Select to restore the previously selected options as the default
format for all amortization schedules.

Select to make the selected options the default format for all
amortization schedules.

For an adjustable-rate mortgage (ARM), the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change. The margin remains the same over the life of the loan while the index moves up and down.

The margin that will be added to the index to achieve the current interest rate.

the margin over the current index

Enter
the amount, determined by the lender, which is added to the Current Index to
provide the borrower's initial interest rate.

A title that is free and clear of liens, clouds, or other title defects. A title which enables an owner to sell his property freely to others and which others will accept without objection.

A homeowners' association in a large condominium or planned unit development (PUD)project that is made up of representatives from associations covering specific areas withinthe project. In effect, it is a "second-level" association that handles matters affecting the entire development, while the "first-level" associations handle matters affecting their particular portions of the project.

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

Enter a new maturity date if it is different from the calculated maturity date, which is determined by the advance date and number of periods. The date you enter can be up to one month longer or shorter than the calculated date.

Enter
a new maturity date if it is different from the calculated maturity date, which
is determined by the advance date and number of periods. The date you enter can
be up to one month longer or shorter than the calculated date.

Select
to maximize the output window automatically when you click the Calculate
button. Deselect to maintain the normal output window size.

This is a system switch you can set to match the maximum interest rate your State, or your institution can or will charge.

Enter the maximum interest rate for all loans. The default value is 21
(percent).

Enter the maximum number of days until the first payment. The
default is 365 days.

This is a system switch you can set to match the maximum time from closing to firstpayment, in days. Some jurisdictions have a limit on the number of days in this period (45days for example). You enter the number of days which applies to your organization.

This is a system switch which reflects the size of the maximum loan your institution may make.

Enter
the maximum loan amount for which a borrower can apply. The default is
$300,000. 00.

This is a system switch you can set to match the maximum term, in years, That a loan may have.

Enter
the maximum loan term, in number of periods, for all loans. The maximum term is
1,560 periods (weekly payments for 30 years).

Enter
the maximum amount that this interest rate can increase for the given time
period.

max rate change

A credit report which reports data from two or more of the major credit repositories.

Select the
way you want to handle odd interest payments for short and long first periods.

Select if the monthly
insurance premium is based on a declining balance for the life of the loan.

Select if the monthly
insurance premium is based on a level balance for the life of the loan.

This flag indicates to the engine whether this optional minimum payment on a Payment Option ARM is calucated as a principal and interest payment or an insteres only payment . 0=Interest Only, 1=Principal and Interest, 3=IndyMac Method of Calculation, 4=Interest Only Difference, 5=Principal and Interest Difference

The interest rate upon which the optional minimum payment is calcuated or the difference between the initial rate and the payment calculation rate.

Select the month this payment is due.

Select
the month that this payment is due from the drop-down list.

That portion of the total monthly payment that is applied toward principal and interest. When a mortgage negatively amortizes, the monthly fixed installment does not include anyamount for principal reduction.

Total principal, interest, taxes, and insurance paid by the borrower on a monthly basis. Used with gross income to determine affordability.

Enter the number of months of cushion.

The number of payments of premium that is prepaid.

A legal document that pledges a property to the lender as security for payment of a debt. A conveyance of an interest in real property given as security for the payment of an obligation.

A company that originates mortgages exclusively for resale in the secondary mortgage market, usually to Fannie Mae, Freddie Mac, or Ginnie Mae. .

Select
the mortgage insurance option for all new loans.

A policy which insures the lender against loss caused by a mortgagor's default. . Mortgageinsurance can be issued by a private company in which case it is referred to a PMI, or by agovernment agency such as the Federal Housing Administration (FHA) or VeteransAdministration (VA). The insurance usually covers the amount over a percentage of themortgage loan. MIP/PMI Impound An amount for MIP/PMI required under certain circumstances and collected by the lenderand held in the impound account to insure that adequate funds are available to pay the nextyears premium. Usually equivalent to 2 months of the annual premium. mortgage insurance premium (MIP)The amount paid by a mortgagor for mortgage insurance, either to a government agency such as the Federal Housing Administration (FHA) or to a private mortgage insurance (PMI)company.

Some policies also cover the borrower in the event of disability. In the event that the borrower dies while the policy is in force, the debt is automatically satisfied by insurance proceeds. In the case of disability insurance, the insurance will make the mortgage paymentfor a specified amount of time during the disability. Be careful to read the terms of coverage, however, because often the coverage does not start immediately upon the disability, but after a specified period, sometimes forty-five days

A type of term life insurance often bought by mortgagors. The amount of coverage decreases as the principal balance declines. In the event that the borrower dies while thepolicy is in force, the proceeds of the insurance policy pay the loan in full.

The lender in a mortgage agreement. mortgagee clause Language in the homeowners and title insurance policies which identifies the mortgagee and it's successors and/or assigns, and assigns the proceeds of any claim to the mortgagee as its interest appears.

The borrower of money. One who gives as security a mortgage or deed of trust on real property.

The borrower in a mortgage transaction.

The
number of this payment stream.

The payment for this payment stream.

n/a

The date the first interest payment is due.

The date on which the first principal payment is due.

The amount which will be due on the balloon payment date.

The number of payments to be made before the balloon payment is due.

Clear
the entries you have made for this payment stream.

Properties that provide separate housing units for more than one family, although they secure only a single mortgage.

