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Copyright 1995/96 J'Adoube All rights reserved Q U I C K - P A Y M E N T D O C U M E N T A T I O N 1:0 GENERAL PROGRAM OVERVIEW 1:1 Screen Field Navigation 2:0 ORDERING / WARRANTY / TECHNICAL SUPPORT 2:1 Disclaimer - Agreement 2:2 Program Registration 3:0 INSTALLATION / USER INFORMATION 3:1 User and Company Names 3:2 Entering The User Address 3:3 Entering Phone and Fax Numbers 4:0 PAYMENT CALCULATOR 4:1 Payment Calculator Hot Keys 4:2 Selecting A Payment Comparison Set 4:3 Entering Or Editing A Loan Amount 4:4 Entering Or Editing An Interest Rate 4:5 Amortization Summary 4:6 Full Loan Amortization 4:7 Matrix Of Payments 4:8 Seek Loan Using Payment 4:9 Seek Loan Using L.T.V. 5:0 LOAN AMORTIZATION 5:1 First Payment Date 5:2 Loan Payment Type 5:3 Payment Subtotals 5:4 Principal Reduction Payments 5:5 1/1, 2/1, 3/2/1 Temporary Buydowns 5:6 Permenant Rate Buydown 6:0 PREQUALIFY WORKSHEET 6:1 Pre-Qualify Hot Keys 6:2 Loading And Saving Pre-Qualify Worksheets 6:3 Selecting Loan Programs 6:3:A Selecting Loan Type 6:3:B Loan Type Refinance 6:3:C Loan Type Rate & Term 6:3:D Loan Type 2nd Mortgage 6:4 Primary Housing Expense 6:5 Stable Monthly Income 6:6 Other Monthly Debt 6:7 Closing Costs and Prepaid Items 6:8 Pre-Qualifying Functions 6:9 F.H.A. / V.A. Loan Programs 7:0 PRINTING FORMS 7:1 Prequalification Worksheet 7:2 Good Faith Estimate 7:3 Truth in Lending Sheet 7:4 Loan Comparison Sheet 7:4:A Loan Comparisons 7:4:B Monthly Options 7:4:C Optional Text 7:4:D Line and Box Colors 7:4:E Optional Graphic 7:5 Selecting and Deselecting Text 7:6 Editing or Creating a Paragraph 8:0 SETTING PROGRAM DEFAULTS 8:1 Setting Hazard Insurance Factors 8:2 Setting Property Tax Factors 8:3 Setting Title Insurance / Escrow Factors 8:3:A Title / Escrow Example UTAH 8:3:B Title / Escrow Example NEVADA 8:4 Setting Default Closing Costs / Prepaid Items 8:5 Setting Default Factors 9:0 SETUP LOAN PROGRAMS 9:1 Edit Loan Program Parameters 10:0 SETUP COMPARISON SETS 10:1 Editing Payment Comparison Sets 1:0 GENERAL PROGRAM OVERVIEW Quick-Payment is designed to quickly calculate loan payments, prequalifying information, and loan amortization schedules. Quick-Payment calculates five payments on five different loan programs simultaneously using loan payment comparison sets. This allows you to compare an unlimited number of loan payments and loan programs by entering the desired loan amount. The prequalify portion of the program is designed to be equally easy to use, selecting a loan amount and the type of loan program desired, a qualifying amount can be determined in a few seconds. If entered from the payment calculator, the calculator's loan amount is used. Any of the parameters used to calculate the qualifying information can be changed and the worksheet will automatically adjust. You can select another loan program and the same borrower information will be used to qualify under the new loan program. The loan amortizer displays and prints full or partial loan amortization schedules. It calculates interest rate buydowns, escrows for temporary buydowns, calculates the effects of principal reduction payments, and compares interest repayment amounts. Throughout the program HELP is available by pressing the F1 Key or selecting HELP from the menu. The bottom line of each screen displays a short description of what action is required or what Keys to use. TIPs are available for labels ending in a semicolon{;}, when the cursor is over an area with tips the cursor will change to a cross{+}, waiting for the specified delay will display a Tip. To set the delay, select Program Registration from the Files Menu on the main screen. Documentation is on line with text search capabilities, drag and drop a line from the index to the Print or Find Button to goto or print a section of the documentation. There is also a Glossary of many mortgage terms, the items in the Glossary may be Added, Edited, or Deleted, the Glossary is a handy reference storage for information you are frequently looking up. The Online Documentation and Glossary windows may be minimized to be handy throughout the program, and multiple copies may be run simultaneously. 1:1 Screen Field Navigation All program items are fully functional using a mouse. Using the keyboard, the TAB-KEY {forward}, SHIFT+TAB-KEY {backup}, or the ARROW-KEYS move from field to field. To select a menu or screen field, press the underlined character displayed on the label while holding down the ALT-KEY to select that item. A menu bar can be activated by holding down the CTRL-KEY and pressing the SPACEBAR, once activated, menu items can be selected using the ARROW-KEYS and pressing the ENTER-KEY when the menu item is highlighted. When a pull down menu is active, select an item by pressing the underlined character in the lable. For more detailed information, consult Microsoft Windows Online Help System. 2:0 ORDERING / WARRANTY / TECHNICAL SUPPORT Quick-Payment is designed to quickly compare a wide variety of mortgage payments and loan programs, simplify the process of prequalifying, and allow the end user to tailor the programs parameters to fit their needs. The author of Quick-Payment has devoted many hours to the development of this program and like you has purchased software that did not satisfy his needs, He feels that people should be able to 'Test Drive' software before purchasing. If you only use Quick-Payment a few times, the author does not want your money. On the other hand, if the program saves you a great deal of time and money, as it is designed to do, or if you are a mortgage or real estate professional who finds yourself using Quick-Payment often, the author expects to be paid for his work. Quick-Payment is priced at a fraction of the cost of comparable software. If you find Quick-Payment useful and continue to use the program, please register your copy. To register Quick-Payment send: $94.95 plus $4.00 shipping U.S. or Canada for individual use. $9.00 shipping International Multi-User program available, $25.00 additional, for each user. J'Adoube 3335 East 4090 South Salt Lake City, Utah 84124 Phone: (801) 277-6776 Fax: (801) 272-5180 Compuserve: 70712,3275 Technical Support may be recieved by contacting J'Adoube through the above numbers. Suggestions or comments are appreciated. 