FHA 92900-LT Loan Underwriting and Transmittal Summary is now available!

The new form is allowed to be used now, but will be required on all transactions beginning October 1, 2008.  When in an FHA Loan file, the FNMA 1008 button changes to the 92900 LT button, as they are both Transmittal summary screens, and share similar data.  To access the other screen, each data entry screen has a button at the bottom to allow you to switch back and forth as needed.  In the print list, the new form appears just above the MCAW form, under processing docs.

This allows you a few months for a smooth transition where you can compare and print out the new form along with your old forms. All old forms will remain in the system, along with their data entry screens for backward compatibilty.

Attached Files:  New option to export & Zip all attached files into one zip file.  Security for this item leans on the user's security to check-out and view files.

Add optional switch to the INI file to allow system's administrators to configure a different server location for the files attached to loans.  This benefits companies storing massive amounts of attached files over extended periods (years), and also offers varying configuration options for Terminal Server users experiencing database connection errors.

Statuses screen modified:  If system flag is being used for "No Closing if Section 32 Loan" then the system will now check if the loan was previously closed when entering the status screen.  If not previously closed, then all dates in the Closed/Servicing sections will be removed if the Section 32 calculator hasn't been run at least once, and currently must be Section 32 = "No".

Per FHA regulation, noted on form 92900-B, page 2, PMI may be included until the LTV drops to 78% or a minimum of 60 months.  Therefore, we have added to ARM/Loan Plan defaults and the ARM Screen within loan files the option to add PMI to the amortization for a minimum number of months (i.e. 60).  You must list PMI for this property, and then use either or both of the PMI fields in the ARM screen to accomplish this.  Remember, the PMI Cutoff LTV is the point at which PMI stops being added into the payment during amortization, so 100% (or higher for neg-am) means to not include pmi, 78% means stop including when declining balance reaches 78% of LTV during amortization, and 0 means add pmi for life of loan during amortization.  The new field for minimum number of months will just force pmi to be added to the payment during amortization for that given number of months, regardless of the PMI Cutoff LTV setting (even if 100%).

Modified the Amortization routine for FHA loans to use special calculation formulas for declining PMI Amounts, per rules set by FHA.  The new formulas use the UFMIP Factor (1.25-2.25%) from the FHA Calculator screen, and the MI Factor (0.50-0.55%) from the Properties screen (in the proposed section) when amortizing your loan.  If you omit these values, the system will use default values of 2.25% (UFMIP) and .50 (MI) to determine the sliding scale MI Amounts to add to the monthly amortization payments (except for terms < 15 years).   Since the monthly MI amount is recalculated using the Average Monthly Balance of the next (future) 12 months, the initial monthly payment (and all subsequent payments) will be lower than your impounded payment shown in Work The Deal. 

Users with Print-Docs-in-Read-Only-Mode rights will now be able to print credit reports as well, in read only mode.

Corrected Mortgage->Debt conversion to assign type of "Credit Card" as default type for debt.

FHA/VA License Monitoring by State for Broker/Correspondent Monitoring module.

Equifax (direct) Credit Report Interface is now complete.

New User Security Feature to be able to run credit when the loan is in Read Only mode.

BB&T feature to require their users to enter the declarations before progressing the loan statuses.

When Importing Loans, if the active user is a Loan Officer, Processor or Underwriter then the import screen will automatically select them for the loan values, and clear the other two. Additionally, it will set the Region, Branch and Team values to match them at the same time.

Compliance Eagle interfaced updated to version CE 1.40. Stylesheets are now being applied to the response files returned from the vendor, which may be customized. User Response inputs have been corrected and will now post back response data to Questsoft.

Added ability to impound "Flood/Other" from General->Investor->Program->Quickapp.  This impound Y/N flag is tied to the "Other" amount in the PITI Stream (from Subject Property proposed expenses), and can be used for Flood Insurance impounding.

Corrected Error in Tickler when setting followup alarm from current alarm window.  The error would occur when you set the current alarm to "Call back" "left message" or "no answer", then when the program offered the user an option to automatically create the next tickler alarm from the data on this alarm, when recursively building the next alarm message an error would be generated.  Now this has been corrected and you may continue to use the auto create as designed.

New feature for Import Loans (Zip or FNMA DU) where you may select "From System Settings" for Approval Conditions.  The import routine will use the same hierarchy as the Start New Loan process (from Quick App) where it will check the Investor Program for conditions, and if found stop.  If none, then it will check tghe Investor and if found get those and stop.  Finally it will look (if none so far) into the base Loan Program (T1/E2/Conv/FHA/VA) settings to see if they have a root set of approval conditions to use.  The program in question is the one mapped to the given file being imported.  If you have previously mapped programs, and wish to see the map file, check the box [x] Review Investor Program Map during the import process.  Selecting a FNMA DU file automatically checks this box for you, assuming you need to reselect which program to use.

Guaranty Export added for Wire Requests

Payment tracking screen now includes ACH as payment type.

Land America credit interface changed to a different connection method for ease of deployment and stability.

Modified the FHA Calculator to work better with the varying methods now allowed: 1) Removed 1% limit on 801 %, 2) Removed the "zeroing" of 801 "plus" amount, * 3) ask user before changing 802 amounts and loan purpose, 4) Allow %+Amt for both 801 and 802 (properly recalculate the values

FHA UFMIP % may now be defaulted by Investor Program (in Terms screen). When creating a new Investor program, this value is derived from the system default taken from the "General/General" FHA defaults screen.

