Help with Point 7.6: 203K Loan Calculations

April 30, 2012

BJ Bounds

Have you noticed that perhaps your cash-to-close is a little high when you’re doing a 203K loan?

That’s because the supplemental origination fee is being counted twice.  If you enter B 14 (from 203k worksheet screen) total rehab cost on page 4 of the 1003 line B (Alterations), the supplemental origination fee will show as a charge twice.

Here’s a quick work-around: Simply enter B 10 (from 203k worksheet screen) on page 4 of the 1003 to prevent the supplemental origination fee from duplicating.  To prevent this fee from being charged twice you will need to show a credit for the supplemental origination fee under line L on page 4 of the 1003 using one of the blank fields.

If you want to show the supplemental origination fee as a financed fee, just increase the loan amount by the amount of the fee.

For details and step-by-step instructions, visit our Knowledge Base article #0780 or talk to one of our support specialists at 800-342-2599.

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Posted by BJ Bounds

Charge for ULDD? No Way!

April 26, 2012

BJ Bounds

Wow.  We’ve heard that some LOS’s are charging extra for ULDD!

Here at Calyx we just can’t understand that. With Point, all the ULDD functionality you need is included at no extra charge.  We’ve got you covered with ULDD and we’re not going to make you pay for it.

ULDD functionality was added with Point 7.5. The Fannie and Freddie ULDD export included additional fields in the ULDD XML file with the launch of Point 7.6 last week.

If you want more details on what you can do in Point with ULDD, visit the “The Low-down on ULDD” blog or check out our Knowledge Base.

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Posted by BJ Bounds

What borrowers should ponder before they finance

April 20, 2012

Jessica Thompson

Since 2010, many private MI companies have worked to open up markets and normalize their underwriting criteria. Some altered pricing, based on borrower credit scores.

The FHA made changes, too, namely to its rates. New rates effective April 9 reflect the third increase since 2010:

  • Monthly rates increase another .10% to 1.20% for LTVs up to 95% and 1.25 for LTVs greater than 95%
  • The FHA upfront premium increases from 1.0% to 1.75%

What does this change mean for your borrowers? 

It raises the question, “Which is better: FHA or conventional financing with private monthly MI?” The answer is, it depends…

If your borrowers have a lower credit score, an FHA loan may be their best option. FHA can be more flexible on certain guidelines, like debt-to-income. However, borrowers with higher credit scores may want to consider the less expensive, money-saving alternatives that private MI offers.

One last consideration

Before making a final financing decision, borrowers should ask themselves whether it’s important to be able to cancel coverage — and reduce their  monthly payment — as soon as possible. Most investors’ cancellation rules are more flexible than FHA’s. For example, most homebuyers with private MI are able to get a new appraisal to determine whether they qualify for cancellation, allowing them to take advantage of any home improvements or appreciation. FHA does not accept new appraisals. The sooner they can cancel MI, the more money they will save over the life of the loan.

What to take away from all of this…

Just remember this: FHA financing and conventional financing with private MI are both viable options.

MGIC provides a calculator to compare MGIC’s monthly MI with FHA.

Also, the great news is that you can now order MGIC MI from within Point.  This integration shows MGIC’s commitment to providing customers with quality, seamless access to MGIC’s MI programs.  Watch how it works.

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Posted by Jessica Thompson

Attn: SQL 2000 Users

April 18, 2012

BJ Bounds

Tomorrow we’re launching Point and PointCentral 7.6.  We encourage all users to update their software to Version 7.6 as soon as possible.

However, if your company is using SQL 2000, please be aware that you will need to update to a newer version before updating PointCentral to 7.6

If you would like specific information on system requirements, you can see details here or you can call our support team at 800-342-2599 if you have any questions.

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Posted by BJ Bounds

PointCentral 7.6 Special Instructions

April 5, 2012

BJ Bounds

It’s almost that time!  Point® and PointCentral® 7.6 will launch on April 19th!  For MyCalyx® admins using Point, it is as simple as selecting Point 7.6  from the Manage Users page.

But, for MyCalyx admins using PointCentral, it involves an extra step.  You must first update your PointCentral server software before updating the Point software running on individual computers. 

 All that means is that when you log into your MyCalyx account, you need to click the “Download Server Software” button first and complete that process before you move to the “Manage Users” button and push 7.6 to individual users.

It’s still simple but updating your software to PointCentral 7.6 must be done in that sequence.  Otherwise your Point software will not be able to Save, Save As, Copy, Move, or Delete.

 If you have questions regarding the PointCentral 7.6 update, you may call your support team at 800-342-2599 or find additional information on our Knowledge Base.

