May 3, 2011
The May Interface Update took place yesterday, May 2. As a result, you’ll see a couple changes to interfaces within your Point® software.
Security National Mortgage Company has been added to Lenders in Point. Licensed in several states, Security National Mortgage Company (SNMC) currently operates numerous wholesale branches across the country, and is headquartered in Salt Lake City, Utah. SNMC has established relationships with the some of the nation’s leading mortgage servicers in order to provide a wide range of residential mortgage loans to the mortgage brokers they serve.
Gregg & Valby – GV Docs has been added to the Services menu under Closing Documents/Initial Disclosures in Point. Gregg & Valby can help you make long-term residential mortgages to your customers for immediate sale on the secondary market – at a profit and without fixed overhead.
DataVerify, Inc. has been added to the Services menu under Verifications in Point. DataVerify has emerged as the most effective single source platform for identity, income, employment, property, assets, occupancy and third party license and performance verification. DataVerify offers the latest in predictive technology and access to the deepest and broadest comparative databases with a system that is quickly customized to your requirements.
Credit Plus, Inc. has been added to the Services menu under Verifications in Point. Credit Plus, Inc. is a leader in credit information services. For more than 25 years, they have been providing mortgage industry professionals nationwide with simply the best service and technology.
Remember, every month we add new service providers to our software. This enables you to have the tools you need to succeed right at your fingertips. Be on the lookout for our monthly blog about new Interfaces in Point!
May 2, 2011
Point 7.4 Service Pack (SP) 3 is now available for immediate download via MyCalyx. If you are on PointCentral, PointCentral 7.4 is also available now.
This release is extremely timely and significant for the latest NMLS reporting requirements.
SP3 includes several fields that you will need to complete the quarterly NMLS report required for the first time on May 15th. PointCentral 7.4 has been updated to support the new fields in Point.
If you haven’t begun preparing your loan files for this report, you only have 2 weeks to do so.
In order to prepare for the call report, you will need to make sure all files have the appropriate data fields completed. You will also need to make sure you have Excel 2007 as the Point reporting template for the Call Report will not work on earlier versions of Excel.
For more information on the NMLS Call Report, check out our NMLS page. For information on how to use Point to meet this requirement, visit our latest blog or attend tomorrow’s webinar if there is space available. The registration link can be found on the NMLS page.
If you unable to attend the May 3 webinar, don’t worry. The recorded version will be posted on our website soon. Until then, you can view brief informational videos on our YouTube channel.
April 21, 2011
By Guest Blogger Ted Hicks, Director of Product Management
As many of you know, you must provide a NMLS Mortgage Call Report to the Nationwide Mortgage Licensing System and Registry if you are a state licensed company. You will need to review your loans from the past quarter to make sure that they have the data required by the May 15th report.
Many of the Mortgage Call Report fields are similar if not identical to fields that you use to prepare your HMDA report. Point has a tracking screen for the HMDA report where you will find these fields. It is conveniently located under the Track > HMDA Reporting. Pay attention to the following fields:
- Checkbox for Report the Purpose of this loan as Home Improvement
- Lien Status
- Property Type
- Checkbox for Report as a HOEPA loan
- Action Taken
Also, if you haven’t been using Track>Status, you may want start. The NMLS asks you to keep track of applications that are in progress and loans that have closed. By utilizing the status dates for Application Status to Closed Status under the Track>Status menu, it will be easy for a report to pick up those loans and properly aggregate the information.
Finally, you must ensure that your NMLS number is populating that NMLS field on page 4 of the Loan Application. Go to the utilities menu>dropdown lists>originator to add your originators. When you open a loan, be sure to use the dropdown list for the originator, and your NMLS field will already be populated.
The NMLS Call Report function will be available soon in Point SP3 via MyCalyx.
March 31, 2011
Tomorrow marks the implementation of the Loan Originator Compensation and Anti-Steering Rule. This interim rule was announced last August and was designed to protect the borrower by preventing loan originators from directing or steering a borrower to a loan based the compensation that the loan originator would receive for that transaction.
Although it has created widespread confusion and controversy over the past several weeks, it is poised to go into effect on April 1 effect tomorrow, April 1, and this is no April Fool’s joke!
The Fed Rule will:
- Prohibit payments to the loan originator that are based on the loan’s interest rate or other terms. Compensation that is based on the loan amount is permitted.
- Prohibit a mortgage broker or loan officer from receiving payments directly from a consumer while also receiving compensation from the creditor or another person.
- Prohibit a mortgage broker or loan officer from “steering” a consumer to a loan with less favorable terms in order to increase the broker’s or loan officer’s compensation
- Provide a safe harbor to facilitate compliance with the anti-steering rule. The safe harbor is met if:
- The consumer is presented with loan offers for each type of transaction in which the consumer expresses an interest (that is, a fixed rate loan, adjustable rate loan, or a reverse mortgage); and
- The loan options presented to the consumer include the following:
- the lowest interest rate for which the consumer qualifies;
- the lowest points and origination fees, and
- the lowest rate for which the consumer qualifies for a loan with no risky features, such as a prepayment penalty, negative amortization, or a balloon payment in the first seven years.
For more information on the Fed Rule and how it affects you, visit our Originator Compensation page or check out the information posted on the Federal Reserve website.
March 30, 2011
Just in time for the April 1 implementation of the Loan Originator Compensation and Anti- Steering interim rule, Point 7.4 SP2 is now available via MyCalyx.
Along with the newly required Anti-Steering disclosure, this Service Pack includes other compliance changes and enhancements for better functionality. Additionally, we’ve made improvements to other screens and forms that will make Point work better for you.
