CORRECTIONS, CHANGES AND ADDITIONS TO VERSION 1.41
update, August 4, 1992
THE FOLLOWING ERRORS HAVE BEEN CORRECTED IN VERSION 1.41:
1. The following Items would not recalculate automatically if you changed the Sale Price, Down Payment or any of the program variables that affect the loan amount: INTANGIBLE TAX, TAX STAMP DEED, TAX STAMP NOTE. This recalculation problem has been corrected with version 1.41. When you change any of the program variables the program recalculates all the worksheet amounts.
2. The program Amortization Schedule printout has been updated to include the Company Name, Buyer's Name, Address, Loan Interest Rate and Years Financed. The printout also prints the Ending Balance, 12 Months Interest and 12 Months Principal for each twelve (12) month period for the term of the Loan. NOTE: The Name used by the program for "PREPARED BY:", in this printout is the name of the Company or Individual that it uses when the program displays the start-up screen and displays who the program is Licensed.
3. An Amortization Worksheet Screen has been added to the program. This Worksheet allows the user to calculate extra payments to principal, balloon payment ending balance, loan amounts based on payment amounts and adjustable rate mortgage payments for four (4) additional years.
4. Program Error Correction: The Title Insurance Entry (Automatic or Manual option) had an error, and in some instances after a manual entry the program would revert back to automatic calculation. This error has been corrected. When you select the manual entry option, the amount will not automatically change unless you select auto-calculate. The Title Insurance entry method in the FHA worksheet has also been revised to conform to the entry in the sales/purchase worksheet. The Title Insurance entries in both worksheets are now the same and the method for selecting automatic or manual are exactly alike.
THE FOLLOWING ERRORS HAVE BEEN CORRECTED IN VERSION 1.4:
1. VIEW AMORTIZATION SCHEDULE: The program did not allow the user to escape from this function, subsequently the user had to press enter until the end of the TERM.
An ESCAPE option has been added to the program to allow the user to press ESC and exit the VIEW AMORTIZATION function. Anytime you view a amortization schedule you can simply press the ESC key and the program will return you to the main worksheet screen.
2. CALCULATOR: The CALCULATOR function did not allow the user to enter anything except /, +, - or *. The program has been modified to allow the user to press ESC or ENTER to exit this entry.
THE FOLLOWING ITEMS HAVE BEEN CHANGED IN Version 1.4:
The number of entry items has been expanded to incorporate more diversified Real Estate transactions across the United States. These changes bring the program more in line with the HUD-1 FORM entry items.
1. ATTORNEY FEE: This entry item has been changed to LEGAL FEE'S and expanded to incorporate the following items as separate entries.
TAX SERVICE FEE
ATTORNEY FEE *
UNDERWRITING FEE
TITLE ENDORSEMENT FEE
INTANGIBLE TAX * **
ASSUMPTION FEE
DOCUMENT PREPARATION FEE
OTHER LEGAL FEE
* These two (2) items are used in the FHA worksheet as Allowable Cost items, for calculating the FHA minimum down payment.
** This entry item allows the user to enter a multiplier (e.g. .25, .54) and the program will automatically calculate the cost amount for the user.
2. LOAN BALANCE: This entry item has been expanded to include the following entry items.
1st MORTGAGE BALANCE
2nd MORTGAGE BALANCE
3. TERMITE INSPECTION: This entry item has been changed to INSPECTION. It now incorporates the following entry items.
TERMITE INSPECTION FEE
WATER/SEPTIC INSPECTION FEE
PROPERTY INSPECTION FEE
OTHER INSPECTION FEE
4. 2 Mo. TAX ESCROW: This entry item has been changed to TAX ESCROW. This entry allows the user to enter the yearly tax amount and the program calculates the monthly tax amount. The user then enters the number of months (taxes will be escrowed) and the program will calculate the total amount escrowed.
5. TITLE INSURANCE: This entry has been revised to allow the user to either enter a fixed amount manually or let the program automatically calculate the title insurance amount, using the title insurance rates stored on disk.
6. Hzd Ins. (14 mo.): This entry item has been changed to Hzd Ins. ESCROW. This entry allows the user to enter the yearly insurance amount and the program calculates the monthly insurance amount. The user then enters the number of months (insurance will be escrowed) and the program will calculate the total amount escrowed.
7. OTHER ESCROW: This entry item has been expanded to include the following items.
FLOOD INSURANCE
INTEREST
OTHER ESCROW
OTHER ESCROW
8. RECORDING FEE: This entry item has been expanded to include the following entry items.
RECORDING FEE *
TAX STAMP DEED * **
TAX STAMP NOTE * **
NOTARY FEE
PHOTO/VIDEO FEE
* These three (3) items are used in the FHA worksheet as Allowable Cost items, for calculating the FHA minimum down payment.
