Point 7.2 Service Pack 2 has arrived!

March 18, 2010

BJ Bounds

Point 7.2 Service Pack 2 (SP2) is now available for download on our calyxsupport.com website.  SP2 includes critical compliance updates for the GFE 2010 including corrections for the provider list and added lock boxes to calculated fields and “Total from GFE2010.”

Additionally, forms 4506 & 4506T have been updated with the required January 2010 date stamp and California users will have access to MLDS Form 882.   The HMDA has also been updated as required for 2010 originations. SP2 also includes multiple updates designed for improved functionality including originator email fields that auto-populate in the GFE, enhanced Freddie Mac interfaces, and easier “Credit to the Borrower” entry fields.

Make sure you’re current on your subscription so you can download this free service pack now!

Note for MyCalyx accounts: You will receive your SP2 via MyCalyx. Please ensure that your users download the service pack directly from MyCalyx and not the calyxsupport.com website.


Gentlemen…Start Your Engines!

March 1, 2010

BJ Bounds

The countdown has begun for the release of Point 7.2 Service Pack 2 (SP2)!

In approximately two weeks, SP2 will be available for download on our calyxsupport.com website.  All current (7.2) customers will receive a notification email when the release is ready for downloading.  MyCalyx customers will access their update directly through MyCalyx.

SP2 will include critical compliance updates for the GFE 2010 including corrections for the provider list and added lock boxes to calculated fields and “Total from GFE2010.”    Additionally, forms 4506 & 4506T have been updated with the required January 2010 date stamp and California users will have access to MLDS Form 882.   SP2 also includes updates such as originator email fields that auto-populate in the GFE, enhanced Freddie Mac interfaces, and easier “Credit to the Borrower” entry fields.

Don’t miss out on this important Point 7.2 update!  Make sure you’re current on your subscription so you can get this free service pack when it’s released.  Call 800-362-2599 to get current.


YSP Why and Where – Point 101

January 22, 2010

BJ Bounds

The new GFE has generated countless questions and more confusion than even we could expect.   If you haven’t already seen it, the Niche Report published an article by Joshua Weinberg that really helps walk you through the process and explains it in clear detail.  You can find the article here.

But if you would prefer to step through the process in Point specifically, I’m about to make your day.  This is all about the YSP and how you report it in your software so that it appears in the correct spot in the borrower’s file.

Yield Spread Premium (YSP) will ONLY be considered as a credit to the borrower. All compensation to the Originator expects to receive must be clearly indicated up front, and may not change. This means that Originators are required to enter any and all amounts they desire to be compensated with on line item 801: Loan Origination Fee on the Initial Fees Worksheet.

  1. Go to the Initial Fees Worksheet.
  2. In the Compensation to Broker section, enter the YSP.
    **You must enter YSP here so that it will transfer to the GFE 2010 as a credit.
  3. Scroll down to the 1300: Additional Settlement Costs section.
  4. Enter the YSP into any of the user defined fields as a negative number. (For example: -2000)
    **You must enter the YSP again into this section so that the YSP is applied as a credit on Loan Application Pg. 4 to be included in “Cash to Close.”
  5. Go to the Good Faith Estimate 2010.
  6. Check the box, Borrower receives a credit of…
    **Checking the box applies the YSP as a credit on the GFE 2010

That’s it!  If you would like to see screen shots illustrating these steps, go to article # 0678 in our Knowledge Base.


Are you a Statistic?

January 21, 2010

BJ Bounds

There are a very few instances in the business world where spending more actually helps you increase your profits.  Marketing your business is one of those instances.  Running through the country yelling “CHARGE!” — is not.  If you are running your own business, cutting back—reducing unwise spending—can help you get to where you want to be.

 Recently the Mortgage Brokers Association (MBA) published a study that shows that the profit margin for independent mortgage bankers and affiliates narrowed at the end of last quarter.  An increase in overall origination costs is one of the factors MBA points out to explain the decline.  As mortgage bankers seek to compensate for rising costs and stricter regulations, evaluating current systems for efficiency is a natural first step. 

Source: Photobucket.com

 If your loan origination and processing system is not the most efficient and affordable platform suitable for your business, then perhaps a cost analysis is in order. You may need a new platform.  If you aren’t already using Calyx Software, be assured that Calyx can provide an edge to your bottom line profitability with affordability and simplicity.  You don’t have to worry about transition down-time because the software is easy to learn and easy to use.  It’s complicated on our side, not yours. 

 Calyx Software also makes sure that your next audit will be a positive one, with targeted software updates that keep you in complete compliance with federal regulations as they change.

 Now is not the time to idly ride the mortgage roller coaster.  It’s the time for action—the action you need to survive—and to profit in 2010.  

 If you’re not currently a customer or if your subscription has expired, call 800-362-2599 now to see how we can help.


Is the GFE giving you Nightmares?

January 11, 2010

BJ Bounds

If the GFE 2010 is keeping you up at night, this is one post you don’t want to skip.  Since we introduced the new GFE form in Point last August, we’ve been hard-pressed to keep up with training classes for it.  If you haven’t had time to sign-up for one of our classes, this post might help you with any questions you have.

