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# What's New 2015

The following describes key enhancements and important changes made to the product.

Date | Description
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12/22/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List When a party is imported from a core interface, and you choose to update an existing party, the existing party record is now updated, rather than a new party record being created. For transactions imported from legacy applications, the import now correctly assigns the Organization ID to the transaction and no longer assigns the first Organization ID from the list of organizations. On the Financial Analysis page, the Credit Report section has been updated to populate the Credit Score Percentile from the credit report interface. On the Calculations page, the Monthly Housing Expenses section has been updated so that it displays the calculated value in the Total Primary Housing Expenses and Total All Monthly Payments fields. In some cases, these fields were displaying NaN. Monthly Income on the Financial Analysis page and Present Housing Expenses added on the Document Data page are now saved. The product supports Purchase Money Construction Only and Construction with Permanent Financing transactions. This includes support of Funds for Borrower values greater than $0.00 when the Loan Amount exceeds the disbursements (ex. Sales Price, Construction Cost, and any other disbursements). See the Calculations section of help for additional information. On the Loan Definition page, duplicate calculations policies are no longer present. This was previously occurring when there was more than one Calculation Policy in Administration with the same name, one of those policies was used in a template, and the template was selected in a transaction. For transactions with Mobile Home (Personal Property/Residence) collateral, on the collateral details page, the Organization Lien Position is available for all collateral location states. For construction only or construction with permanent financing transactions that are not Purchase Money, you can indicate that you want to Use Seller Disclosures for a Non-Seller Transaction on the collateral details page. The Prepaid Odd Days Interest selection on the Calculations page will save for transactions that do not result in prepaid odd days interest. An update has been made to how the title fees are sorted amongst the other fees for printing to the Loan Estimate, for existing transactions, review, calculate and recreate documents if necessary to update the sorted list of fees. Additional details on the sorting can be found on the Calculations help page under the question 'How does Title Charge impact the Loan Estimate and Closing Disclosure?'. Back in November, on the Fee details page, the following was added: When RESPA is Not Applicable, disclose that the borrower may be entitled to a refund if the transaction is prepaid and was intended to be used with transactions that are not subject to TRID. At this time, only transactions subject to TRID are supported and so the field has been removed from the Fee details page. Variable rate transactions with a discounted initial rate and PMI paid yearly print the initial rate to the Loan Estimate and Closing Disclosure instead of the market rate. For existing transactions, review, calculate and recreate documents if necessary. When the first payment does not occur on the first day of the month, any escrow disbursement with a Payment Date that occurs after the last day of the month on the Initial Escrow Schedule will be displayed in the final month of the schedule. For existing transactions, review, calculate and recreate documents if necessary. For example, if the Initial Escrow Schedule goes from October 2015 to September 2016, an escrow disbursement with a payment date of 10-16-16 will be displayed in the September 2016 row on the Initial Escrow Schedule. Existing transactions with an escrow account established and an aggregate adjustment have been updated to set the paid by to Borrower. These transactions will state that they have been modified by the system. The Loan Estimate and the Closing Disclosure have been updated to ensure that the Projected Payments table will always include four columns for variable rate transactions. We made this change based on guidance from the CFPB staff indicating that a four-column Projected Payments table was required for loans with a variable rate, even in cases where the ceiling and the floor, along with the minimum and maximum payments, are reached during the initial period. With this approach, the table will include four columns even if columns 1-4, 2-4 or columns 3-4 display identical payments and/or ranges of payments. The rationale is to disclose a new column each time there is a possibility during a specific time frame that the interest rate may change (and that the payment may change as a result). [12 C.F.R. 1026.37(c)(1)(i)(A) and Comment 37(c)(1)(i)(A)-1] The Closing Disclosure has been updated to ensure that escrow payments are accounted for in the Projected Payments table for variable rate transactions. This change affects variable rate loans with an initial rate hold period that is not an even number (causing a mid-year change in the payment). Prior to the update, the Estimated Total Periodic Payment amount in the Projected Payments table did not include the amount of the Estimated Escrow payment in some of the columns (even if the correct escrow amount was disclosed in the Estimated Escrow row). The issue has been fixed. For construction only or construction with permanent financing transactions, on the Closing Disclosure, when Indicates if land sales price is to be separately disclosed from purchase price of manufactured home (if real property) or construction cost is selected on the Document Data page, the sales price of the land under the Collateral section and the construction cost under the Purchase Cost or Construction Cost Portion of Sales Price section can be entered. This was added to support the proper disclosure of transactions that are not ‘first user loans’ under Regulation Z Official Staff Commentary where the sales price of the land and the construction cost must be disclosed as separate line items. On the URLA Details of Transaction section and UCA Transaction Worksheet section, rows e. Estimated Prepaid Items, f. Estimated Closing Costs, k. Applicant's/Borrower's closing costs paid by Seller and l. Other Credits defaulted values have been updated. For rows e. Estimated Prepaid Items and f. Estimated Closing Costs, they will include all applicable fees regardless of who pays them. Prior to this change, only applicable borrower paid fees were included. Row l. Other Credits will have a new item for fees paid by lender and other. Additional details on l. Other Credits can be found on the Calculations help page under the question 'How do Generalized Other Credits affect the Details of Transaction section of the Uniform Residential Loan Application (URLA) and Transaction Worksheet section of the Uniform Credit Application Real Estate (UCA-RE)?'. To update the totals in the rows discussed above on transactions created prior to this change, click Calculate on the Calculations page. Note that if you have entered a description or amount in the second row under l. Other Credits on an existing transaction clicking Calculate will not overwrite the data originally entered. What's New for Interfaces The product supports the Jack Henry 20/20 interface. The interface is accessible within the transaction by using the Export menu option or the Import from Core option once it has been setup within Interface Manager. See the Core Interfaces section of help for additional information. If you do not have access to the Jack Henry 20/20 interface please contact your Wolters Kluwer Financial Services Account Executive for more details. Automated Underwriting The Desktop Underwriter and Loan Product Advisor interfaces have been updated to include the collateral location 9 digit postal code. The Loan Product Advisor interface supports the transfer of these additional fields from the URLA. Cash Out Refinances Improvement Construction Amount Refinance Type Made or To Be Made Improvement Description Lease Expiration Loan Down payment Source CBCInnovis Receiving a 9000 or greater score from Experian will now import liabilities into the Financial Analysis page. CRA Wiz FDIC chartered financial institutions will no longer have the denial reasons from the Adverse Actions Notice defaulted. FDIC financial institutions are exempt from reporting denial reasons. Fannie Mae 3.2 The Property Disposition found on the URLA Section VI, will now appear in the export file. Name fields with an apostrophe and/or ampersand can be imported without error. HMDA Wiz Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. FDIC chartered financial institutions will no longer have the denial reasons from the Adverse Actions Notice defaulted. FDIC financial institutions are exempt from reporting denial reasons. Kroll Factual Data The borrower's date of birth will appear on the credit report received from Kroll Factual Data. Accounts with a single set of credit credentials (Consumer or Mortgage) will no longer receive a Request Error when doing a credit report reissue. ULDD The interface can be submitted without having to select and deselect Flood Hazard Area and Section 32 Applies on the Document Data page. The interface has been updated to include the collateral location 9 digit postal code. The Property page has been updated to include Manufactured Home Width Type, when the Construction Method Type is Manufactured. The Created Date/Time is formatted as YYYY-MM-DDThh:mm:ss. The Loan State Date is formatted as YYYY-MM-DD. On the Loan Parties page, under the Party Identifiers section, Party Identifier is not required for the Appraiser role. Wiz Sentinel The Currently Employed and Considered Credit History save reducing duplicate data entry in subsequent submissions to the interface.