- New screens and print forms to meet the Safe Harbor notice requirements for the April 1 implementation of the Loan Originator Compensation and Anti Steering interim rule.
- Compliance Screens Updates
- FHA 203(k)
- Fees Worksheet
- Privacy Disclosure
- IRS forms W-9, 4506, & 4506-T
- VA Addendum 92900A printed
- MLDS 882 & 883
- Florida Fees Disclosures
MyCalyx administrators: Please push the download to your users as soon as possible.
PointCentral Administrators should install the PointCentral 7.3 Server Update before Point 7.4 SP2.
You can find more details on SP2 in the Release Notes on our Support Site.
If your account is not current and you need to ensure your compliance with these latest Federal requirements, call your account representative today at 800-362-2599.
January 26, 2011
Point 7.4 is full of compliance requirements that you need to start the new year.
One of the more recent developments came from the California Department of Real Estate since they released updated MLDS 882 and 883 forms last October. Because the forms were hard to complete, they have created new easier to use versions–for use effective immediately.
The new forms are definitely more user-friendly. Most of the typical fees are displayed and they are all driven from the fees worksheet to eliminate the need for double entry. The 882 is an expanded version (legal print) of the 883 (letter print) and so far, the DRE has not provided regulations on which form to use.
Point 7.4 includes both forms for flexibility and they both meet DRE’s requirements.
Point 7.4 will be available for immediate download from MyCalyx on January 24. Make sure your account is ready to go so you can meet these and other new regulatory mandates.
Visit our product page for additional features of Point 7.4.
January 24, 2011
It wasn’t a long wait but it was greatly anticipated!
Point 7.4 has arrived to a MyCalyx account near you! Administrators please make sure you push the update to all of your users as soon as possible.
While we’ve included several non-compliance upgrades and improvements, this release is a highly significant compliance release.
- New TIL required for January 30 interim rule compliance
- Re-Designed 882 & 883 forms from DRE
- Additional fields on the FHA/VA Addendum (92900-A)
- FHA Refinance of Borrowers in Negative Equity Position Certification (HUD-92918)
- New Privacy Disclosure
Don’t miss out on these regulatory changes. If you have any questions regarding this release, or your account isn’t current, please call 800-362-2599 now.
More details on Point 7.4 are available on our What’s New page
January 20, 2011
Here is another compliance rule that is included in Point 7.4–and you need it now. The new Privacy Disclosure form meets the requirements of the 2009 amendments to the Gramm–Leach–Bliley Act, which requires financial institutions to provide each consumer with a privacy notice at the time the consumer relationship is established and annually thereafter.
The privacy notice must explain the information collected about the consumer, where that information is shared, how that information is used, and how that information is protected. The notice must also identify the consumer’s right to opt out of the information being shared with unaffiliated parties pursuant to the provisions of the Fair Credit Reporting Act (FCRA).
The new model form, which provides a legal safe harbor, went into effect on January 1, 2011. Current notices that comply with the new privacy rules can still be used.
Point 7.4 includes the mandated 2 page model form. The Point disclosure is an Opt-out form only as required by the regulation.
Point 7.4 will be available for immediate download from MyCalyx beginning January 24. Make sure your account is current and on MyCalyx so you can download 7.4 on January24! Call 800-362-2599 now.
Watch for more compliance news coming in the next few posts.
January 19, 2011
Point 7.4 is just around the corner and you may not realize it now, but you really need this release!
The Feds issued an interim rule for closed-end mortgage loans under Regulation Z in September 2010. In their own words, “the interim rule implements provisions of the Mortgage Disclosure Improvement Act (MDIA) that require lenders to disclose how borrowers’ regular mortgage payments can change over time.”
In addition to things like balloon payments or options to make only minimum payments that will cause loan amounts to increase, a payment summary table of lender cost disclosures must have:
- The initial interest rate together with the corresponding monthly payment;
- For adjustable-rate or step-rate loans, the maximum interest rate and payment that can occur during the first five years and a “worst case” example showing the maximum rate and payment possible over the life of the loan; and
- The fact that consumers might not be able to avoid increased payments by refinancing their loans.
Implementation of the interim rule published in September is required as of January 30.
Don’t take any chances with your lenders! Make sure your account is current and on MyCalyx so you can download 7.4 on January24!
Point 7.4 includes the TIL you need for January 30.
Learn about other important compliance updates included in 7.4 in later posts or you can visit our product page for more details.
Not current? Call 800-342-2599 now.
December 6, 2010
As with many of the new features in Point 7.3, the new HUD1 and HUD1a screens are designed for compliance efficiency. For those of you completing your own settlement documents, you’ll appreciate the easy-to-follow layout, the incredibly convenient fees-copy feature, and the how-did-I-ever-live-without-it fees-comparison feature of the Point HUD1 screen.
- The HUD1 screen contains three pages that are laid out exactly like the form to make final disclosures simple and easy.
- The fees on page 2 can be copied individually or as a group directly from the Fees Worksheet or the Fees & Impounds screen with a simple copy button. Copying fees individually vs all at once allows for comparison between the worksheet and the HUD1 and the flexibility to manually change fees on the HUD1 when necessary.
- Page 3 provides a comparison of fees between the GFE and the HUD1 grouped by tolerance level as well as an overall summary and a description of the loan terms.
Point 7.3 is full of compliance features designed to make compliance easier and more efficient. We’ve taken your suggestions and requests to create a product that can make a positive impact on your business processes. What would you like to see on our next release?