Version 6.1a Release Notes
Updated Form (04/08) - New Project Classification Codes for Freddie Mac (Required October 1, 2008)
The statement at the bottom of the Lender's GFE previously read, "The undersigned acknowledges receipt of the booklet Handbook on ARM Mortgages." This has been changed to, "The undersigned acknowledges receipt of the booklet “Settlement Costs, and if applicable the Consumer Handbook on ARM Mortgages."
If your data folders were located under the Netsetup directory when installing Point with an Admin Installation, Point removed all data folders from the system. If your data folders were located under the work or user folders during a regular installation, Point removed all the data folders. Both of these issues have been corrected, and all data is now preserved during an upgrade.
1. When using Web Interfaces within the Calyx Network, you can now minimize the Web Browser window to view your Point file and Interface Browser side-by-side. This enables you to flip back and forth between the screens in Point and the Web Interface you are using.
2. A 'Save As' button has been added to the browser window enabling you to save screen shots to your system.
Documents in the Calyx Network's DirectMortgage Interface were not able to be printed from within the browser window. This has been corrected, and documents will now print.
When requesting disclosures or documents through the Initial Disclosures or Closing Documents Interfaces, the 'View/Print' button did not launch the View/Print dialog when the document window displayed only one document. This has been corrected, and the window is now displayed correctly.
When importing a new Closing Cost Scenario into the Good Faith Estimate, the new Closing Cost Scenario would overwrite line numbers 801, 903, 1001, and 1004. These fields now preserve the manually entered data when importing a new Closing Cost Scenario.
On Page 1 of the printed MLDS, 'Paid to Other Total' and 'Paid to Broker Total' were transposed into the wrong columns. The correct totals now appear in their respective columns.
When two borrowers were listed on a loan file, clicking 'From VOE' on the Verification of Employment screen caused the Borrower's name to show on the Co-Borrower's VOE. The correct names now print on their respective VOE forms.
When security was enabled for individuals users, and "Access to Secured Area" was not checked, the loan search results screen had the "Copy," "Move," and "Delete" buttons enabled only after closing the Borrower file. These buttons are now correctly disabled for this situation.
Version 6.1 Release Notes
Point includes a Loan Checklist which appears on the new right navigation bar. The Loan Checklist displays the status of all incoming and outgoing documents that are added from the Track > Loan Status screen. Basic and Miscellaneous documents can be added to this checklist to easily track and update the status of documents required to complete the loan file.
The Loan Application is revised and now contains an updated user interface. In addition, boxes for multiple entry items including Employers, Assets, Liabilities, and Real Estate Owned items are easier to view in a list format directly within each section.
Point contains a generic Initial ARM Disclosure Statement which is required by some states to be given to the borrower at the time of application. Please be advised that this Initial ARM Disclosure may not accommodate every loan scenario available. Please check with your lender for unique loan program disclosures that you may be required to give to your customers.
A Personal Information dialog box has been added to store additional information about your borrowers. This new screen can be accessed at the bottom of the Borrower Information screen in the button titled, "Personal Info." This screen contains the interests & hobbies of the Borrowers, along with information on the Borrower's children. This information can also be used for Marketing purposes when running Reports in Point.
Point contains a Direct Connect method to order required Initial Disclosures on a loan file. Disclosures can be ordered and electronically returned back into Point to save and print. This new features is located in the Services menu under Initial Disclosures.
Point contains a Direct Connect method to order final Closing Documents on a loan file. Disclosures can be ordered and electronically returned back into Point to save and print. This new features is located in the Services menu under Closing Documents.
Point contains a Direct Connect method to order Hazard Insurance quotes which will populate back into Point. In addition to easily being able to calculate out the correct Point ratios, an e-mail will be sent to the borrower allowing them to purchase their Hazard Insurance policy online.
A new menu titled, "eLoanFile" has been added to the Point menu bar to assist in entering data that will be used in ordering Electronic Transactions from the Services menu in Point.
Due to regulatory updates in many states, The Good Faith Estimate has been updated to include several new fields including who an item has been paid to, the company name that the fee has been paid to, and who the item was paid by. The Summary section of the GFE screen has been updated to total all fees up separately, and show the Details of Transaction to balance the GFE with the Loan Application. Page 1 of the California Mortgage Loan Disclosure Statement has been removed and consolidated with the Good Faith Estimate. The Good Faith Estimate will now carry over fields to Page 1 of the MLDS printed form.
The GFE printout is updated to print on letter size paper and only print the fees that have been entered. All fees not entered on the screen will not be printed. In addition, a new Summary page has been added which details out the breakdown of Closing Costs in an easy to read fashion. At the bottom of the Summary page is a new "Notes" box which enables you to enter any additional details that you would like to give to the borrower.
Note: As of the time of this release, the California Department of Real Estate had not yet finalized or published the final rule and respective MLDS forms. Therefore, these changes have not been incorporated into this release, but will be included in a subsequent update.