12/1/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List If you recall a transaction with a template or document/calculation policy that was subsequently deleted, you will be required to select a new template, document policy or calculation policy when revisiting the Loan Definition page. When including the Services Borrower Cannot Shop For on the Written List of Providers, at least one service provider is required on the Fee Detail page. If you are not including them, you are no longer required to select a service provider for any fees with a Section of Services Borrower Cannot Shop For. On the Fee Detail page, Optional Charge can be selected in both the application and closing phase when a fee is added with a Section of Other. For any mortgage transaction that is subject to TRID and had fee values entered with dollars and cents (e.g., .01 - .99) in the application phase, a rounding issue was fixed so the total on line 'J. Total Closing Costs' and the total in the Calculating Cash to Close table, 'Total Closing Costs (J)' are the same (except for +/- distinction). In the application phase, on the Calculations page, within the Calculating Cash to Close section, the Generalized Seller Credits and Generalized Other Credits are no longer displayed as rounded values. The values show the unrounded value, if one is entered, and will be used to compute the Seller Credits and the Adjustments and Other Credits. On the Document Data page, within the Loan Estimate and Closing Disclosure, the Short Name for an escrow item is now saving. On refinance transactions, the Reasons for using CBSV on the Authorization for the Social Security Administration (SSA) to Release Social Security Number (SSN) Verification document are available to be filled out on the Document Data page and no longer need to be filled out by hand. Within Administration you can setup an alternate address for who can release the lien and this is printed on the Mortgage and Deed of Trust when the collateral is located in Arkansas. On the Note-Consumer-TX, you are able to enter the Property Insurance Amount and Term in Months within the Property Insurance Coverage section on the Document Data page when the transaction has a Property Insurance fee. On the Request for Transcript of Tax Return-IRS4506-T, the Name shown on tax return will include the first name, middle name, last name, and suffix when provided for the applicable party. On the Verbal Verification of Employment document, when Contact Title, Third Party Source Description, Employment Type, Additional Information, Verifier Name, and Verifier Title are entered in the Current Employer section, the entries will now save. What's New for Interfaces The product supports the OFAC interface. An OFAC check is completed each time a borrower, cosigner or guarantor is added or saved to the transaction. If you do not have access to the OFAC interface please contact your Wolters Kluwer Financial Services Account Executive for more details.
11/17/2015 | What's New for ComplianceOne® mortgage Transactions now contain the proper assumable language on the Loan Estimate and Closing Disclosure when switching a transaction from Fannie Mae, Freddie Mac or FHA to an In-House. FHA transactions disclose that the loan may be assumed on the Loan Estimate and Closing Disclosure. The following changes have been made for transactions with Mobile Home (Personal Property/Residence) collateral. On a first lien transaction, the Notice Of Right To Receive Copy Of Appraisal-0114 is selected. On a variable rate transactions, the Adjustable Rate Mortgage Program Disclosure is selected. The flood interface is available when there is Mobile Home (Personal Property/Residence) on the transaction. On the collateral details page, the Property Insurance Coverage Type, if applicable is saving. On the collateral details page, the Borrower/Owner Dwelling and Principal Dwelling and Occupancy Status Type selections are now available. On the collateral details page, the Borrower/Owner Dwelling/Principal Dwelling and Occupancy Status Type selections are no longer available for Raw Land -- Real Estate collateral. These selections were not saving previously and have been removed because they do not apply to Raw Land collateral The Print page has been updated to filter the list of documents based on the selected document package. In the application phase you can select Upfront or Adverse Action and in the closing phase you can select between Processing, Pre-Closing, Closing and Post Closing. These are the same options you will see on the Document Data page. When you recall transactions created prior to this change, you will see any previously generated documents from all packages. Once you select Create Documents the list will be filtered based on the selected document package. Prior to recreating documents it will state there are zero documents even though it is showing a list. If you saved a bookmark from the ComplianceOne® mortgage login page, you may have been receiving a ‘Sorry, this page is currently unavailable’ message which required you to click the home icon. This has been resolved and you will be directed to the home page after authentication. What's New for Interfaces CBCInnovis The username and password are able to accept special characters. CRA Wiz The WoltersKluwer.com domain name can be added to Internet Explorer’s compatibility view. Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. Desktop Underwriter The username and password are able to accept special characters. The WoltersKluwer.com domain name can be added to Internet Explorer’s compatibility view. Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. Flood The WoltersKluwer.com domain name can be added to Internet Explorer’s compatibility view. HMDA Wiz Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. Kroll Factual Data The username and password are able to accept special characters. Loan Product Advisor The username and password are able to accept special characters. The WoltersKluwer.com domain name can be added to Internet Explorer’s compatibility view. Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. When submitting a Co-Applicant transaction the Present Housing Expenses will no longer be doubled and Assets and Liabilities will be correctly linked to the first borrower, resulting in correct LTV ratios. ULDD Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount. On the Secondary Data Capture page: The Mortgage Insurance (MI) Certificate Number has increased in size to allow 10 digits. The Commitment Number has increased to hold 6 digits. The Manual Underwritten checkbox is selected when The Loan was Manually Underwritten is chosen on the Uniform Underwriting and Transmittal Summary. The Project Classification Identifier defaults from Project Classification found on the Uniform Underwriting and Transmittal Summary. In the ULDD transaction file: The Initial Principal and Interest Payment Amount has been added and defaults the calculated value from Initial Principal and Interest Payment amount. Prepayment Penalty has been added and defaults to false. Only a single occurrence of Credit Repository Type and Score Value will appear for each borrower. Wiz Sentinel Other income entered on the Financial Analysis page is now included in the Total Monthly Income amount.
11/10/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List On the Financial Analysis page, the Credit Report section has been updated to indicate which credit score (along with the consumer reporting agency name and address) to disclose on the Notice of Action Taken. On the Loan Definition page, the Calculations Policy, Document Policy, Loan Officer, Organization Contact, Document Preparer, Document Return to – UCC, and Document Return to – Mortgage/Deed of Trust lists have been updated to improve performance when there is more than 25 items in a list. The Template list has been updated when there is more than 10 items. This allows you to search for an item by name, sort the list, or navigate by page. On the Fee details page, for transactions where RESPA is not applicable, you can identify if the borrower is entitled to a refund if the transaction is prepaid. Additional information on this new option is found on the Calculations help page. On the Closing Disclosure page, you can choose to create a closing adjustment that is contractual (i.e., paid by the seller, and reimbursed by the borrower, under the contract between the borrower and the seller) or non-contractual (i.e., paid only by the borrower). Contractual adjustments are disclosed on the Closing Disclosure as a charge to the borrower (Section K) and a credit to the seller (Section M). Non-contractual adjustments are disclosed only as a charge to the borrower (Section K). Transactions with an every other week payment frequency when the term of the loan is less than 5 years, the In 5 Years values in the Comparison section on the last page of the Loan Estimate have been updated so the final payment of the transaction from the In 5 Year total (Total you will have paid in principal, interest, mortgage insurance, and loan costs.) as well as the In 5 Year principal amount (Principal you will have paid off.) are correct. To eliminate duplicate data entry on the Loan Estimate, it has been updated to print the Appraisal Value from the collateral details page to the Est. Prop. Value at the top of the document. The Appraised Property Amount has been removed from the Document Data page found under the Collateral section on the Loan Estimate. Transactions transferred from ARTA Lending or ComplianceOne lending: The transferred transaction calculates the First Mortgage within the Monthly Housing Expense section on the Calculations page. Any entered values in the Monthly Housing Expense section save when calculating. Users with limited permissions that do not include access to both phases of the transaction, such as loan processors with access only to the application phase, can view transactions transferred to ComplianceOne mortgage.
