We’re excited about this latest release and we’re sure you will be too. With 9.0, we’re making it easy to comply with the Consumer Finance Protection Bureau’s QM rule that goes into effect on January 10.
Now is the time to learn how your company is doing so you don’t find out at the last minute that your loans are not going to qualify.
At the bottom of your Point screens, you’ll find a QM button that provides findings that detail how the loan file complies with QM requirements based on current available data.
The findings report not only determines whether a file is considered a QM, it also provides pass/fail assessments on the individual QM requirements as well as a detailed analysis and relevant messaging.
You can run a QM findings report multiple times and each report is saved separately in Point’s document management system—perfect for auditing purposes. You won’t find a QM solution like this anywhere else!
Here are just a few more of the highlights you’ll find in Point 9.0
- Visual enhancements to the Anti-Disclosure screen and Self-Employed Income Analysis give you symmetry with the printed versions
- NMLS License Number fields have been reconfigured to support unique identifier methods using both alpha and numeric characters
- Multiple down payment fields enable comprehensive tracking of payment sources
- Multiple calculation improvements to several screens provide consistency and accuracy throughout the platform
For a complete list of updates and enhancements, see the release notes found on our What’s New page. While you’re there, check out the sample QM findings report!
Need to update your account? Call your account manager today at 800-362-2599 to get Point 9.0!