Point includes Prospect and Borrower files. Prospect files contain all the features, forms, and functions that loan officers need for loan marketing and origination, including Prequalification and Loan Comparison, just to name a few. Prospect files also have connections to lenders who offer automated underwriting services. Borrower files contain all the features found in Prospect files plus all the functionality and forms that loan processors require to process a loan, including verification forms and the Transmittal Summary (Form 1008).
When you’re ready to begin processing a prospective borrower’s file, simply convert the Prospect file to a Borrower file. The Borrower Information screen contains all the information included in Prospect files, plus easy access to all the forms, verifications, lenders, and service companies you need to prepare the loan package for submission. And you won’t get lost when navigating—the same toolbar is always at the top of the screen so you can easily access all the forms, lenders, and mortgage service companies that you need.
Loan Comparison
The Loan Comparison screen generates side-by-side loan comparisons, making it easy to compare different loan programs. Quickly access loan program scenarios for fixed, ARM, and government loans. Use the pop-up calculators to insert hazard, tax, and MI factors, as needed. Choose the right closing-cost scenarios and you’re ready to compare loans for any number of months you like. In addition to the standard loan summary information, the printout includes minimum income required, maximum debt allowed, total cash-to-close, and APR.
View Loan Comparison Screen
View Loan Comparison Flyer
Open House Flyer
Point makes it easy to print flyers that include three side-by-side loan comparisons for specific properties. Simply enter the data in the Loan Comparison screen and select Open House Flyer from the print menu to generate the flyer. When working with Realtors, you can use these flyers at open houses, enabling you to market your product and services to everyone who sees the property.
View Flyer
Borrower Information
The Borrower File contains all the features, forms, and functions that loan processors need to process a loan. At the heart of the file is the Borrower Information screen, containing borrower contact information, loan program details, and property information. From this screen, you can manage mortgage insurance, subfinancing, investment, and credit score information. Point allows you to complete tasks in the order you prefer—data flows from one screen to the next without having to be re-entered. And you won’t get lost when navigating in Point—the same tool bar is always at the top of the screen so you can easily access all the forms, verifications, lenders, and service providers you need to prepare the loan package for submission.
View Borrower Information Screen
View Borrower Summary
Loan Application (Form 1003)
For each page of the Loan Application there is a matching screen in Point. The flow of information in each screen is similar to the flow on each page of the application. You’ll appreciate the large data entry fields and the way certain fields become dynamically available according to the purpose of the loan selected. Drop-down menus, use of Master File templates, pop-up calculators, and access to Cardex make filling out the loan application a breeze. Data flows from one screen to the next without having to be re-entered. Electronic access to credit providers makes it easy to download the borrower’s outstanding debts into the liabilities section of the form—in minutes. Estimated closing costs flow automatically from the Good Faith Estimate into the Details of Transaction. And you can customize the Shortcut tool bar for quick access to the forms that you use most often, enabling you to move between those forms and the Loan Application in seconds.
View Loan Application Screen, Page 1
View Printed Loan Application
Good Faith Estimate
The Good Faith Estimate can be accessed from the Forms menu in both prospect and borrower files and can be printed in either broker or lender formats. Loan program and Closing-Cost Scenario templates are accessible from the Good Faith Estimate screen, making it quick and easy to complete the form. Estimated closing costs flow from the Good Faith Estimate to the Details of Transaction automatically—no matter which one you complete first. Point allows you to fill out forms in the order that suits you best. And as you work your way through a form, numerous calculators—both automatic and customizable—are always available.
View GFE Screen
View Printed GFE
Truth in Lending
The Truth in Lending (Reg-Z) screen can be accessed from the Forms menu in both prospect and borrower files. Access to fixed and ARM loan programs make this screen quick and easy to complete. You can create Master File templates to hold commonly used information such as filing fees, late charges, and prepayment penalties. Once the template is created, you can select it from within the Truth in Lending screen and the corresponding fields will be populated automatically—significantly reducing the time it takes to complete the form. Extra calculators and data entry boxes for mortgage insurance, Form 1098, and Section 32 are also included. The Truth in Lending APR calculation includes all prepaid financing charges from the Good Faith Estimate screen when the PFC boxes, next to each charge, are checked. A complete Amortization Schedule is also included so you can display “what if” scenarios for extra payments and print them in two formats.
View Truth in Lending Screen
View Printed Truth in Lending
Transmittal Summary
The Transmittal Summary in Point is especially good at handling types of loans that are often difficult to generate in other mortgage applications. Examples include nonowner-occupied properties and negative cash flow on subject property loans—just to name a few. The Transmittal Summary screen can accommodate data for a borrower with a single loan application and for coborrowers who are listed on up to six loan applications—all connected to one file. With Point, Combined Transmittal Summary calculations can be viewed on screen—you don’t have to print a copy to see all the data. The Transmittal Summary also contains a handy Credit Scores pop-up box. Scores can be entered manually or filled in automatically when you download information electronically using one of the many credit provider services available in Point. Up to three sets of scores are automatically displayed in the Underwriter Comments section of the printed form—underwriters appreciate having this information right where they need it.
View Transmittal Summary Screen
View Printed Transmittal Summary