The Department of Housing and Urban Development (HUD) issued a final rule under the Real Estate Settlement Procedures Act (RESPA) to simplify and reduce settlement costs for consumers. Organizations will be required to use the new standardized Good Faith Estimate 2010 after January 1, 2010.
With the new Good Faith Estimate comes new rules and regulations in regards to the yield spread premium and the service provider list.
Yield Spread Premium (YSP) is given as a credit to the borrower...read more
Providing a list of service providers to the borrower
...read more |
Point and PointCentral 7.2 offer simplicity, flexibility, and functionality with significant new extras as well as updates for compliance with the latest Federal regulations.
With new Federal compliance requirements going into effect on January 1, 2010, this is one release you can’t afford to miss.
Compliance Requirements
- GFE Provider List: Mortgage companies are required to list service providers on a separate form attached to the Good Faith Estimate, as of January 1, 2010.
- Loan Application (1003): Fannie Mae requires a new Form 1003 to support mandates of the S.A.F.E. Act. The new form must be used for all applications taken on or after July 1, 2010.
- Transmittal Summary (1008): Updated form includes new project classification codes required by Fannie Mae effective January 1, 2010.
New Features and Enhancements
- Co-borrower Synchronization
- Banker Screen Upgrades
- Document Storage Improvements
- Closing Documents Improvements
- Product & Pricing Interface
- Enhanced Rules Functionality *PointCentral
- Audit Trail *PointCentral
Provides the option to enable automatic logging of every field change, and which user was in the file at the time.
Read more about Point and PointCentral 7.2.
|
