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| | | Forum Newbie
Group: Forum Members
Last Login: 2/14/2013 2:40:19 PM
Posts: 3, Visits: 29 |
| | For a 5/1 ARM, I have already set up the TiL to show a change after 60 months. However, the section on the GFE that says "Can Your Interest Rate Rise" has a part that should say "The first change will be in 60 months", but instead it says "The first change will be in (blank)" In Point, the section where the "60" would go is greyed out and can't be changed manually. Is this because the TiL shows that the rate will not be higher in 60 months, since right now the index + margin is less than the floor rate (note rate)? How can I get that "60" to show up? |
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| | | Forum Newbie
Group: Forum Members
Last Login: 2/7/2013 3:54:22 PM
Posts: 5, Visits: 35 |
| | Click on the "calculate" tab on the bottom of your GFE screen, this autofills info from your TIL into the GFE. |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/10/2011 4:15:45 PM
Posts: 6, Visits: 6 |
| | I tried the calculate tab myself but the GFE screen is not autopopulating as it should in the same area. Was the OP able to get this rectified? |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/10/2011 4:15:45 PM
Posts: 6, Visits: 6 |
| | Nevermind found the fix. HAve to leave index through floor rates blank to populate in GFE. That doesn't make sense but it works. |
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| | | Supreme Being
Group: Forum Members
Last Login: 11/23/2011 5:23:23 PM
Posts: 148, Visits: 770 |
| | We found that just leaving the index blank would get the number of months till first change to populate the GFE correctly. However, the rub is that you have to remember to put it back before you do your TIL |
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Sepal
Group: Moderators
Last Login: Today @ 9:39:15 AM
Posts: 1,895, Visits: 14,872 |
| what are you using index for?
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Supreme Being
Group: Forum Members
Last Login: 4/18/2013 3:50:42 PM
Posts: 149, Visits: 157 |
| | Well if removing the index worked, there is a logical reason for that. I'll explain by an example: Lets say your start rate is 5%. first change is 60 months and first adj cap is 2%. Life cap is 5% to equal a maximum rate of 10%. So after the first 60 months, your rate changes to 7% right? right. But, lets say you have an index of 3% and a margin of 2%. Well, if you put in a margin and an index, then Point assumes best case scenario, which is Margin + Index = note rate, after first change. So in the above example, after 60 months, the rate changes to 5%, becuase of margin + index. Which is the same as the start rate so there was no adjustment. Your problem is something like that. You had an index entered and a margin entered that were equal to the same as the starting note rate and that is why Point calculated no adjustments because really, based on your data entry with margin and index, there weren't any adjustments
Calyx Software |
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