2:1 Disclaimer - Agreement Users of Quick-Payment must accept this disclaimer of warranty: Quick-Payment is supplied as is. The author disclaims all warranties, expressed or implied, including, without limitation, the warranties of merchantability and of fitness for any purpose. The author assumes no liability for damages, direct or consequential, which may result from the use of Quick-Payment. Quick-Payment is designed to give fast solutions to difficult problems, although every effort is made to achieve accurate results, the author has no controll over the end users use of Quick-Payment or level of expertise. 2:2 Program Registration To register Quick Payment, See Ordering Information. When you register, you will receive the current version of Quick-Payment. The current version requires user and company names which appear on screens and printouts to be furnished during installation. The program may be reinstalled but the user and company names may not be modified. Copies licensed for multiple users allow the addition of user information and program defaults for each user. 3:0 INSTALLATION / USER INFORMATION Quick-Payment may be installed by starting Windows and selecting Run from the Program Manager, the drive your Quick-Payment disk is in and QPay.Exe. For example, A:\Qpay.Exe. If this is the initial installation, you will be required to enter company and user names. The program will be installed to C:\QPay\*.* or a drive and directory of your choice. A group and icon will be created. 3:1 User and Company Names For Quick-Payment to be installed you must first enter the user and company names. The user and company names are used in some screens and printouts produced by Quick-Payment. Once entered they can not be changed so please enter them correctly. The company address, phone numbers, etc. can be changed at any time. 3:2 Entering The User Address Address Lines One and Two The program provides two lines for entering company address information, there are several ways the address can be entered, which determines how the address is printed on the bottom of forms. {First Line Only} If only the first address line is filled in, the address will be printed on two lines, the first line will be the street address, the second line will be City, State, Zip. @ie: 3335 East 4090 South Salt Lake City, Utah 84124 {Second Line Only} If only the second address line is filled in, the address will be printed on one line and include the City, State, and Zip Code information. @ie: 3335 East 4090 South Salt Lake City, Utah 84124 {Both Lines Used} If both the first and second address lines are filled in, the address will be printed on two lines, the first line will be printed, then the second address line will be printed on the second line with City, State, Zip. @ie: P.O. Box 8333 3335 East 4090 South Salt Lake City, Utah 84124 3:3 Entering Phone and Fax Numbers The program provides for two phone numbers, fax, pager, and cellular numbers, these are not required. Numbers entered are grouped together on a line printed below the address. 4:0 PAYMENT CALCULATOR Quick-Payment compares five loan payments on five different loans simultaneously using loan payment comparison sets. The Main Payment provides a set of buttons for the selection of the loans term, the remaining four loans use payment comparison sets. If more than one Payment Calculator Window is opened, changing the Loan Amount in any of the windows will change the Loan Amount in all Calculator Windows. This allows you to compare an unlimited number of loan payments and loan programs by entering the desired loan amount. A maximum of 255 sets may be created. Using the Quick Entry Field, Ctrl+Q, will enter loan amount, payment, term, or rate from one entry field by pressing the Enter Key or Gray Plus Key to complete the entry. If the last number entered is an interest rate or payment amount, pressing the Enter Key or Gray Plus Key again without entering another number will move the last entry to the next loans interest rate or payment amount. 4:1 Payment Calculator Hot Keys {[Alt]+[0...4]} Select Respective Interest Rate. {[Ctrl]+[0...4]} Amortize Respective Loan Type. {[Shift]+[0...4]} Display Payment Matrix for Respective Loan Type. {[Ctrl]+[A]} Amortization Summary. {[Ctrl]+[P]} Seek Loan Amount Using Payment. {[Ctrl]+[L]} Seek Loan Amount Using Loan to Value. {[Ctrl]+[Q]} Quick Entry Field, Toggles On and Off. {[SpaceBar]or[RightClick]} While on a Rate, Display Rate Buydown Menu. {[SpaceBar]or[RightClick]} While on Loan Amount, Toggles Individual Loan Amounts. 4:2 Selecting A Payment Comparison Set The current payment set name is displayed in the upper left of the payment set area. To select a payment set press the Down Arrow Key while on the set name, select the Down Arrow Button to the right of the sets name, or select Payment-Sets from the menu, this will provide a list of the available payment sets to select from. While selecting a payment set from a list of payment sets you may begin typing the desired sets name, the highlight will move to the first matching name as you type. When a new comparison set is selected, the interest rates in the current set are saved, the selected set is loaded and the payments are recalculated using the selected set and the current loan amount. 