There are many sources of information about the new form.  Here are just a few:

  • Our Knowledge Base is loaded with articles on specific topics both technical and non-technical. For GFE assistance, check out the following articles:
    • GFE 2010  #0654 .  This article provides a run-down about filling in the new GFE, and goes over the topics not covered in the other two articles below.
    • How to Disclose YSP #0678
    • How to enter the GFE Service Provider List #0679 . This article also covers getting the entries to auto-populate in a loan.
  • For information on 7.2 and the new regulations, visit www.calyxsoftware.com and click on Point > What’s New in 7.2.
    • Under “Introducing Point 7.2,” there are two links that open HUD’s RESPA page and the Release Notes for 7.2 that describe the changes in detail
    • Scroll down and look for the Point 7.2 mouse image; under it is a Play button for the What’s New flash demo
  • Our Free weekly Point webinars are always a hit.
  • The Point User Guide located in the help menu of your software is a great source for technical support and information.
  • Here are some additional articles available online that will help you understand the new laws and forms:

Of course if you have any questions about your Point Software, you can always call our support line at 800-342-2599.


Set Yourself Up For Success

January 6, 2010

Jody Collup

It’s hard to believe that it’s 2010! A new year and a new decade! Most of you are probably most concerned right now with compliance and the new GFE. Our Customer Support Lines are reaching record highs right now and we’re selling out of GFE 2010 classes faster than we can schedule them. If you’re not one to wait on the phone or take a class there’s also GFE info on our support web site.

Once you’ve got the GFE issue settled down, it’s imperative that you have a plan to market yourself.  The number of loans you will close in two or three months from now is dependent upon the marketing you do today.   Be sure to take the time to think about what tactics will ensure that you have an adequate loan pipeline as well as a consistent flow of referrals through out 2010.

Here are some things to consider:

Use the power of the internet – more and more business is conducted due to information that’s found on the net. Do you have a website? Having one allows you to be open for business 24-7. If you have one, is your site info up-to-date? If you don’t have one, check out WebCaster as an  affordable option.

Social Media has totally taken off, but you don’t have to be an expert to use it – and it’s free!  Set-up a Twitter and/or a Facebook account.  Twitter is searched almost as much as google now.  Can you afford not to have messages about your business where your audience is searching?

How are your referral relationships going? Maybe it’s time to add some new contacts to your mix – additional realtors, appraisers, title agents, landscapers or remodeling contractors…the potential referral list goes on and on.

And last but not least, make sure you stay in contact with your current customer list – you never know when one of them might need your services again or know someone who does!  We’ll have a blog post soon about how to use Point to send out email marketing to help you out with this.


Remember the GFE!

January 5, 2010

BJ Bounds

This is a reminder to all 7.2 customers that you need to download the Point 7.2 Service Pack 1 (SP1) before you process any loans this year!

This update is mandatory!

SP1 contains the following changes that make the GFE 2010 compliant:

  • Signature lines on Page 3 of the GFE 2010 have been removed
  • Line for Flood certification fee has been added to old GFE Form
  • The Print feature of the  Tradeoff Table has been updated

You’ll also notice additional enhancements that will improve your software in other areas:

  • Point PDFs for interfaces and document storage
  • Closing document interface
  • NMLS number field
  • Rules (PointCentral)
  • Freddie Mac® birth date imports
  • Co-borrower synchronization

If you are currently on 7.2, please download SP1 without delay.  You will not be in compliance without this service pack!

If you are not on 7.2, you’ll need to update your software in order to be compliant for 2010.  Call 800-362-2599 now.


What are you waiting for?

December 29, 2009

BJ Bounds

2010 compliance is knocking on your door!  You will need to update to 7.2 in order to process loans starting in January!  Don’t miss out on all of the loans you could be processing from new homebuyers!

7.2 includes new compliance requirements that you must have for January!

  • GFE Provider List
  • Transmittal Summary (1008)

The New Year is just around the corner!  Don’t wait!  Update your subscription and start 2010 off right! Call 800-362-2599!

If you need assistance in learning about your software or other topics, check out our available classes.

If you are already on 7.2, make sure you download the 7.2 Service Pack (7.1SP1) with the updated GFE 2010 form.


GFE Update Available for Download

December 23, 2009

BJ Bounds

As many of you know, we added the GFE 2010 form in the August launch of Point® 7.1.  Since that launch and the subsequent 7.2 release, we discovered that our form is not completely in compliance.  Of course we had done our due diligence and the form was deemed compliant by HUD– but then–due to last minute changes–it wasn’t.

So, today we have made the free compliance update available on our support site to all 7.2 customers.  You’ll need it to be compliant in January.

This mandatory update, Point 7.2 Service Pack 1 (SP1) , provides the following solutions for the GFE 2010:

  • Signature lines on Page 3 of the GFE 2010 have been removed
  • Line for Flood certification fee has been added to old GFE Form
  • Updates to Print-only features address mandatory compliance issues

SP1 also features several minor enhancements necessary for improved functionality of Point and PointCentral™:

  • Point PDFs for interfaces and document storage
  • Closing document interface
  • NMLS number field
  • Rules (PointCentral)
  • Freddie Mac® birth date imports
  • Co-borrower synchronization

If you are currently on 7.2, please download SP1 here and enjoy the rest of your holiday!

If you are not on 7.2, you’ll need to update your software in order to be compliant for 2010.  Call 800-362-2599 now to ensure you can process loans next year!


Still not ready for 2010?

December 21, 2009

BJ Bounds

It’s getting really close to the end of the year and the start of a whole new year of regulations.  If you’ve put off updating your software to 7.2, you are running out of time to be compliant!  The homebuyer’s extension will keep customers coming to your door and you will need to be compliant in order to process their loans!  You need 7.2 for 2010! 

 7.2 includes several new compliance requirements that have been added since our last release in August.  You must have these for January!

  •  GFE Provider List
  • Transmittal Summary (1008) 

As new laws are enacted and regulations change, we’ll make sure you know about it.  If you are current on your subscription, you’ll get all of the updated and new forms that come down from the feds. 

Don’t wait.  Call 800-362-2599 to get on 7.2 today!

 If you need assistance in learning about your software or other topics, check out our available classes.


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