QAPR Advance date

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QAPR Advance date
	Enter the date the funds were advanced from the disclosure statement or the note..
QAPR Combined Report Screen (htm)
	This screen displays the combined report for the loan application. You can scroll through the pages, zoom in and out, and print the report by using the icons on the toolbar.
QAPR Individual (htm)
	This screen displays the QAPR information only. You can scroll through the pages, zoom in and out, and print the report by using the icons on the toolbar.
QAPR Payment amount
	Enter the amount of the payments for this payment stream.
QAPR Screen (htm)
	Enter the loan number of an existing loan to load the calculated information or enter the loan terms. Click Calculate to determine the APR for the loan for the Truth-in-Lending statement.
qualifying ratios
	Calculations that are used in determining whether a borrower can qualify for a mortgage. They consist of two separate calculations: Housing expense as a percent of monthly grossincome (front-end ratio), and total debt (PITI plus any other monthly debt payments like caror personal loans and credit card debt) as a percent of income (back-end ratio).
Question (htm)
	Select to ask a question of our Technical Support staff.
Quick APR (htm)
	Select to calculate the annual percentage rate for the specified loan information, which you can enter or load from a saved study.
Quick Solve (icon) (htm)
	Click to display the Quick Solve dialog box.
Quick Solve Screen (htm)
	Enter all fields except for the one you want to calculate and click Solve to display the missing field value.
random rate loan
	A loan type where a different interest rate can be specified for a number of payment periods. This differs from a variable rate loan in that the rates are declared at the beginning of the loan rather than varying with an index during the term of the loan.
Random Rate Loan (htm)
	Select to calculate a random rate loan, which can have up to fifteen different rates. An annual percentage rate (APR) is calculated, taking into account the various rates. A random rate loan is not the same as an adjustable or variable rate loan, because it isn't tied to an index.
Random Rate Loan Screen (htm)
	Enter the terms for the random rate loan (where you can enter up to 15 different interest rates for different terms). You must enter the interest rate, periods per year, term, loan amount, prepaids, advance date, date of first payment, and number of periods for each rate or error messages display. Click the Options and Variations button on the toolbar to enter any variations.
Rate #1 (htm)
	Enter the monthly rate for this insurance period.
Rate (htm)
	Enter the interest rate for this series of payments.
rate cap
	For an adjustable-rate mortgage (ARM), a limit on the amount that the interest rate can increase or decrease during any one adjustment period, regardless of how high or low the index might be. See cap.
Rate for 1st year (htm)
	Enter the monthly insurance rate for the first year when collecting an up-front premium.
rate lock
	A commitment issued by a lender to a borrower or other mortgage originator guaranteeing a specified interest rate for a specified period of time.
Rate Rounding Method
	This variable, in conjunction with precision, tells the engine how to round the interest rate. 1 = Down. 2 = Up. 3 = Nearest.
Rate Rounding Precision
	This is the precision that the interest rate (index + margin) should be rounded to (i.e. 0.125, 0.25, etc.).
rate-improvement mortgage
	A fixed-rate mortgage that includes a provision giving the borrower(s) a one-time option to reduce the interest rate (without refinancing) during the early years of the mortgage term.
RE Appraisal Fee (htm)
	Enter the amount of the real estate appraisal fee, which is excluded from finance charges for mortgages.
Real Estate Settlement Procedures Act (RESPA)
	A Federal consumer protection law Federal law which requires the provision of Good FaithEstimates of Closing Costs, prohibits kickbacks for referrals of related services, and standardizes the closing with a required form and format (HUD-1).
real property
	Land and its appurtenances, including anything of a permanent nature such as structures,trees, minerals, and the interest, benefits, and inherent rights thereof.
Recast (Years) (htm)
	Enter the number of years until the payment must be recalculated for the term of the loan.
recording
	The acceptance by the proper government office of a properly executed legal documentsuch as a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgageetc. , thereby making it a part of the public record.
refinance transaction
	The process of paying off one loan with the proceeds from a new loan using the same property as security.
Reflect Other Buydown Portion
	This flag tells the engine whether to use the portion of the buydown paid by a party other than the borrower for the calculation of the Annual Percentage Rate. No, do not reflect it. Yes, reflect it. If Yes is chosen, the buydown is part of the credit agreement. If No is chosen, the buydown is not part of the credit agreement.
Reimbursement Information (htm)
	You can scroll through the pages, zoom in and out, and print the report by using the icons on the toolbar.
Remaining (htm)
	Displays the difference between the loan term and the number of payments entered for the negotiated rate(s).
remaining (or outstanding)balance
	The amount of principal that has not yet been repaid.
remaining term
	The original amortization term minus the number of payments that have been applied.
Renewal Mortgage Insurance Rate
	The renewal mortgage insurance rate.
Rent
	This is the amount of monthly rent you might expect to pay for a house or apartment of the same type and quality as the house you would be buying in this comparison.
Rent Increase
	How much do you expect your rent to increase each year on equivalent housing? Typically, your landlord will raise your rent 10% each year.
Renters Insurance
	Your monthly premium for insurance covering your personal property (furniture, clothes etc.)while you are renting.
Repairs
	The amount of any required repairs
Report Identifier (htm)
	Enter the value by which you will identify this report.
Representing (htm)
	Enter the name of the person or company represented by the reviewer.
reverse annuity mortgage
	A mortgage which uses equity in a property to fund periodic payments to the borrower untilthe equity is used up. It is equivalent to an annuity where the equity is the present value which, at a particular rate of interest, funds a stream of payments which will reduce the present value (the equity) to zero at term.
Reviewer Name (htm)
	Enter the name of the person reviewing this report.
Right Margin (htm)
	Enter the right margin in tenths of an inch, or accept the default.
right of survivorship
	In joint tenancy, the right of survivors to acquire the interest of a deceased joint tenant. If one owner dies, the undivided estate then passes to the surviving owner(s) in the case of joint tenancy and tenancy by entirety (husband and wife).
Rounding
	You can elect to round up, round down or round to the nearest percent. The usual convention used is round up.
Rounding Method
	This variable tells the engine how to round the payment amount. Please note that this will not affect interest only or constant payment to principal loans.
rounding on ARMs (Interest rate)
	At an adjustment period on an ARM loan you may want to round the newly calculated rate. ZMath® permits you to select any of the following methods. Round up, round down, roundto the nearest 1/10, Round to the nearest 1/8, Round to the nearest 1/4, round to thenearest 1/2.
sale-leaseback
	A technique in which a seller deeds property to a buyer and the buyer simultaneously leases the property back to the seller.
Save as Default (icon) (htm)
	Click to save the current study, or loan application, as the default for future studies.
Save Button (htm)
	Click to save modifications.
Save Default Button (htm)
	Click to save the information on the three Worksheet tabs as the default values for future loans.
Save Savings (htm)
	Click to save the current study file or savings record.

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Thursday, Sep 9, 2010

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