Additional information on Point and PointCentral 7.6 can be found HERE.

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Posted by BJ Bounds

Help with Point: Downloading from MyCalyx

April 4, 2012

BJ Bounds

We all get error messages; no matter what system or software we’re working in, something isn’t going to agree with what we are trying to do.

Getting error messages can be un-nerving, but some can be downright scary—even if they’re not really that bad.

For instance, due to a specific firewall issue, you might encounter this one when you try to download Point from MyCalyx:  “Unhandled exception has occurred in your application. If you click Continue, the application will ignore this error and attempt to continue. If you click Quit, the application will close immediately.”

But like I said, it’s really not that bad.  If you receive this message, it’s because A Sonic Firewall is configured on the network with Content Filtering Enabled and Category 28 (Hacking/Proxy Avoidance Systems) listed as a Forbidden Category.

In this case, the firewall is blocking a specific MyCalyx IP address.  All you need to do is configure the firewall to allow the IP address.  It’s really a straightforward, simple process and you can find the details on our Knowledge Base article # 0770.

You can also find answers for many of your Point questions on the Knowledge Base with a quick search or if your account is current, you may call our Support Team at 800-342-2599.

 

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Posted by BJ Bounds

Help with Point: Opening a Point-converted PDF

March 28, 2012

BJ Bounds

Point is great about converting loan documents in to PDF’s.  It’s a wonderful tool that keeps your documents secure and un-alterable.  But PDF conversions can be finicky just like MS Word documents. Have you ever tried to save a word document with a “/” in it for date?  It’s frustrating, but it just won’t take it.

Well, similarly, if you’ve got an extremely long file path name or a “forbidden” character, you will see “”Could not open .PDF because it is either not a supported file type or because the file has been damaged” when you try to open it.

The solution is to convert your forms to PDF’s and save them on your C: drive.

If you need step-by-step instructions with screen shots, visit Knowledge Base article # 0769.

You can also find answers for many of your Point questions on the Knowledge Base with a quick search or if your account is current, you may call our Support Team at 800-342-2599.

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Posted by BJ Bounds

Help with Point: Got Wonky Screens?

March 27, 2012

BJ Bounds

Have you thought that your monitor was spazzing out on you when the columns on your anti-steering screen don’t line up or the buttons on your document management screen stretch off into cyber space?

Not to worry.  You don’t need a new monitor and Point isn’t trying out a “haute nuveau” layout.  You might need new glasses, though!

The problem is that the Anti-Steering screen is not compatible with some screen resolution settings. This usually occurs when the text size in Windows is set to a higher setting than the default.

If you want your columns to line up properly, you’ll need to revert back to the default resolution.  Depending on your operating system, you could do this in different ways.  For detailed instructions, visit our Knowledge Base article
#766 or #765.

You can also find answers for many of your Point questions on the Knowledge Base with a quick search or if your account is current, you may call our Support Team at 800-342-2599.

 

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Posted by BJ Bounds

Help with Point: Printing Custom Forms

March 22, 2012

BJ Bounds

If you’ve got Office 2010, you may have encountered a “Command Failed” message when trying to print a custom form.

This happens because Office 2010 runs a security check on the custom form document before Point can print the form.

What you have to do to resolve this issue is to download autoword.exe and input a new setting inside of autoword.cfg.

If you need step-by-step instructions with screen shots, visit Knowledge Base article # 0767.

You can also find answers for many of your Point questions on the Knowledge Base with a quick search or if your account is current, you may call our Support Team at 800-342-2599.

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Posted by BJ Bounds

Help with Point: ULDD and Freddie Mac

March 21, 2012

BJ Bounds

If you’ve encountered the message “Invalid content was found starting with element ‘ESCROW_ITEM_DETAIL’” when exporting a loan file to Freddie Mac’s ULDD site, you’re not alone.

The issue is with Point’s treatment of escrows during export.  Currently the escrows do not meet the parameters for ULDD.  But there is good news and good news about this.

The good news is that Point 7.6, currently slated for an April release, provides an effortless resolution to this issue.

The other good news is that there is something you can do until then to get your files to Freddie Mac. Here’s what you do:

  1. Remove the escrow amounts from the loan file
  2. Resubmit the file to Freddie Mac’s ULDD site
  3. Re-enter the escrow amounts in the Point file

For step-by-step instructions on getting the amounts back into Point, visit Knowledge Base article # 0773.

You can also find answers for many of your Point questions on the Knowledge Base with a quick search or if your account is current, you may call our Support Team at 800-342-2599.

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Posted by BJ Bounds

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