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Calyx Software Knowledgebase


2008 Creating an investment loan


Administrator
Loan Application

To create an investment loan:

  1. Open theBorrower Information screen.
    1. Scroll to the Subject Property section and specify the property type.

  2. Scroll to the Loan Summary section and complete the following fields:


    1. Select the Investment check box.
    2. Enter the Gross Rent and Occ Rate for the investment property.
    3. Specify the Purpose of Loan.
    4. Specify the Lien Pos.
    5. Complete the Note Rate and Term/Due fields.
    6. Complete the Sales Price (if applicable) and Loan Amount fields.
  3. Open page 2 of the Loan Application, scroll to section V. Monthly Income and Combined Housing Expense Information.

  4. ​​

    1. Complete the Gross Monthly Income section for the borrower and the co-borrower, if applicable.
    2. Important: Do not complete the Net Rent field. Selecting the Investment check box on the Borrower Information screen will trigger the subject property positive or negative cash flow values to calculate and populate the necessary fields.

    3. Complete the Monthly Housing Expenses for the primary residence.
  5. Open page 3 of the Loan Application and scroll to the Liabilities section.


  6. Perform one of the following actions:
    • Click Populate Liabilities to import the liabilities from the Credit Report.
    • OR

    • Click Request Credit to submit a credit report request.

    For additional instructions about requesting and importing credit reports, refer to knowledge base article 0526 Requesting or importing credit reports.

  7. Scroll to the Schedule of Real Estate Owned section and enter all properties owned by the borrower.
  8. For instructions to enter real estate owned, refer to knowledge base article 2005 Entering real estate owned on the loan application.

    Note the following:

    If a purchase transaction:

    • For any investment properties, enter a R in the S/PS/R field and enter the Gross Rent, Mtg Payment, and Insurance/Taxes to automatically calculate the Net Rent.
    • If one of the properties is a second home, enter the total payment as a negative value in the Net Rent field.

    Note: Verify that each mortgage is marked as a M in the R/L(I)/M field in the Liabilities section and the Mth Pmt amount is enclosed in parenthesis ().

    If a refinance transaction:

    • For any refinance investment properties in the REO section, enter a R in the S/PS/R field and ONLY the Gross Rent amount.
    • If one of the properties is a second home, enter the total payment as a negative value in the Net Rent field.

    Note: Verify that each mortgage is marked as a M in the R/L(I)/M field in the Liabilities section and the Mth Pmt amount is enclosed in parenthesis ().


Transmittal Summary (1008)

The values calculated from the housing expenses and real estate owned are populated in the Underwriting section on the Transmittal Summary as follows:



  1. The Proposed Monthly Payments Borrowers Primary Residence section will always reflect expenses related to the borrower's primary residence, even if it is not the subject property.
  2. If the subject investment property Net Rent is a positive amount, the value is populated in the Pos Cash Flow (Subj Prop) field.
  3. If the subject investment property Net Rent is a negative amount, the value is populated in the Neg Cash Flow (Subj Prop) field.
  4. If the Net Rent for any remaining investment properties is a positive amount, the value is populated in the Other Inc field.
  5. If the remaining investment properties Net Rent is a negative amount, the value is populated in the Other Prop field.
  6. The value in the All Other Pmts field contains the total of all other liabilities.


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Details
Last Modified: 6 days ago @ 12:50 PM
Last Modified By: cswms
Type: Loans
Rated 1 star based on 18 votes.
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