on a loan,. In the event of default, the governing instrument may give the lender the right to accelerate payments, take possession and receive rents, and startforeclosure.

Name the drive and folder where you want QAPR files to be saved.

Name the drive and folder where you want stored example files
to be saved.

Name the drive and folder where you want Excel output files to
be saved.