New Features
We've includes several new features to meet the demands of our ever-changing
market.
On the General Loan Information screen, there is now a Negative Equity
field.
This allows you to calculate loans with a principal forbearance such as those
defined by the Home Affordable Modification Program. Simply enter the dollar amount
of the principal forbearance and it'll be added to the amount financed and fianl
payment, but not the finance charge.
BrooksWebCalcs can now calculate Biweekly ARMs. Select Biweekly
ARM from the Cashflow Type dropdown menu and proceed as though it were a regular
ARM. Leave Payments Per Year at 12. The software wiill make the necessary
corrections.
We've added a few fields to the section to accomodate FHA Assumptions.
When doing an FHA assumption, tick the checkbox to indicate the loan is an assumption,
then enter the original base loan amount, original term and original interest
rate in the fields provided. The MIP schedule of the original loan will be calculated
and used instead of the new one calculated using the outstanding principal balance
at the time the loan was assumed.
Finally, we've enhanced our reverse mortgage section to make calculations a bit
easier. There is now a Repair Set-asides field that allows both
Total Annual Loan Cost calculations and closed-end reverse mortgages to be calculated
simultaneously when there are repair set-asides. Simply enter the total dollar amount
of the set-aside and 50% will be used for TALC calcs while 100% will be used for
closed-end calcs.
We've also added a field for Non-finance Charges in the closing
costs section. When calculating the Total Annual Loan cost for a regular reverse
mortgage, all fees are both financed and included in the finance charge. However,
while all fees are financed for closed-end reverse mortgages, not all fees are treated
as finance charges. You can now separate the two to avoid going back and forth.
Update help files can assist you if you have questions or call us at 866-WEB-CALCS
for assistance.