New Security feature: limit user to only single credit bureau in run credit screen.

Export to FNMA (DU 3.2)- corrected the FHA Lender/Sponsor values to no longer include spaces or dashes.

Compliance Eagle, corrected importing of return values for Flood certifications and Geocoding.

Corrected issue where changing Arm Plans wasn't including the new Add PMI Minimum Months field.  This has been corrected now for New Quickapps, Changing Arm Plans in the Arm Screen, and also if you select to change the Arm Plan when changing Investor Program in Work the Deal.

Updated the 1098 imprint text areas to the latest (2008) forms from IRS, and changed the printable forms to automate the year.

Corrected issue with XML Reports having the Risk scores assigned all to the primary borrower.

Corrected issue with DMS Credit where the Experian Bankruptcy scores would be imported as standard scores.

Lead List:  now users can sort the columns in their own desired order, similar to the Loan Lookup screen.  Preferences are saved per user.

New feature:  Admin may assign a default Investor Program (for Quick Apps) per user, in the user's Security "Other settings" screen.  This setting, if present, will override the General Defaults Investor Program.  This aids in settings defaults for certain users who are on teams dedicated to certain types of lending which varies from the other users.  For example, some users may use the system setting for a Retail program, and other users may have a setting to default to a Wholesale program.  This doesn't prevent them from changing the program in teh Quick App screen, rather helps them to have more data straight before they being each new loan.

New Feature - Quick App Requirements - Admin can define which QuickApp fields are required.  This enables the administrator to set no requirements, all the way to fairly stringent requirements including email address fields.

Modified FHA Calculator for new 01/2009 Purchase regulations - 96.5% LTV

When changing Investor programs, now if you select a CONVENTIONAL or EQUITY 2nd loan type, the UFMIP value will be cleared from the Details of Transaction.  A problem was occurring where users would change from an FHA loan to a Conventional program and the UFMIP would remain, causing the LTV and base loan amount to be incorrect.

Compliance Eagle - new interactive window for users:  when ordering new items from the CE system, you will be presented with a new window to interact inside.  If the results come back with prompts, you may make your selections, scroll down and click Submit to send your choices back to the CE engine.  This new interface streamlines the interactions between the user and the Compliance Eagle host, improving data reliability and responses!

New Servicing Transfer disclosure form, and updates to the IRS 4506-Instructions.

Added a switch to invert the A/U Rates and pricing model from a negative to positive, if returning results as Points.  If you are returning pricing as +/- from 100.000 you will not want to enable this switch.

Found and corrected 2 more screens that could possibly deadlock "open" an Energizer session during a forced closeout (upgrade request over the network from admin).

VA Calculators (both) now update HUD 902 with the appropriate Interest amount.

Lock Sheet may now be printed from the A/U Results screen after locking the selected rate.

Added new VA (Veterans Admin, not Virginia) documents to the list of processing docs.

Updated the CredcoXML credit report system to now use the Credco Branch account information if available.  This information was originally set up for use with the Instant-Merge based requests, and was unavailable for XML based requests.  Now, as Instant-Merge has been completely deprecated, we utilize the same field information for the XML Based Credco report requests.  In defaults, set up the XML info for URL, log in ID, and password.  Additionally, you may set up the "House" Credco account number and password.  For each branch desired, you may enter the Credco Account and Password which will then override the "house" account info.  If empty, then the house info will take precendence.  There is only the need for one Dataflite ID and Password, entered in master defaults, not by branch.

New Investor pricing features: Track Gain on Sale, calculate front end and backend pricing.

Widened Lead Detail sheet "reason for status change" to hold 100 characters.  Display only shows about 60, but will scroll in text region.

Upload/Browse Debts now sorts in reverse, beginning with the most recent report first, scanning to the oldest report last.  This is also how it auto-selects which debts are to be uploaded, excluding duplicates based upon name/account number.  Also made some corrections to how existing debts/mortgages/inquiries are removed, prior to uploading new debts.

Added ability for you to set a time of day (i.e. 4pm) at which the users can no longer lock a file through the A/U Rates engine.  Also removed the ability to lock for a program which has failed 1 or more rules.

Lock Date, and Expiration, are now reflected on the loan desktop in the upper right corner.

Completely rewrote the source code logic for the Bank Deposits screen to remedy an error which occurred if you deleted all entries, and there were more than one, and you pressed/clicked PgDn.  The error "Alias DepositsComLoanBor" was presented to the user and an application termination.  The screen overhaul fixes this issue, and also changes a little of the behavior of the screen too.  Now to copy an existing bank record to another, select the existing record in the list and click [Copy Selected] instead of making a blank record and choosing from a drop-down list.  The drop list which displays account names has been updated to reflect additional borrower names and "Other" which will blank out the field and allow you type free-type anything you want.

In A/u Rates Maintenance screen, when adding a new snapshot using the SQL Edition, previously NULL values would appear in the Effective and Expiration datetime fields.  This has been corrected, and the problem of the calendars being displayed half off-screen has been corrected.

  Back to Home  •  Back to Downloads