NEW FEATURES

Feature

Functionality

New Good Faith Estimate

HUD’s final RESPA Rules require that a new standardized Good Faith Estimate (GFE) and final settlement statement of the loan terms and costs of obtaining a home mortgage, be provided for all loans processed on or after January 1, 2010. To help users transition to the new form, Point 7.1 uses the existing GFE to populate most of the fields and calculations for the new GFE (called the GFE 2010). In future releases the "old" GFE will be phased out and replaced by an improved screen with better compliance controls to help you complete the GFE more efficiently.

S.A.F.E. Mortgage Licensing Act

The FHFA has issued guidance to Fannie Mae and Freddie Mac for implementing the SAFE Act. For all mortgage applications taken on or after January 1, 2010, loan-level identifiers for the Loan Originator and Mortgage Company must print on the 1003. Additionally, those loan-level identifiers and unique identifying information for appraisers and supervisory appraisers (as applicable) must be included in the data sent to the GSEs. While the SAFE Act is Federal legislation, enforcement of the Act rests with the individual states and many have already implemented their requirements. To comply with the federal and any of the state requirements, Point 7.1 includes applicable input fields and prints the NMLS number and license number (if applicable) of the loan originator, loan origination company, branch, and Control Person at the top of all forms.

New 4506/4506-T Screen

A new input screen has been added to enable data entry that allows both forms to be individually or simultaneously populated and printed. In earlier versions of Point, this form was available as a print-only form. Because a single screen controls the print behavior of both forms, information you enter that is not applicable to one of the forms will not print on that form.

Truth-in-Lending Disclosure Statement

The recent amendments to the Federal Truth-In-Lending Act (TILA) by the Mortgage Disclosure Improvement Act (MDIA) and the Emergency Economic Stabilization Act (EESA) mandate the inclusion of the statement, "You are not required to complete this agreement merely because you have received these disclosures or signed a loan application," for all loan applications received on or after July 30, 2009. While Point 7.0 addressed the inclusion requirement, Point 7.1 addresses the specific placement of the statement within the "Fed Box" as recommended by the Federal Reserve.

Improved Title/Escrow Screens

It’s even easier to order, update, and check the status of your Escrow and/or Title Request with an enhanced user interface.

Freddie Mac

This interface has been upgraded to meet the latest Freddie Mac requirements which include the ability to reorder credit reports for specified borrowers.

GENERAL ENHANCEMENTS, CHANGES, AND FIXES

Feature

Functionality

Compliance

Due to the Home Valuation Code of Conduct (HVCC) requirements, the Appraised Value field ID 801 was removed from the Request for Appraisal screen and form printout. It was replaced with The Estimated Property Value field ID 5736 on the form, and can be printed when needed for Appraisal Management Companies (AMC).

The VA Request for Certificate of Eligibility (VA 26-1880) was updated to meet the latest compliance requirements for VA loans.

The VA Loan Summary (VA 26-0286) was updated to meet the latest compliance requirements for VA loans.

The Standard Flood Hazard Determination (FEMA Form 81-93) was updated to meet the latest FEMA compliance requirements.

The Aggregate Escrow Adjustment calculation has been corrected. Previously, the number of months collected changed on the Good Faith Estimate when the user clicked Calculate, causing an error in the initial balance. The number of months collected is no longer overwritten and the calculation is correct.

The Mortgage Insurance calculation for FHA ARM loans has been corrected. Previously, Monthly Mortgage Insurance calculated based on the adjusted rate. As per HUD guidelines, this has been corrected to always calculate based on the original note rate.

In the FHA 203(k) Worksheet, the Rehabilitation Cost calculation has been corrected. It will reflect only costs that affect the Cash From/To Borrower, the "Supplemental Origination Fee," and "Discount Points on Repair Costs and Fees."

When a loan is marked FHA, Borrower Paid Closing Costs field ID 12595 included the Discount Points field ID 1024. Per confirmation from HUD, the calculation was updated so Borrower Paid Closing Costs does not include Discount Points.

On the Good Faith Estimate, the fees marked Paid Outside of Closing (POC) and Prepaid Finance Charge (PFC) were not included in the APR. Fees marked as both POC and PFC adjust the APR accordingly.

Electronic Document Storage

Previously, some documents added to document storage may have displayed an error message if the file was password protected or were empty if the PDF file was not compatible with the document viewer. All PDF files will be added to document storage regardless of password protection or compatibility reasons. In addition, an "Open PDF" button has been added so the document can be opened outside of Point.

Calyx Network Services

Adobe Acrobat 9 caused certain reports not to be viewable in Point. Point uses a new embedded PDF viewer when viewing a PDF for Calyx Network Reports and no longer relies on the use of Adobe Acrobat.

When the user downloaded credit report, the report was empty if the PDF file was not compatible with the document viewer. All reports are displayed regardless of compatibility reasons. In addition, an "Open PDF" button has been added so the document can be opened outside of Point.

The Select Product login field on the Initial Disclosures and Closing Documents services menu was previously limited to approximately 20 characters. The login field length has been changed to unlimited.

Citrix/Terminal Server

In Citrix and Terminal Services environments, Point and Point Administrator used only the Winpoint.ini file from the main c:windows folder. The program was updated to use the Winpoint.ini file from the user’s specific Windows folder.

Performance

Point memory usage has been improved so that Point continues to operate regardless of how many windows or screens are open.

Performance of the Good Faith Estimate screen has been improved so that the screen opens faster.

PointCentral Rules

A PointCentral rule for fields within a Custom Screen triggered every time a loan file was opened. Custom Screen field rules function correctly and trigger only the first time.

Printing

In the Debt Consolidation Worksheet, the following statement has been removed, "Based upon the points provided, and subject to our normal credit approval, we could be able to process your loan application in as little as 5 to 15 days from the time you apply." Users can customize verbiage in the Comments section in place of this statement.

The ability to print the complete Loan Tracking Report for Prospect and Borrower was added back in the program. Previously, when the form was printed, it was empty.

Point crashed when printing marketing forms when a JPEG logo created in Adobe Photoshop was inserted by using the company letterhead setting. Support for JPEG logos created in Photoshop has been added.

The Due Date of a balloon loan prints on the MLDS Traditional and MLDS Non-Traditional only when the loan is a balloon loan.

When the user completed the Statement of Credit Denial, the Loan Amount field included only the Base Loan Amount field ID 11. The form has been improved to print the Total Loan Amount field ID 819.

Subordinate Financing

Previously, the amount entered in All Other Existing Mortgages was not saved in the loan file. This amount will be properly saved when editing.

When the user creates a second mortgage file, the Made and To be made checkboxes from the Refinance loan section of the Loan Application are retained in both files, instead of being deleted.

The Other Financing amount was not saved when the user entered the monthly payment in the Housing Expenses section. The field has been updated so the Other Financing amount saves properly in Housing Expenses.

General Issues

The Loan Representative field in a Report Template is linked with field ID 19 instead of field ID 1508.

When the user opened a loan file created in Point version 6.2 or earlier that had a purchase price of $0, the value in Loan Amount disappeared. The Loan Amount will be retained correctly for the old files.

Previously, for refinance loans with a subject property city that beings with "La," the city, state, and zip were deleted when the user edits the address in the Schedule of Real Estate Owned. The property information is saved properly regardless if the city contains "La."

In cities that share the same zip code, the Subject Property City changed back to the default city for the given zip code when an Interface or Service was used. This feature has been improved to prevent re-populating the city after using the service or interface.