Brooks Software Frequently Asked Questions
Why do you offer the software in addition to the web application?
There is still a need for an independent software program to perform these calculations. We see this as a shrinking market where the need will reduce as more organizations adopt web technology into there businesses.
Who could use this product?
This product is popular primarily in companies that do not allow employees full web access and those performing on-site audits where web connections are unavailable. Brooks has been selling software for over 20 years and some long-standing customers prefer it to the web.
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.
Can the product 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.
Is the system capable of incorporating of mortgage insurance?
The system can accommodate any mortgage insurance type with any LTV cutoff. Your options will also include:
- Escrow shift — if escrow will be collected to make the last premium payment instead of being refunded.
- Midpoint cutoff — if the MI cuts off at the midpoint of the loan irrespective of LTV.
- Lender-Financed MI — if you offer lender-financed MI, it will reduce the interest rate charged when the LTV cutoff point is reached. Other systems do this incorrectly when the loan is an adjustable-rate mortgage.
- Exact cutoff — cuts off the MI in the month in which the LTV cutoff point is reached; you may also choose to cut it off at the end of the year in which the LTV cutoff point is reached.
Can you print the Truth in Lending document?
We offer this feature and allow the user to preset different lender names and addresses to speed up the process.
We currently have interest only and negative amortization programs; can we use this to accurately disclose the loans?
We can disclose all types of interest only loans with or without mortgage insurance. Our negative amortization program allows the user all the flexibility needed to disclose the loan correctly.
We just initiated a program in which the interest rate drops when the LTV reaches 80%; can this system calculate this?
Yes, this loan is similar in disclosure to a lender-paid MI program. The user enters in the rate, the sales price and the LTV cutoff point to determine when the rate is reduced.
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.