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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| | It appears that the industry is becoming more conservative. On interest only loans, it would now be helpful to calculate the DTI on the principal and interest payment (30-year amortization) instead of the interest only payment. Additionally, for Neg Am ARMS, it would be helpful to calculate the DTI on the fully indexed rate (index + margin) rather than the Start Rate. Thanks, |
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| | | Supreme Being
Group: Forum Members
Last Login: 1/2/2009 6:24:50 AM
Posts: 111, Visits: 1,218 |
| | Point has both of those features. The qualifying ratio (fully indexed rate) can be input on Page 1 of the app or on the Transmittal and you can choose to have the Ratios not qualified at the Interest Only payment on the Monthly Payment settings. |
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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| ChrisSauerwein (7/20/2007)
Point has both of those features. The qualifying ratio (fully indexed rate) can be input on Page 1 of the app or on the Transmittal and you can choose to have the Ratios not qualified at the Interest Only payment on the Monthly Payment settings. The 1008 is not in Prospect, which we use extensively. Even in Borrower, I see the check box for qualifying on the Note Rate - thank you - but I do not see an option to qualify on P+I rather than IO. Regards, |
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Supreme Being
Group: Moderators
Last Login: 12/21/2008 11:16:31 PM
Posts: 837, Visits: 1,901 |
| I think on the TIL and Mth Pmt button in Borrower Information you have a checkbox to qualify based on interest only or not.
Bryan
Point Product Manager |
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| | | Supreme Being
Group: Forum Members
Last Login: 10/8/2008 8:13:28 PM
Posts: 126, Visits: 152 |
| Bryan Telford (7/24/2007)
I think on the TIL and Mth Pmt button in Borrower Information you have a checkbox to qualify based on interest only or not.That's what I needed. Thanks, |
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