4:3 Entering Or Editing A Loan Amount When you enter a loan amount and press the ENTER Key or the GRAY PLUS Key, all of the payment amounts will be calculated and the cursor will remain on the loan amount, if you move to another field by using the TAB or ARROW keys, all five of the payment amounts are automatically recalculated. Entering a Payment Amount into one of the five payments will calculate the loan amount for that payment and recalculate the remaining payments. A loan amount in even thousands may be entered as the number of thousands, for example entering 90 as the loan amount will enter a loan amount of 90,000. Right Clicking the mouse on the loan amount toggles the availability of individual loan amounts on and off. When an individual loan amount is unlocked, the related payment is calculated using that loan amount. The Amortization Summary will then use the individual loan amounts. 4:4 Entering Or Editing An Interest Rate To select one of the five interest rates, use the TabKey or Arrow Keys to move to the desired rate, or press 0,1,2,3, or 4 while holding the AltKey. While on the rate, press the Space Bar or Right Click the mouse to bring up a buydown menu. For more information on buydowns, see 2/1 and rate buydowns in the amortization section. When entering an interest rate, you can enter any rate. Such as 8.375 or 8.1, when you use the Up and Down Buttons next to that rate or the Up Down Arrows on the keyboard, the rate is adjusted in .125 % increments. When the rate is changed, the payment for that rate is recalculated and the new rate is saved. 4:5 Amortization Summary Selecting the Amortization Summary Button or selecting from the Amortize Menu on the Payment Calculator screen shows basic amortization information for all four of the loan types in the current payment set. The Print Button will print a copy of the summary. 4:6 Full Loan Amortization Selecting the Amort Button, {Ctrl+0..4}, Amortize 1-4 from the Amortize menu will run a full amortization of the respective loan type. The amortization creates a scrolling list showing for each payment, payment number, payment date, payment amount, principal reduction amount, amount of principal paid in this payment, amount of interest paid in this payment, and the loan balance after this payment. 4:7 Matrix Of Payments Selecting the Matrix Button or {Shift+0..4} shows the variation in P&I payments for the respective loan type. Payments are shown in .125 % rate increments on one screen. This instantly provides a list of the P&I payments from .50 % above the selected rate to .50 % below the selected rate. The selected rate is displayed in the center of the matrix in a spin controll that changes the rate in 1 % increments, when this rate is changed the matrix is recalculated. 4:8 Seek Loan Using Payment The payment and APR screen is used to adjust the factors that determine a payment, the loan amount from the main screen is used. When enough information is entered the rest will be calculated. To adjust any of the factors, just enter a new number, you will be prompted for the factors you would like the adjustments made to. The Loan Costs at the bottom of the screen does not need to be entered. If you enter the loan costs, the APR will be calculated. The Loan Costs are entered as one item, but should include all the proper items from the 'Good Faith Estimate'. *Loan Origination Fee *Discount Fee Paid *Tax Service Fee *Document Preparation *Underwriting Fee *Prepaid Mortgage Insurance {1 Year} *Prepaid Interest *Monthly Reserve Mortgage Insurance 4:9 Seek Loan Using L.T.V. In the LTV screen, the loan amount is initially set to the loan amount from the main screen when called from the Payment Calculator. If called from the Prequalify Screen the amount of the item corresponding to the field called from will be filled in. When you enter one of the other items, the rest are calculated. After all the items have been calculated you can change any one of the items and you will be prompted to select the items to make the required adjustments. 5:0 LOAN AMORTIZATION Full amortization of the loan creates a scrolling list of payment information. The amortization screen also displays the total interest paid, total amount to be repaid, balance {for a Balloon}, first and last payment dates. If the payments are rerun, the previous total interest and amount of change will also be displayed. Scrolling the list to the right will display period and life of loan subtotals. 5:1 First Payment Date When the amortization is first run, the first payment date is set to the 1'st day of the following month. You can change the first payment date by selecting the Calendar Button to the right of the date or by entering a new date in the date format displayed on the screen MM/DD/YYYY {Month/Day/Year} the slash separators do not need to be entered. After the date has been changed, pressing the Tab Key to complete the entry will rerun the amortization. 