10/28/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents On the Loan Definition page, the Organization list has been updated to improve performance when there is more than 25 items in a list. This allows you to search for an item by name, sort the list, or navigate by page. On the Fee Details page, during the application phase, Payment Attributable To Borrower has been added when the fee is defined as Transfer Taxes to appropriately disclose the fee on the Loan Estimate regardless of who pays the fee. This does not impact how the fee is disclosed on the Closing Disclosure. Payment Attributable To Borrower will be added to the Fees and Charges section of Administration in a future release so that it can be defined in a template. See the Calculations section of help for additional information. Calculation issues surrounding transactions with USDA Mortgage Insurance have been addressed. The Escrow Payment, Amount Financed, Total of Payments, APR, Total Non-APR Fees, APR Fees, Escrow and Total Finance Charge now disclose the appropriate values. What's New for Interfaces If incorrect values are entered into the Office Code and Client Code parameters within Interface Manager for Kroll Factual Data, at transaction time when the Kroll Factual Data Credit interface is used it will no longer display the username and password used to connect to Kroll Factual Data when the error message is displayed. Wiz Sentinel The Wiz Sentinel Report now displays the transaction's application date instead of the funding date. The Covered Transaction Monthly Payment can be modified. The Monthly DTI and Monthly Residual Income will be recalculated if the Covered Transaction Monthly Payment is changed. The Monthly Residual Income defaults to 0.00. This will eliminate receiving the warning 'Value for Monthly Residual Income was not provided.' Refinance and construction transactions with multiple pieces of collateral can pull a Wiz Sentinel report. The Fannie Mae Desktop Underwriter (DU) interface and the Freddie Mac Loan Product Advisor interface have been updated to check for required fields to be filled out prior to submitting the transaction for automated underwriting. See the Automated Underwriting section of help for a list of fields. On the Freddie Mac Loan Product Advisor page the Property Estimated Value for real estate owned is required. When using the Fannie Mae 3.2 transaction import, a progress bar will be displayed instead of the Cancel/Download log file page to indicate the import is still in process. On the ULDD Secondary Data Capture page: Loan Product Advisor has been added to Automated Underwriting System as an option. The Mortgage Insurance Source defaults to Borrower on transactions with mortgage insurance. The Organization NMLS ID defaults from the value associated to the selected organization on the transaction. The NMLS ID is captured within Administration on the Organization page. The Loan Originator NMLS ID defaults from the value associated to the selected Loan Officer on the transaction. The NMLS ID is captured within Administration on the Contacts page. The Originator Employer NMLS ID defaults from the value entered on the Mortgage Loan Commitment when the collateral location state is DC. The Party Type defaults from the value associated to the borrowers on the transaction.
10/14/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List When an account has more than 25 organizations, the organization search on the home page was updated to use a table instead of a list. This allows you to search for an organization by name, sort the list, or navigate by page. The Processing fee is available to be used with any jurisdiction. The Florida Doc Stamp fee is calculating correctly when the loan amount is a flat dollar amount. For FHA transactions, the Mortgage Insurance fee created when selecting Mortgage Insurance Type UFMIP and MIP or UFMIP option is now set to Section Services Borrower Cannot Shop For. On variable rate transactions, when the total amount of the fees was greater than $10,000, the calculations would not complete causing the system to continue to state it was calculating. This has now been fixed. The product supports the Request for Transcript of Tax Return-IRS4506-T. The Product section of the Loan Estimate and Closing Disclosure have been updated for adjustable rate loans with the initial interest rate hold period that equals the length of the subsequent interest rate adjustment period and also include a discounted or a premium rate. Prior to this change, the introductory period in the Product section disclosed the introductory period as “0” in this scenario (indicating that there is no introductory period). While the regulation does not address this scenario specifically, a conservative reading of the requirements would be to disclose that there is an introductory period when the loan terms include a discounted or a premium rate, even when the initial interest rate hold period equals the length of the subsequent interest rate adjustment period. [12 C.F.R. 1026.37(a)(10)(iv) and Comment 37(a)(10)-1.i.A] The Product section of the Loan Estimate and Closing Disclosure have been updated for construction and non-construction interest-only loans to disclose the correct time frame during which interest-only payments apply (e.g., 5 mo. Interest Only for a loan with five monthly interest-only payments). Previously, the duration of the interest-only payment period incorrectly included the payment that occurred after the interest-only period. [12 C.F.R. 1026.37(a)(10)(ii)(B) and Comment 37(a)(10)-2.ii] For even year adjustments in the Loan Terms section of the Loan Estimate and Closing Disclosure, the payment and rate adjustments disclosed will reflect 'in year #' instead of 'in month #'. For example, for a variable rate loan with a monthly payment frequency where the Initial Rate Hold Term is exactly 12 payments, the first bullet in the Interest Rate and Monthly Principal and Interest rows will reflect 'starting in year 2'. If the Settlement Service Charge excess refunded is selected on the Document Data page for the Closing Disclosure, the tolerance warning on the Print page will be removed. Non-borrower paid fees where Transfer Tax is unselected in Fee Details in the application phase are reflected correctly in the Total Closing Costs (J) row of the Calculating Cash to Close section of the Loan Estimate. Previously, even though Transfer Tax was unselected for a fee paid by someone other than the borrower, the fee was still being recognized as a Transfer Tax which may have affected the total shown in Total Closing Costs (J). For existing transactions, review, calculate and recreate documents if necessary. The Cash to Close table on the Closing Disclosure will reflect a decrease in lender credits and therefore an ‘Increase exceeds legal limits’ statement when the Total Closing Costs (J) amount did not change from the Loan Estimate to the Closing Disclosure. This applies to transactions that contain only fees paid by the borrower and lender. What's New for Interfaces The Loan Product Advisor interface has been updated to use the Key Identifier and the Loan Product Advisor Loan Number when resubmitting a transaction. By not using the Key Identifier and Loan Product Advisor Loan Number, resubmitted transactions were pulling new credit reports with each submission resulting in additional credit provider costs. The Core Interface has been update to allow the WoltersKluwer.com domain name be added to Internet Explorer’s compatibility view.
10/06/2015 | What's New for ComplianceOne® mortgage The product supports USDA mortage insurance on Fannie Mae 3200 and Freddie Mac 3200 transactions. See the Calculations section of help for additional information. The Mortgage Insurance fee created when selecting the USDA Fees Guarantee Fee and Annual Fee option is now set to Section Services Borrower Cannot Shop For. The USDA Annual Fee was updated to be paided out of the escrow account annually beginning one year after the funding date. The proceeds amount has been updated to subtract the monthly amount of the USDA Mortgage Insurance when the Escrow Reserves Paid is Subtract from Proceeds. On the Fee Details page, the deselection of a previously selected Service Provider will now save. What's New for Interfaces No additional updates to any existing interfaces.
09/29/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List When adding or removing an asset or liability on the Financial Analysis page after completing a credit report pull or when liabilities have been associated with Real Estate Owned you will now be able to successfully submit a transaction to Loan Product Advisor and Desktop Underwriter interfaces. On the Loan Definition page, during the application phase, for transactions with an Application Received Date equal to or after the TRID effective date a field has been added to capture the purpose of the loan, Integrated Disclosure Purpose. This is specifically used on the Loan Estimate and Closing Disclosure. Previously, the documents were using the Type of Loan, Construction Note Type and Purchase Money fields. See the Loan Definition help page for additional information on the Integrated Disclosure Purpose field. On a Refinance transaction, you can now indicate that you want to Use Seller Disclosures for a Non-Seller Transaction on the collateral details page. We have discontinued security instruments naming MERS as nominee for properties located in Maine as a result of a Maine Supreme Court decision. Non-MERS forms are available as replacements. When the collateral location state is Maine the MERS checkbox is no longer available on the collateral details page. If the following is selected on the Document Data page If true MERS is the mortgagee/beneficiary of the security instrument and the collateral location state is Maine you will receive a validation warning for the transaction because the MERS Maine security instruments have been discontinued. We will remove these documents in a future sprint. PMI is available for fixed rate amortized balloon/balloon transactions. The warning indicating the Initial Rate must be greater than or equal to the Floor or Margin is no longer given for variable rate transactions when the Initial Rate Subject to Floor is selected on a discounted rate and the Initial Rate (Calculated) is greater than or equal to the Margin. For construction with permanent financing, the loan term used when submitting a transaction to Wiz Sentinel is now based on the permanent phase only. For example, if the construction phase is 12 months and the permanent phase is 360 months, then 360 is what will be considered for Wiz Sentinel versus 372. When performing a HMDA LAR edit check, you no longer receive an error when the Postal Code for the collateral location is 9 digits. An issue has been addressed when a credit report was pulled and you identified liabilities to be paid off on a refinance transaction. Depending on the order in which you selected the data, the payoff indicator or data on the Loan Definition page was not saving. Example 1 shows when data on the Loan Definition page was not saved. Pull a credit report Select Payoff of any of the liabilities Go to Loan Definition to select refinance and select a template Go to another page and come back to Loan Definition The template and refinance selections were not saved Example 2 shows when Payoff on the Financial Analysis page was not saved. Pull a credit report Without selecting Payoff on the Financial Analysis page, go to Loan Definition to select Refinance Go back to Financial Analysis and select Payoff Go to another page and come back to Finanicial Analysis Payoff was not saved What's New for Interfaces No additional updates to any existing interfaces.