** These entry items allows the user to enter a multiplier (e.g. .25, .54) and the program will automatically calculate the cost amount for the user.
9. SELLER'S CREDITS: This is a new entry item which allows the user to enter the following credit items already prepaid by the seller.
TAX CREDIT
INTEREST CREDIT
OTHER CREDIT
10. MONTHLY ASSESSMENTS: This is a new entry item which allows the user to enter the following fee's which will be added to the monthly payment but or not part of the Buyer's costs at closing.
ASSOCIATION FEE
MAINTENANCE FEE
OTHER FEE
11. BUYER AND SELLER CLOSING COST PRINTOUTS: These printouts have been revised to include all the new entry items listed above.
12. LASER PRINTER SUPPORT: Support for HP Laserjet has been added to the program.
13. TOTAL CLOSING COSTS, FHA worksheet: This entry window has been expanded to allow the user to enter a new amount for the allowable cost items or skip an entry if the previously entered amount is correct or ESC (escape) from the entry window and return to the FHA worksheet screen. The Title Insurance entry allows the user to either select manual entry or automatic calculation. The Recording Fee entry now displays the RECORDING entry window which now includes Recording Fee *, Tax Stamp Deed *, Tax Stamp Note *, Notary Fee and Photo/Video Fee. The Attorney Fee entry is the same entry item which is displayed in the LEGAL FEE'S entry window in the SALES/PURCHASE worksheet. The Origination Fee now allows the user to enter the percent (%) of the origination fee and the program will calculate the amount for them.
* These three (3) items are used in the FHA worksheet as Allowable Cost items, for calculating the FHA minimum down payment.
14. 2 Months Taxes, FHA worksheet; This entry now displays the TAX ESCROW window and allows the user to enter the Yearly tax amount. The program will calculate the monthly amount for them. The user then enters the number of months (taxes will be escrowed) and the program will calculate the total tax escrow amount.
15. 14 Months Ins., FHA worksheet; This entry now displays the INSURANCE ESCROW window and allows the user to enter the Yearly insurance amount. The program will calculate the monthly amount for them. The user then enters the number of months (insurance will be escrowed) and the program will calculate the total tax escrow amount.
16. Estimated Taxes, FHA worksheet; This entry now displays the monthly tax amount which the program calculates from the TAX ESCROW window entry.
17. Estimated Insurance, FHA worksheet; This entry now displays the monthly insurance amount which the program calculates from the INSURANCE ESCROW window entry.
18. Estimated MIP, FHA worksheet; This amount is calculated from the MIP escrow amount entered by the user. The program calculates this amount by dividing the MIP ESCROW entry by two (2).
19. MIP ESCROW, FHA worksheet; This entry is a manual entry cost item for two (2) months MIP escrow. The program will calculate the MIP escrow amount, but it only displays the calculated amount. If the user wants to use the calculated amount they must type it in. If the MIP escrow is calculated using some other method (than the EASY AGENT program uses), the user can type-in their calculated amount.
20. FHA ALLOWABLE CLOSING COST PRINTOUT: This printout have been revised to include Intangible Tax, Tax Stamp Deed and Tax Stamp Note.
21. MIP FINANCED YES/NO, FHA worksheet; This entry has been revised to allow the user to manually enter the MIP percentage factor. The user will be prompted in an entry blank to the right of YES/NO, for the percentage. In the previous versions of EASY AGENT the MIP percentage factor was fixed and was not user changeable.
22. MONTHLY ASSESSMENTS, FHA worksheet: The worksheet now displays the monthly assessment fee's and the user can change or enter these amounts from either the FHA worksheet or the SALES/PURCHASE worksheet.
23. All of the NEW ENTRY WINDOWS allow the user to simply press the UP, DOWN, RIGHT or LEFT cursor keys to move through the entry items. The user can also escape from the entry windows by simply pressing ESC. To enter amounts in the entry items the user simply presses ENTER.
24. The following disclaimer has been added to all the printouts:
"This is to further advise that the undersigned Realtor being the person procuring the sale of the real property in question represents the Seller. Is the agent of the Seller and will be paid by the Seller. Buyer acknowledges that this instrument has been read and signed before any Contract for Sale and Purchase of real estate here in question has been signed. The above costs are approximate and may not reflect Seller's escrows, Insurance, or prepayment penalties, if any. The Realtor does not warrant the accuracy of this estimate and assumes no responsibility for errors or omissions."
25. The new entry items for the following allow the user to enter a multiplier (e.g. .25, .50, .30 cents per $100) and the program will calculate the costs.
