Topics covered in this Section:
Getting to MyClientDashboard
Creating a New Client
- Basics -
- Existing -
- Loan Info -
- 30 Year Fixed Example -
- Option ARM Example -
- Calculating the True APR -
- Amortization Table -
- Second Mortgage -
- Saving the Client Record -
- Notes -
Editing or Viewing an Existing Client Record
GETTING TO MYCLIENT DASHBOARD
MyProspectorLITE provides you with your own
database of clients. MyProspectorLITE FREE allows you to maintain up
to 100 clients. MyProspectorLITE Premium does not limit the number
of clients that you can have in your database.
All of the information for your clients is created and maintained in the MyClient area of MyProspectorLITE.com. The types of client information you will be maintaining here is the client's contact information, any existing loan information they may have, the loan information you are proposing, as well as notes and the progress of the loan so you can keep track of the client's loan status.
The MyClient area is also where many of the mortgage tools like loan calculators are located.
You can get to the MyClientDashboard, the main navigation page for MyClients, by clicking MyClients in the top Main Menu or MyClientDashboard from the Main Dashboard menu (the Home page).
The image on the left shows the ClientDashboard page. This is where you will tell MyProspector what you want to do. The options you have on this page are to create a new client, edit or view an existing client, look up a client, import a list of clients (Premium users only), or export your clients to a file.
You will want to become familiar with the MyClient area since this is where the basic mortgage tools you will need to use every day are located. This is where you maintain your clients as well as calculate payments, APRs, and so on.
CREATING
A NEW CLIENT
Let's begin
with creating a new client. We start creating clients by clicking the
aptly named "Create New Client Record" button.
Clicking this button will bring you to a "blank" client page where you can start entering the information you have on the client.
We recommend that when you first have contact with a potential client that you open up this page and enter the information as you are talking to the customer. We find that this helps to ensure that you get and retain all the information you need to communicate with and help this client.
BASICS
When you
click the "Create New Client Record" button you are brought to the "Basics"
page. This is where you enter the clients basic information like name,
address, and phone numbers.
We recommend that you always get the client's phone number right from the beginning. This will not only make it easier to find this client in MyProspectorLITE, but make it easier to contact the client if something happens during the phone call.
In the example to the left we've entered the basic information for our fictional client Jane Doe. We will be using this record throughout our examples in this Quick Start Guide.
After entering the basic information we can either "Save This Record" or continue on to the next page. When the "Save This Record" button is clicked for a new client you are returned to the ClientDashboard. To return to the client you will need to use the Edit Client function explained later in this guide.
For this example we will move on to the next page. Please note that you can move between pages within this function without losing the information. Do not exit the MyClient area or go back to the ClientDashboard without saving first or the information will be lost!
EXISTING
You move between pages using the blue 
symbol
as shown to the left. When you click on you
move to that page. The current page will now display 
.
In the example to the left we clicked on the + sign next to EXISTING. We are now in the existing loan information page. This is where you will enter the information on mortgages the client currently has. This information will be used later in the loan comparison and asset building reports.
All you need to enter is the loan amount, the loan type, term, interest rate, and the date the loan closed for the existing loan or loans.
You then click the "Calc Details" button to have MyProspectorLITE calculate the monthly payment, number of months remaining, and remaining balance.
NOTE: If the client has been making extra payments or adjustments need to be made, you can use the Balance Adj. field to enter the amount the balance needs to be adjusted by.
When you click "Calc. Details" a popup window will appear showing the results of the calculation.
Click the "Transfer Results" button to transfer the results back to the client page.
The calculated payment, remaining months and balance are transferred to the Existing Loan information for this client.
You will need to repeat this for the second mortgage if the client has an existing second mortgage.
LOAN INFO
The Loan Info area of the MyClient feature is where you can calculate payments,
APRs and will enter your proposed loan information for the client.
You will want to enter as much information as you can on this page so you can keep accurate records on your clients, which will really come in handy later.
MyProspectorLITE supports most common loan types, including Option ARMs, as well as PMI and blended loans.
There are a variety of loan calculators in this section to help you quickly assist potential clients as you are talking to them. We designed MyProspectorLITE to make it easy to change programs and view the results so you can discuss options with your clients.
You will probably notice that as you make changes to the loan information the results are calculated automatically. In most cases we've also included a button to force a calculation so you can be sure the numbers are up to date.
Starting with the top of the page you will want to begin with the purchase price of the home, or fair market value for a refinance (see below).
Next, you should select the purpose of the loan, property type, use, and documentation type. These are all good questions to be asking the client right from the beginning.
The first calculator we will discuss is the LTV calculator. In the example to the left we entered 80% for the first and 10% for the second mortgage. We can now click the "Calc Loan $" button and MyProspectorLITE will fill in the loan amounts and down payment automatically for you.