09/08/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List On the Financial Analysis page, the liabilities selected in the real estate owned section are now saved. Adding a liability to the transaction is no longer dependent on a party existing first. When a purchase money transaction is changed to a refinance transaction, the Sales Price on the collateral details is cleared. To help support large numbers of Service Providers, how they are displayed on the Fee Details page has been updated to include pagination and searching for a specific name. For in-house transactions with collateral located in Nevada an assumption fee is collected on the Calculations page. The mortgage payment amount that goes into the escrow account has been updated for transactions with a payment frequency other than monthly. The aggregate adjustment prints when there is at least one escrow item on the transaction. When there are no escrow items it should be blank. The Loan Type on the Loan Estimate and Closing Disclosure has been updated to replace the USDA checkbox with an Other checkbox for USDA transactions. On the Closing Disclosure, proration items are now included in the Adjustments and Other Credits in the final column of the Calculating Cash to Close table. On the Closing Disclosure, when ‘Indicates if land sales price is to be separately disclosed from purchase price of manufactured home (if real property)’ is selected on the Document Data page, the sales price of the land under the Collateral section and the purchase price of the manufactured home under the Note section can be entered. This was added to support the proper disclosure of transactions that are not ‘first user loans’ under Regulation Z Official Staff Commentary where the sales price of the land and the purchase price of the manufactured home must be disclosed as separate line items. The Down Payment/Funds from Borrower calculation has been updated to have the Cash to Close calculation match the Summaries of Transactions. On the Closing Disclosure, when the transaction is purchase money, the formula for calculating the Down Payment/Funds from Borrower has changed from Down Payment/Funds from Borrower = Sales Price minus Loan Amount to Down Payment/Funds from Borrower = Sales Price minus Proceeds. The formula for the Loan Estimate, Down Payment/Funds from Borrower = Sales Price minus Loan Amount, has not changed. An update was made to existing transactions with an Application Received Date equal to or after the TRID effective date when the Closing Disclosure indicated that a Settlement Service charge excess will be refunded. These transactions will state that they have been modified by the system. You will see no change to your documents or workflow however to make a change to software code an update was performed behind the scenes on these transactions. What's New for Interfaces On the CRA Wiz interface page, within the Fair Lending Information section, Loan Program Code and Loan Channel or Source are no longer required. You can save CRA Wiz data without entering values into those fields. The HMDA Wiz interface is able to accept special characters (<, >, &, #, %, $, etc.) within its HmdaWizUser and HmdaWizPassword fields. You can update these by having your administrator edit the HMDA Wiz interface parameters and resources within Interface Manager.
08/18/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List On the Loan Definition page, the organizations will be filtered and will not show organization types that are not supported with mortgage transactions like Bank Holding Company and Financing Company. See the Loan Definition help page for a list of supported organization types. The product supports Fannie Mae and Freddie Mac 3502 variable rate transactions that have an initial rate equal to the market rate with an Application Received Date on or after the TRID effective date. When a template is deleted from Administration, if you have any transactions that were using it when you recall the transaction and go to the Loan Definition page, the template will be blank. On the collateral details page, you can identify the MERS Mortgage Identification Number. On the collateral details page, the Junior/Subordinate lien priority type was removed. Any existing transactions with Junior/Subordinate selected would now be identified as a second lien. Prepay Odd Days Interest is not valid for the first phase of a construction with permanent financing transaction. For transactions with prepaid odd days interest and an Application Received Date on or after the TRID effective date, the amount of per diem interest, number of days and total amount are not printed in section F. Prepaids of the Loan Estimate and Closing Disclosure. In the previous version of the product for Fannie Mae or Freddie Mac 3502 transactions with an initial rate discount, the Initial Rate Definition was changing to premium after calculating. The Initial Rate Definition now saves the correct value. When a variable rate transaction has an Initial Rate Hold Term greater than or equal to the Number of Payments, fees can be added to the transaction. The Florida Doc Stamp fee has been updated to incorporate the appropriate rounding when calculating the fee amount. The Limit on the maximum amount of the late charge has been moved from the note document to the Calculations page for Fannie Mae and Freddie Mac transactions that contain collateral in the state of West Virginia. PMI is an option for transactions with an every other week payment frequency. For transactions with Escrow PMI and the PMI renewal payments are refunded separately to the borrower, the cancellation and termination dates on the Notice to Borrower Regarding Private Mortgage Insurance document now reflect the dates based on the 80% cancellation date and 78% termination date. For existing transactions, review, calculate and recreate documents if necessary. The disbursement frequency of escrowed Mortgage Insurance for FHA transactions is now limited to monthly to more closely align with HUD remittance requirements. On the Calculations page, the Calculation Results section accurately reflects values when mortgage insurance is disbursed yearly. When the following escrow items are added to the transaction they will also be added to the total in the Monthly Housing Expenses section for Taxes: City Property Taxes, County Property Taxes, School Property Tax, Town Property Tax, and Village Property Tax. The Note Date is no longer required for submission to CRA Wiz when the loan decision on a transaction is denied, counter offer, counter offer with denial, other adverse action, request information, or terminate line of credit. When navigating to the Home page from the Document Data page you are asked if you would like to save your changes. Within Administration on the Credit Bureau page, the toll free number for an alternate contact for free report will print on the Risk Based Pricing Notice. On the Closing Disclosure, when an amount is entered in row K2 Sale Price of Any Personal Property Included in Sale, that amount will be included in the Adjustments and Other Credits row of the Calculating Cash to Close table. On the Closing Disclosure, when the final amount of Closing Costs Financed (Paid from your Loan Amount) is not zero and the transaction includes a seller, the Closing Costs Financed (Paid from Your Loan Amount) amount prints to row K4 of the Summaries of Transaction section (or to the Closing Disclosure addendum) as a negative number. On the Closing Disclosure, when 'Settlement service charge excess refunded' is selected on the Document Data page, the Total Closing Costs final amount is reduced by the amount of the excess; therefore, the Cash to Close amount is reduced by the excess amount. On the Loan Estimate and Closing Disclosure Loan Terms section, the 'Can go as high as' payment amount is calculated based off of the payment frequency and is no longer disclosed as a monthly amount. On the Loan Estimate and Closing Disclosure Projected Payments section, the maximum principal and interest payment is no longer overstated when there is PMI on the transaction. On the mobile home title application, when the collateral is located in Iowa, up to two primary users can be added. What's New for Interfaces No additional updates to any existing interfaces.