A residential mortgage on a dwelling that is designed to house more than four families, suchas a high-rise apartment complex.

The interest rate for this payment stream.

The total number of interest payments due in this payment stream.

The number of interest payments per year.

The actual maturity date of this stream of payments.

Base
this payment stream on the outstanding balance at the end of the previous
payment stream.

n/a

n/a

Select to calculate a loan with multiple draws to the
customer. You can calculate the repayment method using plus interest or level
payment loans.

The total number of payments for this stream.

The number of principal payments per year for this
payment stream.

Click the Multi-Streams button to display the multiple stream
fields for this loan. When the multiple stream fields are displayed, this
button displays Remove Multi to clear any multiple stream information.

Enter your
name.

An increase in a mortgage balance due to the fact that the payment amount is not adequate to cover the entire principal and interest due. The amount of the shortfall is added to the outstanding balance creating "negative" amortization. Adjustable rate mortgages allow the interest rate to fluctuate and can cause negative amortization.

Enter the maximum amount of the total loan value that the borrower can owe,
if interest rates fluctuate to a point where the borrower's minimum payment
doesn't cover the interest due.

Gross income less federal income tax.

This is the number used for the calculation of the Total Annual Loan Cost (TALC) table required by Regulation Z. If this variable is equal to 0, the home_value is used. If the number is greater than one it is treated as a dollar amount. If it is 1 or less, it is used as a percentage and multiplied by the home_value to determine the number. Please note that this variable is only used as a short cut when you are trying to calculate a TALC table without reference to a specific example. If you are calculating a specific example, you should send 0 for this value.

The value of all of a person's assets, minus all liabilities.

New.

The only change that has occurred is an internal change that allows the component to correctly calculate FHA MIP when the new cutoff rules go into effect (all case files with a date of June 3, 2013 and later). These rules were described in HUD Mortgagee Letter 2013-04. For further information, please see HUD’s web site.

To correctly utilize the new cutoff rules, please pass a value of 3 in the variable fha and be sure that the variable ltv is populated with the correct loan-to-value ratio for the transaction being run. The component will calculate the correct term of insurance.

If you’re still running the current FHA, nothing has changed. Run it just as you have in previous versions.

Click
to create a new study, or loan application.

Click
to create a new study file, or savings record.

Jump
ahead one month.

Click
to display the next page of the results.

Jump
ahead one year.

The birthdate of the first non-borrowing spouse.

The birthdate of the second non-borrowing spouse.

Select to hide columns in the Excel spreadsheet that aren't
selected. In Excel, you can choose to display these columns.

Select to delete columns in the Excel spreadsheet that aren't
selected.

An asset that cannot easily be converted into cash.

A legal document that obligates a borrower to repay a loan. Included terms are: interestrate, amount, maturity and repayment place and repayment method.

The interest rate on a loan.

A formal written notice to a borrower that a default has occurred and that legal action may be taken.

Enter the number of interest periods in the account. For example, if you have monthly compounding and the account is 18 months long, this equals 18.

Enter the number of interest periods in the account. For example,
if you have monthly compounding and the account is 18 months long, this equals
18.

Enter the number of decimal points that accrual calculations should use when rounding. The minimum value is 5. This value should reflect your current practices.

Enter the number of decimal points that accrual calculations
should use when rounding. The minimum value is 5. This value should reflect
your current practices.

Enter the number of advance months for which you want to collect
payments for the escrow item.

Displays
the methods for paying off odd interest adjustments. Amortize spreads the interest over the total number of payments. style='mso-bidi-font-style:normal'>Prepaid adds the interest payment to the
closing costs. Amortize - adj final pmt
adds the interest payment to the final loan payment. Irregular 1st Pmt adds the interest payment to the first payment.

The amount by which the interest in the odd first period is more or less than a regularperiod must be accounted for in the payment schedule. The methods offered by the ZMath®Engine are: Amortize - Spread the interest ratably over all the payments. Prepaid - The borrower pays the lender (long first period) or the lender pays theborrower (short first payment) in one payment at closing. Amortize-adjust first - The entire amount is charged or credited at the time of thefirst regular payment. Amortize-adjust final - The entire amount is charged or credited at the time of thefinal payment.

Accepts
the selected or edited entries.

Click
to open a previously saved study file, or savings record.

Click
to open a previously saved study, or loan application.

The options and variations allowed with each loan type will be displayed when you click onthe choices icon. The combo boxes at the top or the screen represent calculation Options. The radio buttons in the lower part allow choices appropriate to that type. Some choices aren't available because they don't make sense. For example you can't choose skipped payments with a single payment loan, since there aren't any payments to skip.

Enter the appropriate options and variations for the loan being
calculated. Different loan types display different variations.

You can also enter the interest type, basis, and odd
interest adjustment. The values in these fields default to your User Defaults.

Enter the appropriate options and variations for the type of
savings scenario being calculated.

Select ‘Deposits’ or ‘Withdrawals’ to indicate regular
deposits or withdrawals amounts and options.

You can also enter the basis and the number of accrual
decimals. The values in these fields default to your User Defaults.

Displays the options and variations available to the selected
loan type, along with the entry screen. If you don't check this box, you may
still see the options and variations by clicking the Options and Variations
icon on the entry screen toolbar.

Click to display the options and variations screen. Use
this screen to select options such as basis and number of decimals for accruals
and to select deposits and withdrawals options.