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| | | Forum Member
 
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Last Login: 1/5/2009 9:52:02 AM
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| Hi,
First post. I find the Marketing->Debt consolidation worksheet, very confusing and error prone.
Firstly, it uses the Mortgage payment on the liablities in its calculation, as opposed to the breakdown on page 2. When you pull credit the mortgage liability may or may not include escrows. If the liability includes escrows, then the whole savings calculation is thrown off because its comparing PITI on the current loan, with only PI on the proposed.
Secondly, it does not include a piggyback in the calculation. So if I refi a single loan into, an 80/10 (or some other piggyback). I can't get an accurate comparison.
Lastly, the totals are very confusing.
What I'd like to see, is for the worksheet to ignore mortgage liabilities completely, and use page 2 for its calculations, that way I can specify, 1st PI, 2nd PI, and escrows separately for both current and proposed loans.
Secondly, I'd like it to show a simpler breakdown, possibly a side by side of the total payments before and after refinance.
Thanks
Jay |
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| | | Forum Member
Group: Forum Members
Last Login: 1/5/2009 9:52:02 AM
Posts: 28, Visits: 44 |
| HELLOOOO is anyone from Calyx out there listening????
Jay |
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Supreme Being
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Last Login: 12/21/2008 11:16:31 PM
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| | Sorry it took me so long to get a reply to you. jstrauss (4/11/2006)
Hi,
Firstly, it uses the Mortgage payment on the liablities in its calculation, as opposed to the breakdown on page 2. When you pull credit the mortgage liability may or may not include escrows. If the liability includes escrows, then the whole savings calculation is thrown off because its comparing PITI on the current loan, with only PI on the proposed.
Can you tell me why you would not enter the taxes and insurance on the proposed on the loan application? They have to make this payment too on the new loan.Secondly, it does not include a piggyback in the calculation. So if I refi a single loan into, an 80/10 (or some other piggyback). I can't get an accurate comparison.
Good point. I will pass this along.
What I'd like to see, is for the worksheet to ignore mortgage liabilities completely, and use page 2 for its calculations, that way I can specify, 1st PI, 2nd PI, and escrows separately for both current and proposed loans.
First that I've heard of this. Why would you specify the escrow payment separately? Just need a little better understanding of this.
Secondly, I'd like it to show a simpler breakdown, possibly a side by side of the total payments before and after refinance.
Great idea. Will pass this along.
Bryan
Point Product Manager |
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Group: Forum Members
Last Login: 1/5/2009 9:52:02 AM
Posts: 28, Visits: 44 |
| Bryan Telford (5/15/2006)
Sorry it took me so long to get a reply to you. Likewise, Sorry its taken so long to reply, I didn't see your reply either (a deficency of message boards). jstrauss (4/11/2006)
Hi,
Firstly, it uses the Mortgage payment on the liablities in its calculation, as opposed to the breakdown on page 2. When you pull credit the mortgage liability may or may not include escrows. If the liability includes escrows, then the whole savings calculation is thrown off because its comparing PITI on the current loan, with only PI on the proposed.Can you tell me why you would not enter the taxes and insurance on the proposed on the loan application? They have to make this payment too on the new loan. I would, that's the whole point. I enter the PITI of the proposed loan, in their appropriate fields on page 2, but the worksheet only includes the PI in the calculation. I'm not sure how to explain it any better than I did in the original message. But here goes: When you pull credit, point populates the liabilities, the mortgage payment as reported by the credit bureau, MAY or MAY NOT include escrows. That is, the borrower may have chosen to waive escrows when they setup the current/initial loan (in that case the payment contains only principle and interest). The debt consolidation only uses the proposed PI for its calculation. So for example, how do you compare, a liability of $1000/mo, but the $1000 includes $200 of escrows, with a new loan whose PI is $1300? Normally on page 2 I'd break out the PI from the TI, but I have no facility to do that in the debt consolidation worksheet What I'd like to see, is for the worksheet to ignore mortgage liabilities completely, and use page 2 for its calculations, that way I can specify, 1st PI, 2nd PI, and escrows separately for both current and proposed loans. First that I've heard of this. Why would you specify the escrow payment separately? Just need a little better understanding of this. Sorry, you lost me with your question. On page 2 the PI for the first loan is calculated and displayed in field 751, and then I enter (manually) an amount for taxes and another amount for home owners insurance, and possibly Mortgage Insurance Basically, one needs a way to compare apples to apples, I can't compare a liability that includes escrows, with the PI used in the worksheet. Additionally, the worksheet needs to include mortgage insurance too in the calc. Thanks Jay |
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