Over 1,000 Windows 95 Programs/Over 1000 Windows 95 Programs (Microforum) (Disc 2).iso/0144/glossary.exe/QPAY.TXT

Text File | 1996-03-18 | 49KB | 766 lines

  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: [phone]
          Fax:   [phone]
          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.