Fairway Internet Mortgage Center

Loan Programs

A Loan Program is a template of predefined values that display primarily on the Truth-In-Lending Disclosure statement and the 1003 application. You can significantly reduce data entry time and improve accuracy by setting up Loan Programs for the types of loans you process most often.
When you select a Loan Program to use with a loan, the data from the template is copied to the loan forms. You can leave the data as is, or change values as needed. The original data on the template is not affected.

To Create a Loan Program:

1. Click the Settings tab, double-click Templates, and then double-click Loan Template Setup.
2. Click the Loan Programs option.
3. Browse for the folder in which you want to add the loan program.
4. Click Add, type the name of the program, and then (with the new template selected) click Open.
5. On the Loan Program dialog box, type a Description, and then fill out the form.
6. If you want to associate a closing cost program with the loan program, click the Closing Cost Program button to select a predefined template.

Purpose of Loan

1. Select a loan purpose and how the property will be held.

Loan Type and Terms

1. Make three selections to define the type of mortgage: loan type, lien position, and amortization type. For example: Conv, First, and Fixed Rate.
2. Type values in the Loan Terms section.
3. Add details for the appropriate loan type.

Mortgage Insurance

1. Click the Mtg. Ins button to calculate the mortgage insurance premium and term.
2. If required, include a second premium and term.

Program Requirements

1. Type values to define the minimum requirements for the borrower to qualify for this loan program.

Insurance

1. Indicate the type of insurance required and, the annual premium if purchased from the creditor.