The Truth-in-Lending prints on letter size paper.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Updated the OMB Control Number Expiration Date at the top right corner of the form.
Point uses an MSI (Windows Installer) which now works better under the Window Environment when running a Point Installation.
When printing Custom Forms in a Print Group, they print in the order specified (unless it was specified for the print group to print in the order of paper size.)
If the amortization schedule is completed with a payment schedule that has multiple payment changes, the payment schedule will no longer run together with the form and page number in bottom left hand corner of the form.
Master files which contain "other" as the purpose of loan now populate the correct checkbox in a Borrower file.
When clicking the Lock Box to the Amount of Mortgage Insurance Paid in Cash Field, the amount entered would stick when un-checking the box. This has been corrected and the amount re-calculates automatically.
Credit Report fields now display in a generated report if a "+" sign is in front of the credit score.
Point is able to calculate Interest-Only Bi-Weekly payment schedules where the payment is Interest Only for a set period of time, and then converts to a fully amortized loan.
Total Installment Debts from Loan Application - Page 3 no longer transfer to box #14c (Other) on the MCAW. They now transfer to box #14a (Installment Debts).
When entering a 2nd Mortgage Insurance value on the Truth-in-Lending the value was not automatically re-calculating when the Sales Price, Loan Amount, or Appraised Value was changed. The second mortgage insurance percentage now updates the dollar amount correctly.
When moving a linked borrower file to another data folder, Point gives an error that in order to keep the link between the two files, both files must be moved into the same data folder. If both files are not moved, the synchronization link will be broken.
When clicking "customize" on the Truth-in-Lending, the payment schedule would sometimes be incorrect. Point now calculates the correct APR when customizing the payment schedule.
The Borrower and Co-Borrower's credit scores now transfer to the Subordinate Financing file when doing a Piggyback loan and both files are linked together.
The Point Report Viewer gives you the ability to print your Report.
The loan type on a synchronized Subordinate Financed file is no longer synchronized. Each loan can have a different loan type selected. (i.e. First Mortgage is Purchase, Second Mortgage is Other).
All "Chk" fields in the Trust Account screen have been increased to a 10 digit maximum.
Point would sometimes have screen refresh images where an image from a screen in back of the Point Application would show through on the Shortcut Toolbar. Point should no longer have screen refresh issues and odd images should no longer appear in the Shortcut Toolbar.
When a print group was selected in a Co-Borrower file, the print group button was disabled. This has been corrected and print groups are able to be printed from Co-Borrower files.
When a file is checked as Bi-Weekly on the Truth-in-Lending and you click "Calculate" the payment would show as a monthly payment when closing the file and opening it back up. Upon re-entering the file, the payment shows correctly without having to re-click Calculate on the Truth-in-Lending.
The "Max Loan" button on the Borrower Information screen is only enabled when the loan file is an FHA Purchase loan. This button was previously always accessible even though it was only useful when doing an FHA Purchase transaction.
If a user does not have security access to financial information screens, they are no longer able to print the screens.
The Affiliated Business Disclosure statement prints the same date entered on the Good Faith Estimate instead of the computer system's date.
The Co-Borrower mailing labels in marketing reports were not printing co-borrower names on the labels. This has been corrected, and co-borrower names print.
When creating a Custom Letter in the Marketing feature, the Present Address and Mailing Address did not populate to Custom Forms. This has been corrected, and the addresses print.
Lines #10 and #12 were not carried over from other screens in Point. These two fields are carried over and calculate so re-entry is not required.
Within the Loan Demands button on the Loan Submission sheet, fees paid to the Lender were rounding to 4 decimal places instead of 3. This caused dollar amounts to be off by a few cents. This has been corrected and the lender section rounds to 3 decimal places.
When creating a repeat loan by going to File > Save As, the Type and Purpose of Loan would not display in the Loan Summary navigation. This has been corrected and the information does carry over when creating a new loan.
When creating a linked Subordinate Financing file in Point, if automatic zip code population was turned on, Point would automatically fill in the city name of the Subject Property. In some circumstances, the two cities share the same zip code and it would be necessary to change the city name manually. Upon saving the file and re-opening Point the city would revert back to the one populated by Point and not the one manually entered. This has been corrected and Point retains the manually entered city name.
When creating a Hybrid Option ARM that had an Initial Payment Rate Period and a Balloon Option, Point would continue to let the loan payment rise past the Maximum Negative Amortization Balance without recasting on the Truth-in-Lending. This has been corrected, and Point recasts the loan properly when the maximum negative amortization limit is reached.
When creating a VOE, Point carries over the Phone and Fax numbers in the "To" and "From" fields.
When importing a Loan Program template, Point would check the "Initial Pmt Rate Period" checkbox on the Truth-in-Lending even though the field was not checked in the Loan Program template. This has been corrected and Point no longer checks the box.
When the negative amortization limit is reached on a negative amortizing loan, Point was calculating one odd payment to keep the balance the same as the maximum balance when re-casted. If the remaining balance is over the maximum balance, Point re-amortizes the loan immediately.
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