Topics covered in this Section:
Getting to the MyLoanAlyzer Dashboard
MyLoanAlyzer Dashboard
Creating a MyLoanAlyzer Report
- Existing -
- Loan 1 -
- Loan 2-
- Loan 3-
- Report -
Sample MyLoanAlyzer Report
GETTING TO THE MYLOANALYZER DASHBOARD
MyProspectorLITE includes your own loan comparison report creation tool,
MyLoanAlyzer™.
These reports include your image (if you have uploaded
your image through
MyAccount) and are personalized according to your information provided
in MyAccount.
You can get to the MyLoanAlyzer Dashboard, the main navigation page for MyLoanAlyzer, by clicking MyLoanAlyzer in the top Main Menu or MyLoanAlyzer as shown above from the Main Dashboard menu (the Home page).
MYLOANALYZER DASHBOARD
The image on the left shows the MyLoanAlyzer
Dashboard page. This is where you will tell MyProspector what you want
to do. The
options you have on this page are to create a generic MyLoanAlyzer 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 MyLoanAlyzer 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 MyLoanAlyzer 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 MyLoanAlyzer pages with all the selected client's information preloaded.
When creating a generic report, you are sent right to the MyLoanAlyzer pages from the MyLoanAlyzer Dashboard with default values to get you started.
CREATING A MYLOANALYZER REPORT
MyLoanAlyzer creates a report that compares three loan programs so clients
can make informed choices. As a mortgage professional you select three
programs based on the client's needs. Reports can be created for new purchases
or for refinances.
If your client has an existing mortgage, the first page of MyLoanAlyzer
is where you define the client's existing mortgage information.
If you are creating a client specific
MyLoanAlyzer report, this information is taken directly from the client's
existing record.
Whether you are typing in new information or the information is from
an existing client's record, you should click the "Update" button
to refresh the existing loan information and bring it up to date.
LOAN COMPARISON 1
Once you are done with the existing loan information you are ready to
move on to defining the three loan scenarios.
If you need help navigating through the MyPropsectorLITE pages, please
click here for help
on navigation.
If you are creating a report for an existing client, the current proposed
loan information is preloaded into each loan scenario as a starting point. Our
fictional client Jane currently has an Option ARM as the proposed loan.
Notice that both the first and second loans were carried over.
Make sure to label each loan program appropriately. We labeled Loan 1 as "Opt. ARM w/2nd". The loan description does appear in the report.
The middle section of the loan definition pages labeled ESCROWS are where you define the taxes, insurances, PMI, and required escrows so an accurate report can be created.
You should also enter the estimated closing day of the month and the number of days in that month so accurate escrow totals can be calculated.
The bottom section is where you can really define some specifics for
the loan comparison report. The "Opportunity Rate" is the estimated
rate of return on any cash withdrawn to close the loan.
The Fixed Costs are the costs associated with closing this loan, not including
points and prepaids.
You also can select
whether or not the Points, Closing Costs, and Prepaids are to be paid for
in the financing. If each one of thesxe that you select "Yes" the adjusted
loan amount will be calculated automatically. The adjusted loan amount
is what will appear on the report. If you would like the details on the
Adj. Loan Amt., click the Adj. Details button.
You also have access to the amortization tables from this page, so you
can verify the results if needed. Let's move on to the second loan program
...
LOAN COMPARISON 2
Once we navigate to LOAN2 as shown on the left we are ready to define our second
loan scenario. In this example we will define a 30 year fixed rate mortgage with
a 90% LTV, no second mortgage. The first thing we do is label this example adequately
at the top of the page.
To calculate the correct loan amount all we need to do is enter 90% for the
LTV and click the "Calc Loans $"
button.
Next we select "Fixed" for the Loan
Type for the first loan. Select the Loan Term as 30 Year and then enter an interest
rate
of
6.75%. Last, we enter the points here as well, in this case 2 points.
Since there is no second loan in this scenario, make sure the second loan amount is "0.00".
In the ESCROWS section of the LOAN2 scenario you will want to enter the
PMI rate since this example is a 90% LTV loan.
We can also make any changes to the fixed costs and what will be paid through the financing here. Once we are satisfied with the LOAN2 description we are ready to move on to defining the third example...
LOAN COMPARISON 3
Once we navigate to the LOAN3 page we are ready to define the third and final
scenario. In this example we are going to define a fixed rate 80% LTV first and
20% LTV second
loan.
To correctly calculate the loans based on the LTV values enter the LTVs
in the appropriate LTV box, 80% for the first and 20% for the second
and click
"Calc Loans $".
Next we change both Loan Types to "Fixed" and "30 Year" Terms. In our example
we also entered 6.75% and 10.25% as the interest rates, respectively.
In this example we also are including 2 points on the first mortgage and
1 point on thesecond mortgage.
Since PMI most likely will not be required in this example, the PMI Factor has been set to 0%. Setting PMI to zero removes the Private Mortgage Insurance from the loan.
You may also click the "Calc. Adj. Loan Amt." button if you want to make sure the adjusted loan amount has been calculated. This step is not required as all calculations are refreshed and updated before the final report is created.
REPORT
The final page of MyLoanAlyzer is the REPORT
section. This section allows you to customize the output of the report,
select which graphs, if any, you want to include, and even gives you the
option to email the report directly to your client.
You also select the Comparison Period here. The report will include an analysis of the loans at the end of the comparison period. The clients theoretical tax rate is also selected here if you are going to include the Tax Benefits in report.
The "Break Even", "Loan Life", and "Return Rate" graphs are only useful for refinance scenarios with existing loan information entered into MyLoanAlyzer. If the report is not for a refinance, these graphs should not be included. The other graphs , "Cost Analysis", "Principal Paid", "Tax Benefit", and "Initial Payment" can be applied to either purchases or refinances.
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