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Point 10.0 Release Overview with
TRID 2.0 Updates
Legal Disclaimer
The information presented is confidential and proprietary to Calyx Technology, Inc., dba Calyx Software
(“Calyx”), and may not be disclosed without the permission of Calyx. The purpose of this presentation is
to provide information, rather than advice or opinion. It is accurate to the best of the speaker’s
knowledge as of the date of the presentation. To the extent that this presentation contains any
examples, please note that they are for illustrative purposes only and any similarity to actual individuals,
entities, places or situations is unintentional and purely coincidental. In addition, any examples are not
intended to serve as legal advice. No part of this presentation may be modified, printed, or presented
without the permission of Calyx.
© Calyx Technology, Inc. 2018. Calyx and Calyx Software are registered trademarks of Calyx Technology, Inc. All rights reserved.
Presenter
• 10 + Years in the Mortgage Industry
• Processing
• Underwriting
• Post-closing
• Training
Roshena Jackson |Calyx Software Professional Services Consultant
Overview - Detail
Mandated Consumer Financial Protection Bureau (CFPB)
TRID 2.0 updates (mandatory October 1, 2018)
Loan Estimate (LE)
Closing Costs Expiration Date
• If the “Intent to Proceed” field includes a date, the Closing Costs expiration date will not print
on the LE.
• If the “Intent to Proceed” field does not include a date, the Closing Costs expiration date will
print on the LE.
Closing Disclosure
Paid Outside of Closing Funds (POC) and Paid By • CFPB mandate - When a fee is paid
outside of closing, the user must print
the POC statement and include a
description of the party making the
payment.
• Added “Paid Outside of Closing” check
box to exclude fee amount from the
Cash to Close calculation. (page 3)
• Added “Paid By” dropdown list. All fees
that are paid outside of closing are
now required to disclose.
Closing Disclosure Addendum
Paid Outside of Closing Funds (POC) and Paid By (Cont.)
CFPB requires the full description of POC fees on page 3
of the Closing Disclosure. If the full description has too
many characters, the full description will print on the
Closing Disclosure Addendum.
Closing Disclosure > Payoffs and Payments
Paid Outside of Closing Funds (POC) and Paid By (Cont.)
• Added POC check box
When checked, the payment is excluded from
the Total Payoff and Payments.
• Added Paid By dropdown list
All fees that are paid outside of closing are now
required to disclose.
• Renamed Copy From Liabilities button
• The button is now labeled “Copy From Loan
Estimate”.
• Updated Copy button functionality
• The “Copy From Loan Estimate” button copies
the payoffs and payments from the Loan
Estimate, not the liabilities from the Loan
Application.
Simultaneous Subordinate Financing
1st and 2nd mortgage (Piggyback) • If the 1st Lien disclosure records the entirety of the 1st and 2nd seller’s transaction:
• The 2nd Lien disclosure does not have to be provided to the seller.
• The sales price is excluded from cash to close calculations for the 2nd Lien
disclosure.
• No longer required to enter the 1st Lien mortgage amount on the 2nd Lien disclosure
to balance cash to close.
Simultaneous Subordinate Financing (Cont.)
1st and 2nd mortgage (Piggyback) • Added “Simultaneous Second” check box:
• Only use the new calculation on the simultaneous subordinate
financing disclosure if the 1st lien includes the entirety of the 1st and
2nd seller’s transaction.
• Otherwise, the 1st lien mortgage amount should be recorded in
the Payoffs and Payments section of the 2nd lien disclosure to
balance cash to close.
• Enter the 2nd lien mortgage amount rather than entering the 1st lien
amount in the Payoffs and Payments of the 2nd lien disclosure.
Simultaneous Subordinate Financing (Cont.)
Disclosing Purchase Loans with the Alternative Form • Expanded the Alternative Form for the Loan Estimate and Closing Disclosure to
allow the usage of the disclosure on a Purchase for the 2nd lien.
• This only applies when processing a simultaneous 1st and 2nd mortgage.
