Today California’s AB 1160 goes into effect. This law requires mortgage lenders to provide a translated mortgage summary document to a borrower in the language in which the contract was negotiated verbally. The five languages specified in the bill include Spanish, Korean, Chinese, Tagalog, and Vietnamese.
Although this law affects only a small portion of our customers, Calyx has developed a special forms update for Point 7.2 customers to download. This download will ONLY work for Version 7.2.
Once the download is complete, Point will update the forms list with the new disclosures in the required languages. Although these new disclosures have similar language and a similar look to the GFE, they are NOT GFEs. They can only be used in California and must be used in conjunction with other initial disclosures including the GFE.
Click here for more details on Assembly Bill 1160.
Customers on earlier versions of Point must update their software in order to be compliant with this and other recent regulatory changes. Call 800-362-2599 to speak to your account specialist.
Point 7.3, which will be released on October 28, includes a set of these new forms which will overwrite the forms downloaded in this 7.2 service pack. No further action will be required with the 7.3 installation.