How to Create a New Program in SphereLOS

Log in to your SphereLOS account with the System Administrator user role.

Step 1: Navigate to Program Settings

1. Go to Settings.
2. Search for and click on Program to access the section.

Step 2: Manage Programs

Within the Program section, you can:

1. Edit existing programs.
2. Copy an existing program and modify its parameters.
3. Create a New Program.
4. Change Programs Order to rearrange how programs are displayed within each loan file.

Step 3: Creating a New Program

Click Create New Program to enter the program edit mode.

General

• Enter the required details such as Program name and short Name and the following based on your needs: 
• Loan Type: Choose from Conventional, FHA, VA, USDA Rural Housing, HELOC, HELOAN, or Other.
• Custom Term: Enable this option for mortgage programs with non-standard amortization schedules.
• Rate Type: Set as Fixed or Adjusted.
• Amortization Term & Interest Only Term: Enter in months (e.g., 360 for a 30-year loan).
• Amortization Period Type: Choose from Bi-Weekly, Monthly, Quarterly, or Yearly.
• Program Type: Select from Conforming, High Balance, Jumbo, or Other.
• Default AUS Type (if needed): Choose from Assetwise, Capstone, Clues, DU, ECS, FHA Scorecard, GUS, LPA, Other, Strategyware, or Zippy.
• Interest Calculation Days: Options include 360 days, 360.25 days, 365 days, 365 or 366 days, or 366 days.
• Partial Payment Type: Set as No Partial Payment Allowed, Hold Until Complete Amount, or Apply Immediately.
• Qualify Payment Type: Choose how the monthly payment is calculated: Full Amortization Term PI, Interest Only, or Principal and Interest.

Providers

Select Lender Price and enter a specific Code and Product Identifier, if applicable.

Additional Options:

Toggle settings such as Active, Prepayment Penalty, Buydown, Open Ended, and more on or off as needed.

Configure Late Charge Settings

• Select the Late Charge calculation Type.
• Set the number of Days.
• Enter the Rate according to the program. 

Available Late Charge Calculation Types:

• Flat Dollar Amount
• No Late Charges
• Percentage of Delinquent Interest
• Percentage of Net Payment
• Percentage of Principal Balance
• Percentage of Total Payment
• Percentage of Principal and Interest
• Percentage of Overdue Principal and Interest

Once all details are entered, click Save to complete the Custom Program setup.