• Point will allow the user to disclose the Alternative form for this scenario (2nd Lien
Only).
• 1st Lien would still process as a Standard Form.
Loan Estimate / Closing Disclosure
Due From Borrower • Fees calculated in this section will fall into one
of two categories: “Funds From/For Borrower” or “Adjustments and Other Credits”.
• Copies to Closing Disclosure “Section K” - Due
From Borrower. • Funds From Borrower / Funds For Borrower • Closing Adjustments and Other Credits
Loan Estimate / Closing Disclosure – Projected Payments
Estimated Taxes, Insurance & Assessments – “In Escrow?” • The “In Escrow?” section of the projected payments table for Estimated Taxes, Insurance &
Assessments will print “YES, Some”, when applicable.
• Populates “YES, Some”:
• When the escrow fees exist in Section G. Initial Escrow Payment At Closing of the Fee
Worksheets.
• When some fees are escrowed while others are not.
Construction Handling & Inspection Fees –
After Consummation
Construction Handling & Inspection Fees
• Construction Handling & Inspection Fees can be
applied before or after consummation.
• Fees of this type that are applied before and
at consummation are disclosed in the Loan
Costs section of the Loan Estimate and
Closing Disclosure page 2.
• However, fees of this type that are applied
after consummation are disclosed on an
addendum but are also included in
calculations.
• Per new CFPB mandate.
Construction Handling & Inspection Fees –
After Consummation
Construction Handling & Inspection Fees • Added Post Consummation Fees button
• Bottom of Fees Worksheet on the Loan Estimate
• Bottom of every page on the Closing Disclosure
Construction Handling & Inspection
Fees – After Consummation
The Construction Handling & Inspection Fees are included in the:
• “Loan Costs” calculation in the “In 5 Years” section of the Loan Estimate page 3
• “Total of Payments” calculation on Closing Disclosure page 5
Annual Percentage Rate (APR) / Total Interest
Percent (TIP)
APR & TIP round to the 3rd decimal • The calculation for the APR and the TIP have been updated to round at the 3rd decimal
in accordance with TRID 2.0 mandates
• Rounds at the 3rd decimal for Loan Estimate and Closing Disclosure instead of
truncating
Rounding Percentages – Loan Estimate/Closing Disclosure
Percentages do not include trailing zero (0) • Several percentage fields on the Loan Estimate and Closing
Disclosure are updated to not print a trailing zero (0)
• 4.050% will print as 4.05%
• 5.120% will print as 5.12%
• 12.0% will print as 12%
• Rounding to the 3rd decimal will impact these areas
of the Loan Estimate and Closing Disclosure:
• Interest Rate
• % of Loan Amount (Points)
• APR
• TIP
• Loan Terms section (Loan Estimate / Closing Disclosure
page 1)
• Adjustable Payment (AP) (Loan Estimate page 2 / Closing
Disclosure page 4)
• Adjustable Interest Rate (AIR) Tables (Loan Estimate page
2 / Closing Disclosure page 4)
Product – Construction-Perm Loans
1x Close = 1/30 Adjustable Rate
If the interest rate is unknown at consummation, Point will determine if the product will be
disclosed as “1/30 Adjustable Rate” if the Lock Period days field on the Loan Estimate is blank.
• Please note:
• Adjustable rate loans will not apply.
• The product is 1/30 Adjustable Rate, where “30” represents the term of the
permanent phase of the loan.
Product – Construction-Perm Loans (Cont.) 2x Close = 0/30 Adjustable Rate
• The permanent phase loan must be
marked as a Cash out Refinance or No
Cash out Refinance.
• AND the Construction period in the “If
Construction Loan” section of Loan
Application page 1 must contain a
value.
If the interest rate is unknown at consummation,
Point will determine if the product will be
disclosed as “0/30 Adjustable Rate” if the Lock
Period days field on the Loan Estimate is blank.
• Please note:
• Adjustable rate loans will not apply.
• The product is 0/30 Adjustable Rate,
where “30” represents the term of
the permanent phase of the loan.
