- From inside of a loan, click on Page 1 of the 1003. Scroll to the second section marked “Loan Program and Terms”
- Here, you have the option of choosing the loan program, as well as the loan term and interest rate. If your Loan Program is other, select “Other” from the drop down box and type the name of the loan program in the field next to it.
- Under “Lien Position“, you have the option of making the loan a second lien.
- The “Monthly Payment” will be automatically calculated, however, selecting the “edit” button will allow you to change it manually.
- If you’re offering an ARM product, select “ARM” under “Amortization Type” and select the “Arm Type” from the drop down menu. The ARM Details menu will display below the “Sub. Financing” and “Create Second Mortgage” buttons, which will allow you to input needed information.
- If the loan was originated by a third party, you can check the appropriate box and select the third party from the drop down menu.