5:2 Loan Payment Type Selecting Payment Type from the menu will allow you to select the type of payment, Fixed Payment, Arm Payment, or Balloon Payment. Selecting any of the loan payment types will allowed to you edit the loan parameters for the respective payment type. After entering the loan parameters the amortization will be recalculated. Entering Arm Parameters To enter the arm parameters, enter the arm caps by entering two numbers, the adjustment cap and the lifetime cap. Then enter the adjustment period in months, the interest rates will be calculated for each period, each period is adjusted until the loan is fully indexed. The individual rate adjustments may be edited by Double Clicking the desired rate in the list with the mouse, after a rate adjustment is edited, all following rate adjustments are recalculated using the Arm Cap parameters. Entering Balloon Parameters Enter the number of months after which the loan balloons, if you enter a number less than twelve, the number is multiplied by twelve. For example to enter a five year balloon, you could enter 60 months or you could enter 5 which would be converted to 60. 5:3 Payment Subtotals Selecting subtotals from the menu allows you to select the number of months for subtotal periods, clicking on the Up or Down Buttons or pressing the Up Arrow Key or Down Arrow Key respectively increases or decreases the months by 3. Optionally you can enter a number in the months field. Selecting Based on Calendar subtotals are based on the calendar year. Selecting Based on Payment, subtotals are based on the first loan payment date. Subtotals may be viewed by scrolling the amortization list to the right, this displays period subtotals and life of loan subtotals. 5:4 Principal Reduction Payments Selecting Pre-Payment from the menu allows you to enter principal reduction payments, the amortization will be rerun and the effect of the principal reduction payments will be shown in the list of payments, total interest paid, and the last payment date. If the amortization is rerun, the current total interest paid over the life of the loan will be displayed under {Previous}, the total interest for the new amortization is then displayed under {Current} and the difference between the two is displayed under {Change}. First enter a principal reduction amount, then you can enter the first and last period to apply the reduction to, or you can select the payment periods from the scrolling list of payment periods on the left side of the screen. Holding down the Shift Key while Clicking the mouse pointer on a line in the list will select multiple lines in the list. Once you have entered an amount and the periods, you can select the Add to All Button to add the prepayment amount to all the payments in the loan, Add Range Button to add the prepayment to the First through Last payment numbers entered, Add to Marked Button to add the payment to the payments highlighted in the list, or the Zero All Button to remove all principal reduction payments from all the payment periods. If periods overlap the additional principal reduction will be added. To enter a single principal reduction payment, enter the same payment number into both the first and last period boxes. To erase a payment enter 0 in the amount, or select Zero All. 5:5 1/1, 2/1, 3/2/1 Temporary Buydowns The 1/1, 2/1, 3/2/1 Buydown screen may be accessed from the Payment Calculator or Pre- Qualify screens by pressing the Space Bar or Right Clicking the Mouse while on an interest rate field, or from the Amortization Screen from the Menu. The Toolbar at the top of the screen allows you to select the number of Buydown Steps and the number of Months in a Step regardless of how the buydown screen is called. The screen will initially be configured to the buydown selected. You can enter any starting rate, when you complete the initial rate field, the remaining rates are calculated along with the escrow required to subsidize the payments. When entered from the prequalify screen there is an option of Seller or Buyer paid, this will determine if the cost is calculated as paid by seller or costs paid by the borrower. When entered from the amortization screen, exiting will recalculate the amortization to reflect the steps in payment. The interest repaid will remain the same under Current and Previous, this is because the buydown escrow subsidizes the interest paid with each payment while the payments step to the full payment and the escrow can come either from the borrower or the seller {normally as Seller Concessions}. 5:6 Permenant Rate Buydown The Interest Rate Buydown screen may be accessed from the Payment Calculator or Pre- Qualify screens by pressing the Space Bar or Right Clicking the Mouse while on an interest rate field, or from the Amortization Screen from the Menu. The buydown interest rate screen allows you to enter the points required to buydown the rate, the points are translated to the cost to buydown this loan and displayed. When you enter the new interest rate, the new Payment, Per-payment and life of loan savings, and break even payment number are displayed. When entered from the prequalify screen there is an option of Seller or Buyer paid, this will determine if the cost is calculated as paid by seller or points paid by the borrower. When exiting this screen, by selecting the O.K. Button, if the new interest rate has been changed from the original interest rate, the loan will be recalculated with the new interest rate. 6:0 PREQUALIFY WORKSHEET The PreQualify Worksheet is used to determine what loan amounts and what loan programs a borrower qualifies for. If entered from the Payment Calculator the initial loan amount is set to the loan amount from the Payment Calculator and the loan program is set to the first program in the loan programs database, otherwise the last loan used in Prequalifying, which is saved under the name of No Name is used. When any of the items on the left