Fees Worksheet/Closing Cost Worksheet – Escrowed
Mortgage Insurance check box
Section G. Initial Escrow Payment at Closing
• Added an “Escrowed” check box in Section G. “Initial Escrow Payment At Closing” for
“PMI/MIP/VA FF/USDA Reserves” on the Fees/Closing Costs Worksheets to include
escrowed Mortgage Insurance (MI) in several calculations.
• Includes MI in the Escrowed and Non-Escrowed Property Costs Over Year 1 (Closing
Disclosure page 4)
• Includes escrowed MI in Total of Payments (Closing Disclosure page 5)
• Includes escrowed MI in Loan Costs (Loan Estimate page 3 – In 5 Years section)
Escrowed MI Calculations
Escrowed MI Calculations
• Includes escrowed MI into the Loan Costs and Total of Payments calculations as well
as Escrowed and Non-Escrowed property costs Over Year 1 on Closing Disclosure
page 4.
Closing Disclosure page 4 – In Escrow
In Escrow
• In the Property Costs Over Year 1 section,
the user is allowed to specify how many
months remaining in the calendar year
after consummation to include in the
property costs calculation.
• Added months left for Escrowed Property
costs
• Default is 12 for a whole year
• Calculates for Escrowed and Non-
Escrowed Property Costs
• Includes Mortgage Insurance from
section G. Initial Escrow Payment at
Closing from the Closing Cost
Worksheet
Closing Disclosure page 4 – Addendum
Escrowed and Non-Escrowed Property Costs Description
If there is not enough room to fit all escrowed
and non-escrowed property costs on Closing
Disclosure page 4, the additional costs will print
on an addendum.
Tolerance
Tolerance Analysis Screen
• Added a Tolerance screen which
displays the fees that have
impacted the tolerance. It also
allows the user to reset the
baseline to determine the
tolerance for redisclosure.
• Accessible from a Tolerance
button at the bottom of the
Closing Disclosure screens or from
the Forms menu.
• Populates fees into tables on the
tolerance screen that are included
in the calculation.
Tolerance
Tolerance Analysis Screen – Baseline and Tolerance
• The default baseline is the loan estimate. After clicking the “Reset Baseline” button, the
initial closing disclosure becomes the baseline and the revised closing disclosure
becomes the closing disclosure.
• The initial closing disclosure fees are stored and used for fee comparison (Baseline).
• Provides the ability to reset tolerance for a Closing Disclosure to Closing Disclosure
fee comparison.
• Resets tolerance.
Tolerance
Tolerance Analysis Screen – Fees that cannot change
• The table displays fees that have increased from what was disclosed.
A. Origination Charges
B. Services You Did Not Shop For
C. Services You Did Shop For which are paid to the lender or an affiliate of the lender.
E. Taxes and Other Government Recording (transfer taxes)
Tolerance
Tolerance Analysis Screen – Aggregate of fees that cannot change
more than 10%
• This table will always populate fees in the 10 percent category.
C. Services Borrower Did/Did Not Shop For fees that are not shopped AND not
paid by the lender or an affiliate of the lender
E. Taxes and Other Government fees that are considered as recording fees
Tolerance
Tolerance Analysis Screen – Total of Payments / Lender Credits
• The Lender Credits calculation includes both the fees paid by the lender and lump sum
lender credits.
• Total of Payments from Closing Disclosure pg. 5
• Lump Sum lender credits for Loan Estimate is the Total Lender Credits from the Loan
Estimate > Payoffs and Payments screen.
• Lump Sum Lender Credits from the Closing Disclosure are credits entered in the
“Credit” sub section of section A. Origination Charges + Lender Credits entered in
the Total Estimated Funds Needed to Close section at the bottom of the Closing
Cost worksheet
Tolerance
Baseline Fees Summary
• Accessible via the Tolerance screen – once the user resets the baseline, a baseline link
will appear. The user can click the link to access the summary.
• The link will only appear if the user resets the baseline.
Contact Us
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