This is not legal advice for your situation*

At Your Service: New Feature: Default Payment Calculator

Document Systems, Inc. ("DSI") has added a new enhancement to DocMagic: when a Loan Program is loaded that has a Default Payment Rate feature, clicking on the calculator button next to the "Monthly Payment" field will allow the DocMagic user to insert the payment rate so that the resulting monthly payment will be automatically computed. Only certain Negative Amortization Hybrid ARM Loan Programs will have this feature.

For Loan Programs that have this feature implemented, by clicking on the monthly calculator button next to the "Monthly Payment" field, you will see the screen below:

Sample

Insert the payment rate into the "Payment Rate" field. Then, click on whether or not the payment will be based only on interest. Once you enter these fields, the monthly payment will then be automatically calculated. NOTE: The Amortization schedule popup will not reflect interest only. DSI is currently working on this.

If you have any questions about this new feature, please contact Customer Service, at (800) 649-1362.

To view all At Your Service Articles, click here.

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*This article is distributed to provide general information about the subject matter covered and should not be utilized as a substitute for professional advice in specific situations. If you require such advice, please consult with your own professional advisers.


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