07/28/2015 | What's New for ComplianceOne® mortgage The monthly income data has been moved from the credit application documents to the Financial Analysis page in preparation for calculating ratios with a future sprint. Any existing transactions should now see the data collect on the Financial Analysis page. A new loan act, Residential Mortgage Lending Act, has been added for the jurisdiction of Louisiana. When using Internet Explorer version 9.0.39, the loan officer field is now saving. There is no longer a limit on how many people can appear in the list for loan officers, organization contacts, document preparers, and document return to on the Loan Definition page. For construction transactions with an Application Received Date on or after the TRID effective date, the collateral must be non-purchase money and no sellers to reflect what the documents support. In the previous version of the product, there was an error when an organization that was being used in a transaction was deleted in Administration. When the user tried to add a different organization in the transaction on the Loan Definition page, they experienced a loading message. This has been fixed and you are now able to select a different organization on the Loan Definition page. With an Amortized Balloon/Balloon transaction the payment rounding does not affect the level payment amount. For transactions with an Application Received Date on or after the TRID effective date, the Service Providers for fees save when switching from the application phase to the closing phase and back to the application phase. The value for the Transfer Tax selection on a fee coming from a template or policy is now being saved within a transaction. The list of values for the fee Variance Type are now the same when creating and editing a fee. When a fee of Homeowner’s Insurance is included in a transaction, either added manually or through use of a template, the Variance Type is blank and is read-only. If you use a template with a Homeowner’s Insurance fee, the Terms of Coverage defaults from the fee policy within Administration. In the previous version of the product, lender credits were not being rounded prior to being summed which could have resulted in the total closing costs amount being off by $1.00 on the Loan Estimate. This has been fixed and total closing costs will be accurately disclosed when the transaction involves lender credits. On the Disbursements page, for transactions with an Application Received Date on or after the TRID effective date that include a seller, the third party disbursements now include amount and name fields. For every other week transactions with an Application Received Date on or after the TRID effective date, the time period for prepaid items on the Loan Estimate and Closing Disclosure now reflects the appropriate frequency. A separate escrow cushion can be defined for Private Mortgage Insurance escrow. For every other week transactions with an Application Received Date on or after the TRID effective date, the escrow items calculated for the Monthly Housing Expense section are now in a monthly equivalent versus every other week. On the Mortgage Loan Commitment, the Product is now printing whether it is a fixed rate or variable rate transaction. On the Closing Disclosure, when a Proration Type Short Name or a Closing Adjustment Type Short Name is entered within the Summaries of Transaction section, the short name will now save and not be overridden when returning to the Closing Disclosure page. On the Closing Disclosure page, Due to Seller was added to the Integrated Disclosure Section for a closing adjustment. These adjustments print to section M. Due to Seller at Closing, rows 3-8, on the Closing Disclosure. A proration will print to the appropriate Summaries of Transaction section based on the Integrated Disclosure Subsection option selected so the Integrated Disclosure Section for a proration has been removed. For construction transactions, on the Loan Estimate and Closing Disclosure the Product Name in the upper right hand corner of the document will print the year with a capital Y. The Fannie Mae 1084 Cash Flow Analysis will be selected when a party on the transaction is currently self-employed. There are times when making updates to the product we need to update existing transactions to work with the new requirements. For example, with the last deployment, on the Mortgage Loan Commitment, the other terms and conditions for the commitment was moved from the Condition section to the Notes section to Other Commitment Conditions. To eliminate re-entering of data, existing transactions were updated to make sure any data entered in the terms and conditions for the commitment appeared in the new field. During a deployment, if existing transactions require updates, an item will be included in What's New, on the Home page the modified date for each transaction impacted will reflect the deployment date and the modified by will display 'system'. What's New for Administration Online help has been added to administration, check out the What's New section. What's New for Interfaces No additional updates to any existing interfaces.
07/07/2015 | What's New for ComplianceOne® mortgage Click to review What's New with the Documents Click to review the Document List The product has been updated to support the new proposed TRID effective date of 10/03/2015. The product supports construction with permanent financing and construction only transactions with an Application Received Date on or after the TRID effective date. The product supports FHA 203(B) fixed rate transactions with an Application Received Date on or after the TRID effective date. The product supports Fannie Mae and Freddie Mac 3200 and 3244.1 fixed rate refinance transactions with an Application Received Date on or after the TRID effective date. The product supports Fannie Mae and Freddie Mac 3502, 3522, 3522.44, 3526, 3528, 5510 and 5531 variable rate transactions with an Application Received Date on or after the TRID effective date. The Fannie Mae and Freddie Mac 3502 transactions are currently supported for transactions that have an initial rate with a discount or premium; initial rates that are equal to the market rate will be available in a future release. Based on the selected document policy: How payments will be applied to the loan are printing to the Note-Consumer. For existing transactions, after you update your document policies in administration to identify how payments will be applied, click the refresh button next to the Document Policy on the Loan Definition page. Seller signature lines may or may not be included on the Closing Disclosure-Addendum or the Closing Disclosure - Seller Only - Addendum. For existing transactions, after you update your document policies in administration to identify if you want seller signature lines, click the refresh button next to the Document Policy on the Loan Definition page. For Louisiana jurisdictions, the language for the Returned Payment Fee on the Loan Definition page has been updated. The Loan Act guide has been updated. See the Loan Definition page for a link to the document. The Sales Price and Purchase Money have been added to the Mobile Home (Personal Property/Residence) collateral details page. A UCC Financing Statement will be selected when there is Mobile Home (Personal Property/Residence) collateral on the transaction. The payment frequency of every other week has been added for in-house, non-construction installment transactions. The Closing Date was moved from the Document Data page to the Calculations page to help determine the Estimated Property Costs over year 1 for the Closing Disclosure. The LIBOR Interest Rate Rounding options of .00010 and .00001 have been added. The product supports escrow payments that are not paid in equal time periods. See the help on the Calculations page for the new Selected option. On the Calculations page, for transactions with an Application Received Date on or after the TRID effective date Non-Escrowed Property costs over Year 1 and Non-Escrowed Property costs for 1 Payment can be disclosed on the Loan Estimate and Closing Disclosure. On the Closing Disclosure page, Items Paid Already By or For Borrower Pre Seller Credit Line was added to the Integrated Disclosure Subsection for a closing adjustment. Any closing adjustments with this subsection will print in section L. Paid Already by or on Behalf of Borrower at Closing, row 04, on the Closing Disclosure. On the Uniform Credit Application Real Estate (UCA-RE) and the Uniform Residential Loan Application (URLA) some of the fields within the Details of Transaction/Transaction Worksheet section are calculated based on the fees and mortgage insurance added on the Calculations page because of this you can no longer modify them on the Document Data page: Estimated Amount of Prepaid Items Estimated Cost of Loan Mortgage Insurance and Funding Fee Total Amount Discount Fee Amount Borrower to Pay Closing Costs Paid By Seller Mortgage Insurance and Funding Fee Financed Amount On the Document Data page you can identify if a fee is paid in advance or not and this will determine if an Application Disclosure is selected. On the Closing Disclosure: The final amount for Closing Costs Financed in the Calculating Cash to Close table has been updated to sum all the fees that are either added to the amount requested or subtract from proceeds. The final amount for Down Payment Funds from Borrower in the Calculating Cash to Close table has been updated to include the Sales Price of Any Personal Property that has been entered in the Summaries of Transactions section. When the Loan Estimate amount and the Final amount for the Total Closing Costs (J) row of the Calculating Cash to Close table are the same, the 'Did this change' column includes 'No'. This impacts transactions with and without sellers. When the Loan Estimate amount and the Final amount for Total Payoffs and Payments (K) row of the Calculating Cash to Close table are the same, the 'Did this change' column includes 'No'. This impacts transactions without sellers. On the IRS1099SSU-Cert For No Interest Reporting, an alternate address for the seller and the seller's signer can be added on the document, the mailing address will be filled out based on what was entered for the seller's signer from the collateral details and if a seller is a trust the Trust Date and Trust Identifier can be added. The product supports the optional Release of Real Estate Security Instrument on all transactions with real property in any state with the exception of: California, Colorado, Idaho, Montana, Nebraska, Oregon, Utah or Washington. The product supports the CRA Wiz interface. The interface is accessible within the transaction by using the CRA Wiz menu option once it has been setup within Interface Manager. See the CRA Reporting section of help for additional information. If you do not have access to the CRA Wiz interface please contact your Wolters Kluwer Financial Services Account Executive for more details. The product supports the Fannie Mae 3.2 interface. The interface is accessible within the transaction by using the Export or the Import menu options once it has been setup within Interface Manager. See the Import section of help for additional information. If you do not have access to the Fannie Mae 3.2 interface please contact your Wolters Kluwer Financial Services Account Executive for more details. The product supports the Standard Import interface. The interface is accessible within the transaction by using the Import menu option. See the Import section of help for additional information. This can be used with ComplianceOne manager. What's New for Administration Field options and labels have been updated to support the new proposed TRID effective date of 10/03/2015. We have removed the use of a specific date and are generically referring to it as TRID effective date or pre and post TRID. On the Fees Detail page for post TRID, when selecting the Loan Amount percent of option on the Loan Origination fee, for FHA transactions, this will result in the fee being calculated on the Base Loan Amount at transaction time. On the Document Policy page under the Closing Documents section, you can identify how payments should be applied to the loan. On the Document Policy page under the Signatures section, you can choose to include signature lines on the Closing Disclosure. On the Calculations Policy page under the Repayment Terms section, the payment frequency of Every Other Week only allows a repayment method of Installment. On the Calculations Policy page under the Calculation Options section, the Disclose the final payment separately for installment loans. and If the first payment is due on the last day of the month make all subsequent payments occur on the last day of the month. are saving. On the Service Providers page, the Web Address is no longer forced into a specific format. What's New for Interfaces No additional updates to any existing interfaces.