side of the screen are changed, all values are recalculated to reflect the change. The areas on the right side of the screen initially show the estimated values under Needed or allowed and actual values under Actual when entered or calculated. The actual primary housing expense calculated using default factors to determine hazard insurance, taxes, MI or MIP as required. When you have entered the borrowers actual monthly income, the loan ratios in the borrowers ratios will display the borrowers front ratio. When you have entered the borrowers monthly debt, the borrowers ratios will display the loans back ratio. The loan amount can be found by entering a P&I Payment, Down Payment, Loan Amount, or Purchase Price. When any of these amounts are entered, the loan will be calculated using the currently selected Loan Program, if a new Loan Program is selected the most recent of these four items entered will be used as the basis to calculate the loan under the new Loan Program. While on any of these fields or on the L.T.V. field, pressing the Space Bar or Right Clicking the mouse will bring up a Seek LTV screen with an amount in the field matching the field called from. By entering an amount into any of the blank fields, the blank items will be calculated. When exiting this screen, the values will be returned to the qualifying screen. The Program Notes Screen allows you to keep loan program notes with information about each loan program. To edit or add to the program notes, you need to access them by using the Loan Program Setup from the Files Menu on the main screen. The Borrower Notes Screen allows you to keep notes and a list of phone numbers for each borrower. To view or edit borrower notes, select Borrower Notes Button, next to the borrower name in the toolbar on the Prequalify Screen. The Loan Out of Range Screen notifies you after using new parameters in recalculating the loan amount, the new loan amount will not fall within the guide lines specified for the selected loan program. The calculations will be completed and displayed, but for the loan to work in the selected loan program you should change the Loan Amount to fit the guide lines and recalculate the loan. **NOTE** To Eliminate this screen, edit the loan programs parameters and set the minimum and maximum loan amounts to zero. 6:1 Pre-Qualify Hot Keys {Ctrl+I} Calculate the maximum loan based on the borrowers income. {Ctrl+R} Calculate the maximum loan based on available cash. {Ctrl+A} Amortize Loan, creates an amortization schedule for the present loan. 6:2 Loading And Saving Pre-Qualify Worksheets When you first enter the Pre-Qualify screen, your cursor is on the customer name, which when first entering the Pre-Qualify screen will be set to 'No Name'. To select a previous worksheet, press Down Arrow Key or click on the button to the right of the customer name field. This will drop down a list of customer names to pick from, to add a customer, enter a new customer name in the name field and the customer will be added. Selecting Customer-Files from the Files Menu at the top of the screen will provide a list of names to select a customer, this list will also allow you to delete a customer from the list or by selecting the Insert Button will add a new customer to the list. When you exit the Pre-Qualify screen, if the customers name is still 'No Name' you will be asked if you would like to enter a customers name for the worksheet. If you select not to rename the customer, the values in the worksheet are saved under the name of 'No Name'. 6:3 Selecting Loan Programs Selecting Loan-Program from the Files Menu at the top of the screen, a list of available loan programs is provided to select a new loan program. When a new program is selected, all values are recalculated to reflect the new programs requirements. You can add, delete, or modify loan programs by selecting Defaults from the menu on the main screen and selecting the loan programs button. 6:3:A Selecting Loan Type The loan type selection in the toolbar is used to select Purchase, Refinance, Rate & Term, and 2nd Mortgage. When the Refinance function is selected, the loan amount is replaced by the loan payoff and the purchase price is replaced with the property value. For help in calculating the loan payoff, press the Space Bar or Right Click the mouse while on the payoff field or select the Calc Balance Button on the toolbar. 6:3:B Loan Type Refinance A loan type of refinance will allow you to create a Cash Out Refinance or a Rate & Term Refinance where the borrower will pay the loan costs out of pocket. Entering a desired L.T.V. will calculate a cash out amount with the closing costs and prepaid items deducted from the loan procedes. 6:3:C Loan Type Rate & Term A loan type of Rate & Term will allow you to create a Rate & Term Refinance where the closing costs and prepaid items deducted from the loan procedes. The loan amount is the loan payoff plus the new loans costs. 6:3:D Loan Type 2nd Mortgage A loan type of 2nd Mortgage will allow you to create a 2nd mortgage where the LTV and qualifying information is calculated using a 1st and 2nd Principal and Interest payment. 6:4 Primary Housing Expense When the primary housing expense button is selected, a screen is shown that allows you to modify the figures that comprise the PHE, when you exit this screen the total is shown in the PHE area under actual. The primary housing expenses are initially calculated using default values, you may change any of the values. If the hazard insurance or taxes are not entered, they are calculated using program defaults. As each item is entered the total is adjusted to reflect any changes. When you exit this screen the total is shown in the PHE area under actual. When LTV is over 80 % on a conventional loan or the loan is a FHA loan, PMI or MIP respectively, are added to the primary housing expenses, these are calculated using the factors from the program defaults. 