If you’re not already on Point or PointCentral 7.2, now is the time! Constantly changing Federal regulations have shaken up the foundation of the mortgage industry. You’ll need this release in order to process loans in 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: An add-on to HUD’s final rule of the revised RESPA Rules that requires loan originators to provide a new standardized Good Faith Estimate (GFE) starting January 1, 2010, also requires mortgage companies to list service providers on a separate form attached to the GFE. This add-on has been addressed with the addition of fields within the GFE forms and the ability to print the additional form on a single page.
- Transmittal Summary (1008): Fannie Mae has updated this form, effective January 1, 1010, to include new project classification codes for Refi Plus™ loans secured by properties that are located in condominium, PUD, or cooperative projects and for projects approved through the Project Eligibility Review Service (PERS). The new form includes the codes V Refi Plus, T PUD, and T Co-op.
We will continue monitoring the industry and keeping you up to date on all new or upcoming regulation changes. That’s why you need to keep your subscription current. Trust us to keep you in compliance!
If you need assistance in learning about your software or other topics, check out our available classes at http://www.calyxsoftware.com/training/schedule.asp.