BJ Bounds

This weekend is another long weekend for most of us!  It’s another one of my favorite holidays because it celebrates our nation’s fallen heroes.  I love seeing all of the patriotic clothes and decorations at the stores pre-4^th-of-July.   I was especially happy this week to find US Flag t-shirts at Wal-Mart for only $3.88.  But I digress!

Since Memorial Day falls in May, the weather (at least in Texas) is hot but not too hot.  That makes this holiday a perfect weekend for outdoor activities.  And best of all, Memorial Day stands for all things grilled!

So in celebration of Memorial Day and to thank our veterans out there, today I’m going to post one of my favorite brisket rub recipes.  There’s nothing like a smoked brisket cooked low and slow!

Sweet Chili Rub

One quarter cup chili powder
One quarter cup brown sugar
Two tablespoons ground black pepper
One tablespoon kosher salt
One teaspoon cayenne pepper
One teaspoon ground cumin

Combine the ingredients in a bowl. Pack onto all sides of the brisket you’re going to smoke and let it rest in the fridge for 12 to 24 hours.

Enjoy your holiday weekend!  We’ll talk again next week!

Jessica Thompson

Calyx® is proud to announce that WebCaster®, its online website solution, has been updated. New enhancements include eDisclosure, which gives you the ability to send documents from the document management site to borrowers allowing for document download and signatures, all from a secure web site receiving room for easy, anytime access. The latest version also includes document request and collection, allowing you to send any document for instant communication with the borrower for secure delivery and receipt. Additionally, WebCaster now features loan application ownership, speed bumps, calculator improvements and the ability to use Google analytics.

For more information on the updates click here.

Not currently using WebCaster? You could be missing the key to a successful website that will increase your business, by allowing you to start accepting online applications, thus increasing the number of closed loans by building your loan pipeline.

Already have a website? Utilizing WebCaster holds the key to a plug-in solution that will create a seamless integration with Point® and PointCentral®. This unique plug-in solution allows you to start accepting online applications immediately without interruption to your existing site.

Click here or contact us at 800.362.2599 to get your key to more closed loans.

BJ Bounds

It’s been 150 years since the US helped the Mexican army defeat the French troops near Mexico City.  Over the years the significance of Cinco de Mayo has shifted from the celebration of that battle to a celebration of traditions and the Mexican heritage.

It’s a way of demonstrating cultural traditions and passing them down from generation to generation.  It’s also another fun—even if not official—holiday for adults!

This weekend in the Dallas area there are at least 11 separate festivals and parades going on with live music, dancers along with traditional food & performances.  It’s going to be hard to pick one!

What’s going on in your area?  Are you going to one of the celebrations?

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.

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.

BJ Bounds

Today I want to take the opportunity to thank all of the administrative professionals that have made our work lives so much easier over the years.

Having filled a similar position early in my career, I know how much work goes into the job they do. Depending on the office, the day in the life of an admin could be crazy busy and different every day, or monotonous and tedious most days with the occasional exciting event or task to break it up.

It’s actually a little like police work—so I’ve been told—minus the people spitting on you and sometimes trying to kill you! And just like police work, it can be a thankless position that we sometimes take for granted.

So take some time to day to express your appreciation to your favorite administrative professional!

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.

BJ Bounds

MyCalyx^® admins:  You can update your software now!  Point 7.6 is now an option in your version drop down list.

We recommend you push this version to your users as soon as possible. 

PointCentral admins make sure you update your PointCentral server first.  If you are using SQL 2000, you must upgrade to a newer version before installing 7.6.

We didn’t change the look of your screens but you’re going to find numerous upgrades in functionality for screens and reporting as well as improved integration with vendor interfaces.

Here are just a few of the updates you’ll see for Point:

• The ability to generate LEF file reports for RegulatorConnect
• Additional exportable fields for Fannie and Freddie ULDD files
• Improvements made to the Interfaces feature for ordering closing docs
• Enhanced UCDP portal for exporting XML appraisal files straight to Fannie Mae and Freddie Mac
• Several updated tax forms for adherence to current IRS versions
• Auto-forms update feature

 The May 10^th release of WebCaster will power these new features in Point 7.6:

• eDisclosures from the document management system through WebCaster borrower accounts
• The ability to post required documents from your Track Status screen into a borrower’s WebCaster account and also retrieve and store uploaded documents

 If you’re using PointCentral, you’ll be happy to see that 7.6 offers stronger security and more options for ensuring compliance through business rules:

• Enhanced business management tools that give access to another user’s loan files and limit loan file operations for specific user or users groups
• Improved password management
• Additional field comparisons and a new “contains” rule for filtering in business rules
• 7.6 offers triple the number of additional fields for reporting

Download Point and PointCentral 7.6 through MyCalyx or call your account rep today at 800-362-2599 if you need to update your Calyx account.

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.

BJ Bounds

Today marks the second Friday the 13^th of the year.   And we only have one more left—July’s will be the last one until 2013.

What makes this day so special?  I’m not sure anybody really has the answer to that.  For centuries, Friday has been considered unlucky. But how the day connects with the date, as in Friday the 13^th, is uncertain.

According to Snopes, there are as many superstitions surrounding the date as there are surrounding the day.  But the connection between the two appears to be something concocted in the last 100 years or so.

It’s a fun little mystery.  I’m sure we’ll get the all day marathons of “Friday the 13^th” movies this weekend!  That’s an upside at least, right?

I think I’ll buy a lottery ticket today.  Maybe my luck will change!

What about you?  Does your luck change on Friday the 13^th?  Good or bad?