6:5 Stable Monthly Income When the stable monthly income button is selected, a screen is shown that allows you to enter the income amounts that make up the stable monthly income, when you exit this screen the total is shown in the stable monthly income area under actual. The stable monthly income is used to enter and total several monthly incomes. You may enter any type of income, then select the button on the right side of the screen that indicates what type of income this amount is, the amount will be converted to reflect monthly income, and added to the total. When you exit this screen the total is shown in the stable monthly income area under actual, and the front loan ratio under the borrowers ratios is calculated. The estimated other monthly debt allowed is recalculated and displayed on the left side of the other monthly debt area under allowed. 6:6 Other Monthly Debt Selecting the other monthly debt button will display a screen to enter the debts that make up the other monthly debt, when you exit this screen the total debt is shown in the other monthly debt area under actual and if the borrowers income has been entered, the back loan ratio under the borrowers ratios will be calculated. 6:7 Closing Costs and Prepaid Items The Closing Costs form initially uses the figures from the default form that is filled in by selecting Program Defaults in the File Menu from the main screen. The number of Points for the origination fee is initially set to the default number, you may enter an origination fee by entering the origination points or an origination amount. When you enter points, the fee will be calculated from the loan amount. When you enter a fee, the points will be changed to zero. The PrePaid Items form initially uses the figures from the default form that is filled in by selecting Program Defaults in the File Menu from the main screen. When you enter this screen, some items may be disabled, for example if you are calculating a conventional loan program with a LTV of 80 % or less, the PMI entries will be dimmed. When you enter the number of days interest, the per diem interest is calculated by calculating the daily interest of the loan amount times the days entered. 6:8 Pre-Qualifying Functions Maximum Loan on Borrowers Income When you select this function from the menu, if the borrowers income is blank, you will be asked for the borrowers income, the loan will be recalculated to arrive at the maximum loan that the borrower can qualify for using the current loan program. Maximum Loan on Borrowers Cash When you select this function from the menu, you will be asked to enter the amount of cash available to the borrower. The loan will be recalculated to arrive at the maximum loan that the borrower can receive using his required investment for the current loan program. Determining The Maximum Loan for a Borrower To determine the maximum loan amount for a borrower, enter the borrowers income information, then move to the principal and interest field on the main prequalify screen. Enter a 0 in the payment amount, when you complete the entry by moving off of the payment field, the loan information will be recalculated using the maximum loan to value ratio of the current loan program and the borrower's income information. 6:9 F.H.A. / V.A. Loan Programs When you select a F.H.A. loan program, the loan amount shown is the loan amount without MIP, when you move from the loan amount field, the amount is displayed as the F.H.A. loan amount, which is the loan amount adjusted to reflect the upfront MIP insurance that is added to the loan amount on all F.H.A. loans. When you select the purchase price entry field it will display the actual purchase price, when you move from the field, the price will be displayed as the FHA price which includes FHA allowable closing costs added to the purchase price. 7:0 PRINTING FORMS When you select the print menu button, you are shown a print menu with options for the available forms. The forms are designed to be printed on a LaserJet, the forms should print properly on any printer that is properly setup for use in windows with a possible degradation in quality. 7:1 Prequalification Worksheet The Prequalification Worksheet setup allows you to select from a list of pertinent paragraphs, see Selecting and Deselecting Text below. After selecting the O.K. Button the form will be generated using the information on the prequalifying screen and displayed in a print preview screen. The print preview screen gives you the option to Cancel and return to the prequalify screen or Print the displayed form. 7:2 Good Faith Estimate The Good Faith Estimate setup allows you to select from a list of pertinent paragraphs, see Selecting and Deselecting Text below. After selecting the O.K. Button the form will be generated using the information on the prequalifying screen and displayed in a print preview screen. The print preview screen gives you the option to Cancel and return to the prequalify screen or Print the displayed form. 7:3 Truth in Lending Sheet The Truth in Lending setup allows you to select from a list of pertinent paragraphs, see Selecting and Deselecting Text below. After selecting the O.K. Button the form will be generated using the information on the prequalifying screen and displayed in a print preview screen. The print