Topics covered in this Section:
Getting to the MyAssetBuilder Dashboard
MyAssetBuilder Dashboard
Creating a MyAssetBuilder Report
- Existing -
- Proposed -
- Asset -
- Report -
Sample MyLoanAlyzer Report
GETTING TO THE MYASSETBUILDER DASHBOARD
MyProspectorLITE includes your own asset building report tool,
MyAssetBuilder™ that illustrates to your clients how restructuring their financing may help them build a long-term asset.
MyAssetBuilder reports include your image (if you have uploaded
your image through
MyAccount) and are personalized according to the information you provided
setting up your account in MyAccount.
You can get to the MyAssetBuilder Dashboard, the main navigation page for MyAssetBuilder, by clicking MyAssetBuilder in the top Main Menu or MyAssetBuilder as shown above, from the Main Dashboard menu (the Home page).
MYASSETBUILDER DASHBOARD
The image on the left shows the MyAssetBuilder Dashboard page. This
is where you will tell MyProspectorLITE what you want to do. The
options you have on this page are to create a generic MyAssetBuilder
report or to create a report for an existing client.
You will need to enter all the
information from scratch if you select "Create Generic Report ".
For this Quick Guide we will use the client we created in the MyClient
section of this guide. The Generic and Client Specific MyAssetBuilder
functions are identical with the difference being that the client specific
report
will use as much information as it can to preload the report.
In the example above we enter
the last four digits of the client's phone number to find our client.
If we didn't know the phone number we could just as easily used the All
Refinance
or All Purchase clients function to find the client we want.
When selecting a client to create a MyAssetBuilder report, all clients matching your criteria are shown. Find the client you are looking for in the list and click the "Create Report" link next to the client's name.
Clicking the link will bring you to the MyAssetBuilder pages with all the selected client's information preloaded.
When creating a generic report, you are sent right to the MyAssetBuilder pages from the MyAssetBuilder Dashboard with default values to get you started.
CREATING A MYASSETBUILDER REPORT
MyAssetBuilder is
a comprehensive asset building and management report creation
tool that illustrates to your customers how they can relieve debt while
building an asset.
MyAssetBuilder is best suited for your clients with high credit
card and other debts or are
paying a high interest rate on their mortgages especially if
they have a fair amount of equity in their home.
EXISTING
The first page of MyAssetBuilder
is where you define the client's existing mortgage information and other
personal debts they are currently carrying.
If you are creating a client specific
MyAssetBuilder report, the existing mortgage info is taken directly from
the client's existing record. Whether you are entering this information
for the first time or its taken from the client's record you should click
the "Update" button
to refresh the existing loan information and bring it up to date.
The first line of "Other
Monthly Debts" is your client's total revolving charge balances,
or credit card debt. The remaining items are where you will list all
the
other
debts your client would like to pay off. Once you create a MyAssetBuilder
Report for a client, these debts are stored in your client database for
this client.
For these debts, enter a description of the debt, the monthly payment
your client is making and the balance of what is owed for each debt. The
total payment and balance are calculated automatically or you can click
"Update" to force a recalculation.
PROPOSED
Once you are done with the existing loan information you are ready to
move on to defining a recommended loan proposal.
If you need help navigating through the MyPropsectorLITE pages, please
click here for help
on navigation.
MyAssetBuilder will start with a proposed loan program based on whether
this report is for an existing customer or not.
If you are creating a generic
report, MyAssetBuilder will start with a default loan program just to
get you started. If this report is for an existing client that you have
not already created a MyAssetBuilder report for, the initial proposed
loan information will match the current proposed loan information entered
in MyClients for the selected client. If you have already created a MyAssetBuilder
report for the selected client, the previous
report's proposed loan will be displayed.
To ensure the information is up to date with any changes you may have
made on the EXISTING page, you should click the "Transfer" button as
shown above to carry over the existing debts. The next step is to enter
any additional cash the client would like to end up with "in hand" from
the restructuring. Now enter the points and closing costs and click the
"Calc $" button to calculate a recommended loan amount.
After calculating the recommended loan amount, you should click the "Transfer Recommended to loans" button. This button will transfer the amount up to 80% LTV to the proposed First Mortgage and the remainder to the proposed Second Mortgage.
Now you will define the loans, type, interest rate, and term for each
proposed loan as well as any associated information required for that
loan type (see Fixed
Example or Option
ARM Example for more information).
CALCULATING THE FINAL ADJUSTED LOAN AMOUNT
In the fist stage of this page we calculated a "recommended loan amount"
based on the client's debt and amount of additional cash the client wouyld like
to walk away from the closing table with. We now want to calculate the
final "adjusted loan amount" that takes into consideration the points,
closing costs, and whether or not the client will want to finance those
costs. To calculate the adjusted loan amount click the "Calc. Adj Loan
Amt" button after filling out all of the proposed
loan information. You will need to click the button for each proposed
loan, meaning the first
and second if needed. Clicking this button will show you the details
of the adjusted loan amount as shown below.
We will also point out that above the "Calc. Adj. Loan Amt." button is a field for "Add'l Monthly Payment". This is where you will enter any additional monthly payment your client plans on making above and beyond the regular mortgage payment, to pay the mortgage off faster. The additional payments are applied when the report is generated.
At the bottom of this page are what you are really looking for, the proceeds
from the proposed financing and change in monthly cash flow.
You also have the option to change the amortization to a true bi-weekly
program that will increase the monthly payment and lessen the loan
term.
ASSET
Once you are done with the proposed loan information you are ready to
move on to defining the asset accumulation factors.
The first thing you will want to do is click the "Transfer from Proposed"
button to bring over the results from the PROPOSED page.
Now you need to define the type of account the asset will be in as far
as tax status, how interest will be compounded and three investment rates
to show your client.
Next, define the real estate appreciation rate and how
MyAssetBuilder is to compound the appreciation.
The last item to define on this page is the client's estimated tax rate.
REPORT
The final page of MyAssetBuilder is the REPORT
section. This section allows you to customize the output of the report,
select which items you want to include and even gives you
the option to email the report directly to your client.
The Asset Amortization Page is a separate page that shows a yearly amortization
of the asset at the estimated interest rates and shows your client a
graph of when the asset value will exceed the mortgage debt.
The Net Equity Page is a separate page that combines the increasing value
of the home with the accumulating asset and shows your client a
graph of when the value of the home and asset will exceed the mortgage debt.
The "Tax Benefit Summary" is
a segment of the first page that shows the estimated tax saving based
on the mortgage interest and client tax bracket. You can choose to include
this section or not.
Another choice you have is if you want to add "theoretical tax savings" to
the monthly contributions towards the accumulating asset. If you choose
to do so, the calculated tax savings based on the interest paid and tax
bracket are added to the accumulating asset. It is up to you, the mortgage
professional, to decide how conservative or
aggressive to be with the report.
You can also choose to include a "Table of Tax Benefits" and "Amortization
Table" in the report. These tables are provided as an option to help
show exactly how the results were calculated.
All Rights Reserved