06/16/2015 | What's New for ComplianceOne® mortgage The product supports in-house fixed and variable rate refinance transactions with an Application Received Date on or after the TRID effective date. The product supports the Refinance Non-Standard to Standard exemption to the Ability to Repay (ATR) requirements. The monthly housing expenses on the Calculations page have been updated: to support transactions with a quarterly payment frequency. to default the maximum interest only payment into First Mortgage for construction only transactions. Any validation messages specific to a fee added during the closing phase will not appear during the application phase. For example, if a Building Fee is added at closing time and you forget to fill out the Section, the validation message 'Building Permit fee section is missing' will only appear while the transaction is in the closing phase and not if you switch the transaction to the application phase. On the Disbursements page, you can identify any amounts that come from the borrower funds for insurance companies or public officials. On the Disbursements page, the aggregate adjustment impacts the amount paid to the lender. A negative adjustment is subtracted from the Amount Paid to Lender and a positive adjustment is added to the Amount Paid to Lender. For variable rate transactions with an Application Received Date on or after the TRID effective date, on the Loan Estimate and Closing Disclosure when the initial rate hold term is equal to 12 payments the description for how the rate and payments adjust will be disclosed as 'in month 13' versus 'in year 13'. For transactions with an Application Received Date on or after the TRID effective date and declining balance private mortgage insurance, the Mortgage Insurance is being disclosed within the Projected Payments table on the Loan Estimate and Closing Disclosure. On the Universal Credit Application Real Estate and the Uniform Residential Loan Application when the mailing address is not the same as the present address it prints to the Mailing Address section. On the Universal Credit Application Real Estate and the Application Summary Report for variable rate transactions the Interest Rate will be the same as the Initial Rate (Calculated) on the Calculations page. The Cash to Close total from the Calculating Cash to Close section on the Loan Estimate and Closing Disclosure has been updated to accurately reflect any subsequent changes made to the individual amounts in the table. When the Cash to Close is zero, $0.00 will print in the Calculating Cash to Close section on the Loan Estimate ad Closing Disclosure. On the Mortgage Loan Commitment, the other terms and conditions for the commitment has moved from the Condition section to the Notes section Other Commitment Conditions. What's New for Administration On the Fees andCharges page within the Late Charge details, the name of the late charge needs to be unique. On the Variable Rate policy page, 0.00001 has been added as an interest rate rounding option for LIBOR indexes. When an account has multiple products licensed, an administrator will only be able to delete users for the product that they have permission to manage. When adding a new user to an account and the user already exists, a confirmation message will be displayed. You will choose to continue and add the user or cancel and not add the user. To enhance user security, the Email Address, First Name, Last Name and Phone Number on the Users detail page will be read-only for all users except for the user them self and Wolters Kluwer Financial Services Customer Support team. On the User Profile page, you will be able to see who are the administrators for your account by product. What's New for Interfaces No additional updates to any existing interfaces.
05/26/2015 | What's New for ComplianceOne® mortgage On the Financial Analysis page, when a mortgage or land contract liability payment amount or outstanding balance amount with cents is copied to the Real Estate Owned table the Mortgage Payments and Amount of Mortgages and Liens display those cents. On the Financial Analysis and collateral details page, the copy address functionality only displays permanent addresses in the list. For transactions in the application phase with an Application Received Date on or after the TRID effective date, on the collateral details page you can identify seller information is unknown at the time the Loan Estimate will be provided. For transactions in the closing phase with an Application Received Date on or after the TRID effective date, fees with a Section Type of Taxes and Other Government Fees which had a Variance Type of 10% were incorrectly being included in the Charges that Cannot Increase table of the Comparison of Loan Estimate and Closing Disclosure Fees section. These fees now will be included in the Charges that in Total Cannot Increase More than 10% table. For transactions with an Application Received Date on or after the TRID effective date, the disbursements are now calculated based off of the fees entered on the Calculations page. For existing transactions, click refresh on the Disbursements page to populate it for the first time. On the Disbursement page, the Loan Amount, instead of Loan Proceeds is now shown at the top. The Remaining Amount to Disburse now includes Funds from Borrower. What's New for Administration On the Document Policy page under the Application Documents section the fields have been organized to accommodate for transactions created prior to the TRID effective date and for transactions created on or after the TRID effective date. When using Internet Explorer 9 or 10, on the Escrow Policy page under the Escrow Items section when trying to delete an item it is now removed from the list. What's New for Interfaces No additional updates to any existing interfaces.
05/05/2015 | What's New for ComplianceOne® mortgage For transactions with an Application Received Date on or after the TRID effective date, the Secure Document Exchange interface is available to review within the Customer Test environment. The interface is accessible within the transaction by using the Secure Document Exchange menu option once it has been setup within Interface Manager. See the Print section of help for additional information. If you do not have access to the Secure Document Exchange interface please contact your Wolters Kluwer Financial Services Account Executive for more details. The product supports the Jack Henry Core Director interface. The interface is accessible within the transaction by using the Export menu option or the Import from Core option once it has been setup within Interface Manager. See the Core Interfaces section of help for additional information. If you do not have access to the Jack Henry Core Director interface please contact your Wolters Kluwer Financial Services Account Executive for more details. The product supports the HMDA Wiz interface. The interface is accessible within the transaction by using the HMDA Wiz menu option once it has been setup within Interface Manager. See the Home Mortgage Disclosure Act (HMDA) Reporting section of help for additional information. If you do not have access to the HMDA Wiz interface please contact your Wolters Kluwer Financial Services Account Executive for more details. From the home page, you can export a transaction to a MISMO file by hovering over it and selecting the new export button. From within a transaction, you can export it by using the Download Transaction menu option. The format of the file name is as follows: STDEXP Borrower Last Name Loan Number Day of the Export Time of the Export Example: STDEXP_Smith_12345678900_4_6_2015_13440_PM When you copy a transaction, the date when the list of approved counseling agencies was updated for the Housing Counseling Agencies Notice is updated to the most recent date. On the Loan Definition page, you can refresh the selected organizations data from administration. An exemption amount can be entered when using the Florida Intangible Tax or the Florida Doc Stamp and is used to calculate the fee. For transactions with an Application Received Date on or after the TRID effective date, any fees with a Section of Services Borrower Can Shop For you must select the service providers. Any fees with a Section of Services Borrower Cannot Shop For you may select the service providers. The service providers are setup within Administration and can be associated to the fees in Administration or associated at transaction time. This information is for the Written List of Providers document. See the Calculations section of help for additional information. If you use templates with a Homeowner’s Insurance fee with HUD # 903 associated to it and have refreshed the template by using the refresh icon next to the template field on the Loan Definition page, review existing transactions and recreate the documents if the Hazard Insurance fee is appearing more than once in the Homeowner’s insurance section on the RESPA Good Faith Estimate. The proposed monthly housing expenses can be entered on the Calculations page instead of on the credit application document. The Interest Rate and Payment Summary table of the Truth-in-Lending Disclosure was updated for transactions that include Private Mortgage Insurance (PMI). The statement, 'Includes Private Mortgage Insurance' appears with 'Estimated Taxes + Insurance (Escrow)' when PMI applies to the transaction. Prior to this change, 'Includes Private Mortgage Insurance' was inadvertently omitted. Validation notices have been added to inform you of potential recording requirements regarding printing documents duplex. See the Document Data section of help for additional information. If your financial institution has the need to ‘copy’ an Account within Administration your Administrator will need to email complianceonemortgagesupport@wolterskluwer.com for assistance so that the new Account(s) can be connected to the right source of content. If this step is not performed, users will not receive any selection of documents within the Document Data or Print pages of ComplianceOne mortgage. This issue may arise for larger financial institutions setting up Administration that have the need to create multiple Accounts because data cannot be shared within the structure of the financial institution. If you do not copy an Account, you will not be impacted. The product supports previewing and printing custom content. Please contact your Wolters Kluwer Financial Services Account Executive for more information on ordering custom content. What's New for Administration On the Credit Bureau page under the Alternate Contact Information, the Toll-Free Phone Number is now saving. On the Fees and Charges page within the Fees detail, the Include on the Good Faith Estimate Changed Circumstances document and Include on the Changed Circumstances Document have been removed from administration because the need for a change of circumstances is only known at transaction time. On the User Profile page, you can access your customer number to use when communicating with ComplianceOne mortgage Support. On the Organizations page, Federal Regulator is collected to be used with the HMDA Wiz interface. What's New for Interfaces No additional updates to any existing interfaces.
