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Sunday, June 25, 2006 - Calyx 5.2 Tips - Sync loan details in Unmarried Cobo file

When you have a borrower file and a coborrower file because the two borrowers on the loan are unmarried, it gets tricky to keep the loan details lined up while the loan is in process.  It's easy to start them out the same because you can create the cobo file from the Borrower file, but as the loan progresses, tiny details change.

It's quite tedious to get the two files to mirror each other.  (Otherwise one file could have higher closing costs than another or the wrong loan amount, etc.)

How can you make this easier?

1.  Get your borrower file just right.  Make sure all the details of the loan are accurate, including:
  • property address
  • transaction details from Borrower Info screen
    • sales price
    • value
    • loan amount
    • 2nd lien info (rate, term, and loan amt)
  • Good Faith Estimate
  • Truth-In-Lending
2.  Go to the dropdown for Borr/Cobo and select the correct cobo file.

3.  From the File menu, select "Import From" and then select "Associated Borrower File"

This will import all of the loan transaction data listed above.  It will not affect any of the personal information such as employers, liabilities, etc.

LIGHTNING FAST!!!

This is also the workaround for second liens. 

Ever notice that when you create a 2nd Lien file by selecting "Subordinate Financing" from the file menu, the unmarried cobo file doesn't pick up the second lien info?  It is just a replica of the first lien cobo file.

This is a bug in Point and they are aware of it, but the workaround is to get your Second Lien borrower info just right like we did earlier in the post and then from the Cobo file, do the Associated Borrower file step again.
VOILA!!!

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