Notice in the example on the left that the loan amounts are calculated as well as the down payment based on the Purchase Price/FMV and LTVs.
You are now ready to start experimenting with loan programs...
30 YEAR FIXED EXAMPLE
Lets start with a conforming 30 year fixed
rate mortgage for the first. We select "Fixed" from the drop down Loan
Type box and select "30 Year" for the Term.
We'll now enter an Interest Rate of 6.25 and 2 points. Notice that the Monthly Payment has already been calculated and displayed as we are defining the loan.
We do not need to enter or modify any of the other fields between Points and Mo. Payment. Those fields are only used for adjustable, interest only, and other non-fixed loan programs.
Lets try something a little more complicated than a fixed rate program, an Option ARM (or Neg Am).
In this example we will select Option Arm from the Loan Type drop down list. We will use a 30 Year Term and an initial Interest Rate of 1.95.
The GPM term is defined by the First Term, in this example 5 years so we enter it as 60 months.
The Index and Margin are very important for Option ARMs since they will define the actual interest rate. In our example we used a 4.82 index and 2.7 margin.
The GPM Increase is the percentage the payment can increase by per year for this Option ARM program. The GPM Ceiling is the percentage over the original loan amount that the balance can increase by.
There is an additional field, GPM Grace Period, that some Option ARMs provide. This defines the initial period, in months, that the balance will not accrue interest.
Similar to the Fixed program, the payment is calculated as the program is defined.
MyProspectorLITE includes a True
APR calculator. If we want to calculate the true APR for our Option APM
program, we click the "Calc True APR" button. This will launch
a popup window that will show you the details on how the APR was calculated.
For accuracy you will need to enter your actual APR costs in the "APR
Costs" and any PMI factors in the fields located above the "Calc
True APR" button.
MyProspectorLITE also allows you to create and print an Amortization table
for any supported loan type. After the loan program is defined, click
the "Amortization Table" button to create the table.
MyProspectorLITE provides full support for second mortgages. Simply define the second mortgage the same as you would for a first mortgage.
All the loan types and programs supported for first mortgages are also supported for the second.
As you can for the first mortgage, you can also calculate the True APR and create an Amortization Table for the second.
A separate field is provided for the APR costs on the second. The PMI field has been removed for the second since it is not applicable.
In the example to the left we defined a fixed rate second mortgage with an interest rate of 10.25 and one point. We selected a 30 year Term, but could have just as easily selected a 10 or 15 year term.
At the bottom of the Loan Info page is where the combined monthly payment, total point costs, and total monthly obligation (PITI) are shown.
For the monthly obligation to be accurate, you will need to enter the taxes and insurances as shown on the left.
Notice that both the first and second monthly payments are included in the Total Monthly Payment(PI).
If you have not already done so, after completing the Loan Info page it is always a good idea to Save the client record by clicking the "Save This Record" button at the bottom of the page.
If this is the first time you have saved this client's record you will be returned to the MyClient Dashboard where you can select this client for editing if you need to return to this record.
NOTES
The "NOTES" Page is where you will track the status of your clients
loan and doing business with you. If filled out properly you will know
when an application is taken, approved, clear to close, and closed.
You can also track if an application was denied of the client withdrew. You can also track the type of commission this client qualifies you for as well as the income your commission will be based on.
This is also where you can make a note of where the lead came from.
Of course this is also where you
will keep notes on this client. Clicking the "View Notes" button
will open up a popup window listing of all the notes you have on this client
and the date the note was created. You can keep as many notes as you need
on each of your clients. To create a Note on the selected client, fill
out the Remarks field and click "Save This Record".
MODIFYING OR VIEWING AN EXISTING RECORD
You can always return to a clients record from the MyClient Dashboard.
The fastest and easiest way to find an existing client is to enter the
last four digits of the client's phone number in the "Edit A Client" field
as shown
on
the left and click "Go". When an existing client calls you can find them
quickly by just asking them for their phone number.
Since all of the phone number fields are searched, you will get a listing of all your clients with phone numbers in any of the phone fields that match the criteria.
If you do not know the client's telephone number, click the "Go" button for either "View All Purchase Clients" or "View All Refinance Clients" to see a listing of all your customers of that type.
No matter which client selection method you use, you will shown a list of all your clients that match the criteria, even if only one client matches.
There will be an "edit" link to the right of each client that matches the criteria. Select the "edit" link next to the client you were looking for to go to that record.
After clicking the "edit" link you will be brought to the customer record. You navigate through the pages just as described earlier in this document.
If you make any changes that you want to keep, click the "Save This Record" button located at the bottom of each page.
Unlike creating a new client, when the "Save This Record" button is clicked you remain on the page you were on. You do not exit the MyClient function or go back to the MyClient Dashboard.
All Rights Reserved