04/14/2015 | What's New for ComplianceOne® mortgage The product supports in-house second lien transactions. The product supports Freddie Mac 3200 fixed rate transactions and automated underwriting with the Freddie Mac Loan Product Advisor interface. The interface is accessible within the transaction by using the Automated Underwriting menu option once it has been setup within Interface Manager. If you do not have access to the Freddie Mac Loan Product Advisor interface please contact your Wolters Kluwer Financial Services Account Executive for more details. The product supports the Customer Due Diligence (OneSumX) interface. The interface is accessible within the transaction by using the Customer Due Diligence menu option once it has been setup within Interface Manager. If you do not have access to the OneSumX interface please contact your Wolters Kluwer Financial Services Account Executive for more details. Within the Financial Analysis page under the Liabilities section: You can now identify if a liability should be excluded from the credit application. The Payoff field has been enhanced to capture whether the liability will be satisfied with the sale of real estate owned or upon refinancing the subject property. In the previous version of the product, this was entered directly on the credit application. In the previous version of the product, a real estate asset was captured under the Assets section of the Financial Analysis page. These assets are now added in the Real Estate Owned section of the Financial Analysis page and additional real estate owned fields have been added to collect: Property Address, Present Market Value, Amount of Mortgages and Liens, and Mortgage Payments. When recalling existing transactions that were created prior to this release, you will want to verify that any real estate assets previously captured in the Asset section of the Financial Analysis page are now accurately reflected in the Real Estate Owned section. The real estate assets were moved from the Asset section to the Real Estate Owned section of the Financial Analysis page. Federal preemption is not supported and has been removed from the Loan Definition page. Loan Act is available based on certain state laws which impact document language or selection. A loan act can be selected for the following jurisdictions: CO, GA, IA, ID, IN, KS, LA, ME, MN, MO, NM, OK, SC, TN, TX, UT, WI, WV, and WY. See the Loan Definition section of help for additional information. On the collateral details page, you can copy from either a party address or from a real estate owned address into the collateral location. For a transaction with an Application Received Date on or after the TRID effective date: The In 5 Years total amount under the Comparisons section of the Loan Estimate has been updated to include all loan costs regardless of who pays them. The Recording Fees and Other Taxes row in the Taxes and Other Government Fees section of the Loan Estimate has been modified to include all fees assigned to that section (which are not transfer taxes) regardless of who pays them. The Transfer Taxes row in the Taxes and Other Government Fees section will only print transfer taxes paid by the borrower. Functionality has been added to disclose specific lender credits on the Loan Estimate. In addition, you now have the ability to disclose the amount of credit given to the borrower to refund closing costs in excess of the legal limits under Lender Credits on the Closing Disclosure. See the discussion regarding lender credits in the Calculations section of help for additional information. When a fee is added at application phase and then at closing you identify that the fee will not apply to the transaction, it will not be included in the Comparison of Loan Estimate and Closing Disclosure Fees section on the Calculations page. The transaction will identify if Private Mortgage Insurance (PMI) has been selected and is not needed because the loan-to-value ratio is 80% or less. For those lenders using the Real Property Recordation and Transfer Tax document for collateral located in DC, the PART H - Consideration and Financing section is available to be filled out on the Document Data page. The date disclosed in the Maximum Ever column of the Truth-in-Lending Disclosure for fixed rate construction only transactions has been updated to print the Funding Date. What's New for Administration On the Organizations, Users and Contacts page, you can import organizations, users and contacts from ComplianceOne® lending or ARTA Lending. On the Organizations page, functionality has been added to set default values per organization for the following items: Document Return To Loan Officer Preparer Organization Contact On the Fees and Charges page, functionality has been added to set the following fields as read-only for each fee: All of the fields within the Amount section can be set to read-only at transaction time Paid To Collect As Fee Refundable APR All of the fields within the Points and Fees section can be set to read-only at transaction time On the Mortgage Policies page, functionality has been updated to include setting default values for the following items: ATR/QM Test within a new Loan Definition Policy Legal Description within the Document Policy On the Mortgage Policies page within a Calculations policy, Actual/360 is now an option to be selected as a default value for the Accrual Method. What's New for Interfaces No additional updates to any existing interfaces.
03/24/2015 | What's New for ComplianceOne® mortgage Within the transaction, templates with a Flood Insurance Monitoring fee associated to it are now saving. The Loan Estimate has been updated to include all fees regardless of who pays them. On the Calculations page under the Calculating Cash to Close section four fields have been added: Generalized Seller Credits, Specific Seller Credits, Generalized Other Credit and Specific Other Credit. To understand the purpose of these fields, review the Calculations section of help. In transactions without Sellers, section K. Payoffs and Payments on the Closing Disclosure has been updated to include those disbursements that have the Payoff and Payment selected. On the Calculations page, the Loan to Value is now calculated and displayed within the Calculations Results section. Functionality has been updated to sum the sales price for each piece of real estate collateral on the transaction for the Down Payment/Funds from Borrower amount within the Calculating Cash to Close table. When there are no escrow items and there is an amount entered on the Calculations Page under the escrow section for Non-Escrowed Property Costs over Year 1, on the Document Data page within the Loan Estimate, the Estimated Taxes, Insurance and Assessments section, you can select additional types of non-escrowed items which are included in the calculation of the total amount. Based on permissions, a link to Interface Manager is available to users from the home page by hovering on the arrow in the header. Fannie Mae Specific Changes On the Calculations page, a post origination fee for attorney's fees is collected when the jurisdiction is Delaware. On the collateral details page, the Organization's Lien Position is set to First Lien and unable to be changed. On the Disbursements page, Source of Funds can be entered for the Uniform Underwriting and Transmittal Summary. On the Loan Definition page the Application Date was relabeled to Application Received Date. For those lenders wishing to use the Authorization for the Social Security Administration (SSA) To Release Social Security Number (SSN) Verification document, the Reasons for using CBSV are available to be filled out on the Document Data page and no longer need to be filled out by hand. Home Ownership Counseling results are now returned when a 9-digit postal code is entered for the first borrower on the transaction. What's New for Administration On the Organizations page, a Location ID is collected for the branch number to be used with the Jack Henry Core Director interface. On the Indexes page, the Historical Rate Information has been removed because only a Simplified ARM Early Disclosure is supported. On the Contacts page, the Officer Number can be the loan officer's initials or a number to be used with the Jack Henry Core Director interface. On the Mortgage Policies page, functionality has been updated to include setting default values for the following items: Repayment Method, Payment Frequency, Number of Payments, Charge a Returned Payment Fee within the Calculations Policy Initial Payment Change Notice Maximum Days, Initial Payment Change Notice Minimum Days, The maximum number of day's notice that will be provided to consumers before a payment change occurs. and The minimum number of day's notice that will be provided to consumers before a payment change occurs. within the Variable Rate Policy Fees for transactions on or after the TRID effective date can be setup in preparation for doing loans in the future Provide the Risk Based Pricing Notice - Credit Score, Property Insurance Required, If true, the lender is authorized to obtain tax information directly from the IRS., within the Document Policy under the Transaction Data section The lender chooses the 14 inch version of the Good Faith Estimate, Government Monitoring Information is Requested within Document Policy under the Application Documents section On the Mortgage Policies page in the Calculations Policy, you can choose to allow the user at transaction time to edit or not edit the Repayment Method, Payment Frequency, and Number of Payments. The setting applies to all 3 fields as a group and not individually. Within the Customer Test environment, Administration has been updated to add the words 'Customer Test', in the upper right hand corner of the header, next to your name to help you know which environment you are logged into. What's New for Interfaces For balloon transactions, subject to the ability to repay requirements, the WizSentinel report now includes the covered transaction monthly payment for higher priced covered transactions.
