Definitions of Form Fields:
- Reference Name: A name you
create to reference this file.
- 1st Payment Date: The
first day that the note had a scheduled payment.
- Paid Through Date: The
date of the last scheduled payment made on the note.
- Appraisal: The appraised value
of the real estate.
- Selling Price: The sales
price on the real estate.
- P & I Payment: Combined
principal and interest payment made by the payor each pay period.
- Payments Per Year: Number
of payments the payor makes each year. If not 12, Cash Flow, Months Until Free and Clear,
and Broker Balance after that many months may be incorrect depending on the note. In these
special cases, please call FNAC-NA to discuss.
- Current Balance: Current
balance on note calculated through the last scheduled payment.
- Interest Rate (as a decimal): The interest rate paid by the payor.
- Empirica Credit Score: The
credit rating is determined at the time of purchase, and is not re-run at any point during
the loan, except at the Borrower's expense with a written request. Enter 0 if you do not
know or wish to enter. On the Schedule
A, this gives you the equivalent to an Empirica Score of 551-600. Empirica® is a
credit system developed by Trans Union.®
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The factors you can calculate are:
- Rating (AAA-BB): The note rating calculated using the
FNAC-NA Schedule A.
- Advance Rate: How much FNAC-NA would advance on the
note.
- Loan Rate : The rate FNAC-NA would collect on the note
from the Broker.
- Monthly Cash Flow: Income to Broker after all expenses
to FNAC-NA.
- Months Until Free and Clear (With No Cash Flow): How
long until FNAC-NA is paid off if monthly cash flow is applied to principal.
- Broker Balance after Free and Clear: Balance to Broker
after FNAC-NA is paid off if monthly cash flow is applied to principal.
- Investment to Sales Price: Ratio of FNAC-NA is
investment to the sales price.
- Investment to Appraisal: Ratio of FNAC-NA is investment
to the appraisal.
- Sales Equity: Payor's equity in the real estate
determined by the sales price.
- Appraisal Equity: Payor's equity in the real estate
determined by the appraisal.
- Break Even Point: The maximum advance in which the
Advance by FNAC-NA would be paid by the Payor monthly payment.
- Amortization: The number of payments remaining on the
note.
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