BrooksWebcalcs Frequently Asked Questions
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Other than calculating the results for a Truth in Lending document, can the product be used for anything else?
The product makes an excellent tool for compliance and audits. With the flexibility of loan entry it becomes a tool to check compliance with your current LOS/POS.
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Can the application accurately disclose all adjustable rate loans?
Yes, you can set the variables for any adjustable-rate product to disclose the loan properly, including dual amortization loans, pay option ARMs, hybrid ARMs, interest only mortgages and many others.
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Is the application capable of running any type of mortgage insurance?
The system can accommodate any mortgage insurance type with any LTV cutoff.
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Do you insure the results?
Brooks has been doing APR calculations for over 20 years and we are renowned for our ability to calculate any loan correctly. We carry an insurance policy from a top-rated carrier that protects the user from faulty calculation by the system.
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How is training handled?
We have a number of training options available to your organization. Please refer to our training policy for complete information.
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Can you print the Truth in Lending document?
We offer this feature and enable the user to preset different lender names and addresses to speed up the process.
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Why do I need this when I can use APRwin?
To use APRwin you must input the payment streams. If the payment streams are incorrect, you could have a loan that is underdisclosed and not realize it. Additionally, when the loan includes mortgage insurance with an LTV cutoff it is difficult to determine whether the MI payment was calculated correctly. APRwin will not calculate the APR correctly if you remove the MI from the payment stream.
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Can we choose between a 360 and 365 day calendar for our interim interest?
Yes, the system will calculate the interim interest (odd days) using either 360 or 365.
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Is there a limit to the number of users to whom I provide access?
This is one of the advantages of using a web application; there is no limit to the number of users. Your assigned administrator can add and delete users at any time.