preview screen gives you the option to Cancel and return to the prequalify screen or Print the displayed form. 7:4 Loan Comparison Sheet The loan comparison sheet provides a list of the previous sheets generated, you can Add, Delete, or Change the highlighted form to add various lines of your own text to the sheet. If entered from the prequalify screen and a new comparison sheet is created by selecting the Insert Button, the initial information for the comparison sheet will use the borowers information from the prequalify screen and the first three loan programs in the loan programs database. After selecting or editing a comparison sheet, you are allowed to select and deselect the notes to be included on the sheet. After selecting the O.K. Button the form will be generated and displayed in a print preview screen. The print preview screen gives you the option to Cancel and return to the prequalify screen or Print the displayed form. The top and bottom of the sheet use the registration information from the program to place the company name, address, and phone number on the sheet. Enter a name for the loan comparison sheet and a purchase price, the same purchase price will be used for all three loans. 7:4:A Loan Comparisons The first tab allows you to edit the parameters of the three loan comparisons. Select the three loan program types, LTVs, interest rates, and terms. On the lower portion of this screen are three boxes with three short text lines each to enter descriptions of the three types of loan comparisons. 7:4:B Monthly Options The second tab allows you to select monthly options for hazard insurance, taxes, and mortgage insurance. Select Calculated to have the program calculate the figure using the programs factors, Select Fixed to manually enter the desired amount, Select None to use a figure of zero for the item. 7:4:C Optional Text The third tab allows you to enter optional text for the form. The text lines may filled or left blank, if no text is entered, nothing is printed on the relevant line. The first letter of each word is automatically capitalized. The first six text lines have a button to thier left that steps through Centered, Right, and Left justification each time selected, the bottom two lines of text 'Footer Lines' are automatically centered. Below each text justification button is a checkbox labeled 'Float', when checked the relevant line of text will float to the side of the graphic, if unchecked the text line will overlay the graphic if the graphic falls under the text. To the right of each text line is a Font Button that allows you to select the font, size, style, and color for each text line. 7:4:D Line and Box Colors The fourth tab allows you to select several line and box colors for the form. The lines are the top and bottom lines setting off the company information, and the subtotal lines in the loan comparisons. The box colors are the three boxes containing the loan information for each of the three loan comparisons. When selecting box colors it is best to use very light shades of colors to allow the text in the boxes to be readable. 7:4:E Optional Graphic The fifth tab allows you to select the option of using a graphic image, position and size the image in the area at the top of the form containing six lines of optional text. The image may be a BMP, GIF, PCX, JPG, or WMF image. The spin buttons position and size the image, the image may also be positioned by dragging the image to the desired position using a mouse. Text options selected in the third tab 'Optional Text' above determine how the text lines react to the position of the graphic image. 7:5 Selecting and Deselecting Text To the left of the one line description is a check box, when the list is generated, the check box is marked if the paragraph is marked as a default paragraph for this form. You can select or deselect paragraphs by highlighting the description line and using the Space Bar or Ctrl+Left Clicking the mouse to toggle the check box on and off. 7:6 Editing or Creating a Paragraph The paragraph creation screen allows you to enter a form type that the paragraph belongs to. You can select the check box if this is to be included in this form by default by using the Enter key or right clicking on the default check box. Enter a one line description of the paragraph. At the bottom of the screen you can edit the contents of the paragraph. 8:0 SETTING PROGRAM DEFAULTS The default factors are used when using the pre-qualify portion of Quick Payment. The factors determine how estimated amounts are calculated. To edit these factors select Program Setup from the Files Menu on the main program screen. 8:1 Setting Hazard Insurance Factors The hazard insurance factor is used to estimate the monthly cost of hazard insurance. The purchase price is multiplied by the factor, then divided by 12 to arrive at a monthly hazard insurance amount. 8:2 Setting Property Tax Factors The tax factor is used to estimate the monthly cost of property taxes. The purchase price is multiplied by the factor, then divided by 12 to arrive at a monthly tax amount. 8:3 Setting Title Insurance / Escrow Factors Select the Setup Title/Escrow Button on the lower right portion of the Defaults Screen. This provides a screen to enter the factors used to calculate Title and Escrow Fees. Title Insurance uses a graduated table, (Base+(2nd Range-1st Range * 1st Factor){Etc.}*Percent). Escrow Fees may use a graduated table, a factor, or a fixed fee, by selecting the fee type. 8:3:A Title / Escrow Example UTAH Enter a Title Base of $200.00, a buyers portion of 60%, a 1st range of $10,000 at $4.50, a 2nd range of $100,000 at $3.50, a 3rd range of $200,000 at $2.50, a 4th range of $500,000 at $2.00, a 5th range of $3,000,000 at $1.75. Select an Escrow Type of Fixed and enter $85.00 in the amount field. 8:3:B Title / Escrow Example NEVADA Enter a Title Base of $65.00, a buyers portion of 100%, a 1st range of $5,000 at $0.90, a 2nd range of $40,000 at $0.70, a 3rd range of $60,000 at $0.60. Select an Escrow type of Calculated, enter an Escrow Base of $240.00, a buyers portion of 50%, a 1st range of $50,000 at $1.00, a 2nd range of $300,000 at $2.00. 8:4 Setting Default Closing Costs / Prepaid Items To setup the default Closing Costs and PrePaid Items, select the setup button, You are then given two forms to fill in. Enter the normal costs you would charge on all loans in the closing costs form, for example if you always charge 1 point origination, enter a 1 into the origination point, when you are working with a loan amount this will be used with the loan amount to calculate the origination fee. Fees from this form are used for the initial calculations when working with a loan in the PreQualify portion of the program, however each loan will have it's own forms which may be modified. After the closing costs are completed, select the O.K. button, you will be given a PrePaid Items form to fill in. After completing the PrePaid Items, select the O.K. button to return to the defaults setup screen. 8:5 Setting Default Factors The Default Factors used by Quick-Payment may be edited by the end user by selecting File\Setup Program Defaults from the main screen. The estimated housing factor is used to project the primary housing expense. The factor is a percentage that is added to 100 percent of the mortgage loan principal and interest payment. The MI95 factor is the factor used to estimate monthly private mortgage insurance when the loan to value is in the range of 90.01-95 %. The purchase price is multiplied by the factor, then divided by 12 to calculate the monthly amount. The MI90 factor is the factor used to estimate monthly private mortgage insurance when the loan to value is in the range of 85.01-90 %. The purchase price is multiplied by the factor, then divided by 12 to calculate the monthly amount. The MI85 factor is the factor used to estimate monthly private mortgage insurance when the loan to value is in the range of 80.01-85 %. The purchase price is multiplied by the factor, then divided by 12 to calculate the monthly amount. The MIP30 factor is the factor used to estimate monthly F.H.A. MIP insurance for FHA loans with a term greater than 15 years. The purchase price is multiplied by the factor, then divided by 12 to calculate the monthly amount. The MIP15 factor is the factor used to estimate monthly F.H.A. MIP insurance for FHA loans with a term of 15 years or less. The purchase price is multiplied by the factor, then divided by 12 to calculate the monthly amount. V.A. FF 95 is the factor used to estimate the V.A. Funding Fee on loans with a loan to value greater than 95%. The Funding Fee is calculated on the loan amount. V.A. 2nd 100% is the factor used to estimate the V.A. Funding Fee on 100% loans when this is not the first use of 100% financing. V.A. FF 90 is the factor used to estimate the V.A. Funding Fee on loans with a loan to value greater than 90%. The Funding Fee is calculated on the loan amount. V.A. FF 85 is the factor used to estimate the V.A. Funding Fee on loans with a loan to value greater than 85%. The Funding Fee is calculated on the loan amount. V.A. Reservist Factor is a factor added to the appropriate Funding Fee on loans where the borrower is a reservist or in the National Guard. The V.A. Region is used to determine Residual Income from V.A. tables included in the program. To select the V.A. Region, hold down the Shift Key and press the Enter Key, this will show a list of States with their Region Numbers, highlight your State and select O.K. and the Region Number will be returned. 9:0 SETUP LOAN PROGRAMS Selecting Setup Loan Programs from the Files Menu on the main screen will provide a scrolling list of available loan programs that allows you to Add, Delete, or Edit the available loan programs. 9:1 Edit Loan Program Parameters When entering or editing loan programs, enter a name for the program, the sponsor field is for the wholesaler name, front and back ratios for the program, the number of months used to amortize the loan, the interest rate, this rate is changed as you use the program retaining the last rate used. The type of program, Conventional, F.H.A., V.A. The minimum and maximum fields are optional, if entered the program will notify you when a loan amount falls above or below these amounts. 10:0 SETUP COMPARISON SETS Selecting Setup Comparison Sets from the File Menu on the Main Screen provides you with a scrolling list of the available Payment Comparison Sets which allows you to add or modify up to 255 comparison sets. A list of the available sets is shown in a scrolling list box, you can either select an existing set to modify by selecting the {CHANGE} button, or create a new set by selecting the {INSERT} button, or delete an existing set by selecting the {DELETE} button. 10:1 Editing Payment Comparison Sets The edit sets screen is used to create a new comparison set or modify an existing set. Give the set a name that relates to the type of comparisons made in the set, the set name is limited to 15 characters. Give a short name to each of the four types of loan payments, the loan title is limited to 10 characters. Enter the number of months necessary to amortize the payments for each of the four types of loans.