03/03/15 | The template functionality has been updated to define default values for escrow and setting a late charge to read-only. Functionality has been added to only show a seller's Closing Disclosure when a seller is on the transaction and the setting in document policy indicates a separate seller Closing Disclosure should be selected. In the previous version of the product, within Administration you could identify whether you consider Saturday a business day or not and this would impact the right of rescission date. This indication is no longer needed based on a federal statute, 5 USC 6103(a), Saturday is generally a 'business day' for rescission purposes whether or not you are open for business on that day. If your organization does not consider Saturday to be a business day review your Rescission Due Date on the Notice of Right of Rescission document for your existing transactions. A transaction where the Initial Rate Definition is a Premium and the difference between the Initial Rate and the Market Rate is greater than the difference between the Initial Rate and the Ceiling is now supported. The default value for the APR selection on a fee coming from a template is now being saved. For variable rate transactions, the product only supports the ARM Disclosure Type Initial and Maximum Rates and Payments (a.k.a. Simplified). Any existing variable rate transactions that did not have this value set or had a different option will be automatically set to Initial and Maximum Rates and Payments. The ARM Disclosure Type is no longer available on the Document Data page under the Transaction Data section since only one option is supported. For variable rate transactions, you will no longer see the following question under the Note section on the Document Data page: The earliest date at which the first five year maximum interest rate can be reached for the Truth in Lending Disclosure. This question applies to non-construction two phase transactions which are not supported. An issue specific to the Adjustable Rate Mortgage Disclosure for variable rate transactions that was introduced with the February 26, 2015 deployment has been addressed. When visiting the Print page, the calculated values were being removed so that when the document was created blank lines were shown in the $10,000 example paragraph of the How Your Payment Can Change section. If your organization supports variable rate transactions, review the Adjustable Rate Mortgage Disclosure and recalculate existing transactions as needed to update the missing values in the $10,000 example.
02/10/15 | The Help link has been added to the Home page and defaults to the mortgage What's New section. For real estate collateral, the Sales Price is collected on the collateral details page. Within the application phase, you can add the Notice of Intent to Proceed by selecting the Lender desires the Notice of Intent to Proceed form on the Document Data page under the Transaction section. For non-construction transactions with an Application Received Date on or after the TRID effective date, the integrated disclosures, Loan Estimate and Closing Disclosure, are available to review within the Customer Test environment. The product supports construction interest only fixed rate transactions. Note: the document name of the Truth in Lending Disclosure on the Print page and on the tagline of the document will be TIL Disclosure-Dwelling-Variable-IO-Max in 5. Although the name displayed is incorrect, this is the correct document to use for the fixed rate interest only construction loans. The product supports setting up a fee list within Administration. Once the fee list is created, fee policies can be created to be used with templates. The product supports setting up templates within Administration. The template functionality is based off of a new permission called Manage Template Administration for ComplianceOne mortgage . By default, this permission is turned off and an administrator for mortgage will need to turn that permission on within a current role or create a new role to assign to users. See the Loan Definition and Calculations sections of help for more information on how templates interact with a transaction. The rate and payment used in the hypothetical example in the Truth-in-Lending Disclosure has been updated so that the example directly reflects the terms and conditions of the transactions. As a result, the rate and corresponding payment that prints for transactions where Periodic Rate Caps do not apply will be based on a rate that is equal to the difference between the Initial Rate and the Ceiling. The Initial Rate on a variable rate transaction must be less the Ceiling that has been entered. A warning will be presented on the print page when the Initial Rate is equal to or greater than the Ceiling entered. The maximum rate reached for a variable rate transaction with an initial rate that is a Premium has been updated so that it reflects the terms and conditions of the transaction. At this time, ComplianceOne mortgage does not support a transaction where the Initial Rate Definition is a Premium and the difference between the Initial Rate and the Market Rate is greater than the difference between the Initial Rate and the Ceiling. For example, a transaction with an initial rate of 9%, a market rate of 7%, and a ceiling of 10% will produce a warning since the difference between the initial rate and market rate (2%) is greater than the difference between the initial rate and the ceiling (1%). In the previous version of the product, there was an error when you clicked on your name in the upper right hand corner. This has been fixed and you will be taken to your profile page in Administration. Within the Customer Test environment, the words 'Customer Test', in the upper right hand corner of the header, next to your name have been made larger and are in white font instead of blue to help you know which environment you are logged into at transaction time. The maximum payment amount disclosed on the Good Faith Estimate (GFE) and HUD Settlement Statement (HUD) for a variable rate transaction has been updated so that when the option Disclose the final payment separately for installment loans in the calculations policy is true, the maximum payment disclosed on the GFE/HUD matches the value disclosed on the Truth in Lending disclosure. In the previous version of the product, the Document Data page included a checkbox for Negative Amortization Possible which you would have selected if negative amortization was present in the amortization schedule. The Negative Amortization Possible checkbox has been removed from the Document Data page and the product will now make this determination for you. A warning will be displayed on the Print page when negative amortization is present in the amortization schedule indicating the transaction is not supported. A balloon level payment amount with variable rate is not allowed because the there is a new requirement for TILA-RESPA to disclose a minimum balloon and that value will likely calculate to a negative amount. You will notice on the Calculations page if you select balloon, level payment amount and then select variable rate the balloon option will automatically switch to Number of Payments for Amortization. The product supports Fannie Mae 3200 fixed rate transactions and automated underwriting with the Fannie Mae Desktop Underwriter (DU) interface. The interface is accessible within the transaction by using the Automated Underwriting menu option once it has been setup within Interface Manager. For those lenders wishing to use the Authorization for the Social Security Administration (SSA) To Release Social Security Number (SSN) Verification document, you will need to manually complete the Reasons for using CBSV on the printed document. We will be adding the ability to mark these items within the product with our next deployment.
01/20/15 | We updated the 6 Month LIBOR Index for May 2014 to reflect the correct value of 0.32200. Prior to this change, the 6 Month LIBOR Index for May 2014 was shown as 0.03220 in error. If used, the incorrect value affected the payment calculations in the 10,000 example of the How Your Payment Can Change section and the 2014 line of the historical example table of the ARM Disclosure. Real Property Insurance Escrow Account Disclosure (NY) is required for certain loans secured by real property that is located in New York when an escrow account has been established for real property insurance. We updated conditions for selecting this document to ensure that it is selected for loans with applications taken before or after the TRID effective date. Prior to this change, the product inadvertently did not select this document for loans with applications dated prior to the TRID effective date. In the previous version of the product, the retirement funds and net worth of business assets were printing to the Other assets section on the Universal Credit Application Real Estate and the Uniform Residential Loan Application. These assets now print to section 7 Assets and Liabilities to the fields Vested interest in retirement fund and Net worth of business(es) owned opening up the Other assets section for additional items the applicant may own. In the previous version of the product, if Payable on Demand Clause was selected within the Note-Consumer document on the Document Data page, the Calculation Results section, Amortization Schedule button, and Calculate button were hidden on the Calculations page. This has now been fixed. The New Jersey Consumer Finance Licensing Act and New Jersey Residential Mortgage Lending Act were removed from the list of Loan Acts. Please review and update the Loan Act selection under the Organization and Policy section on the Loan Definition page if you previously selected either of the removed options. The selection of these New Jersey Acts will now be collected on the Document Data page of the Choice of Insurance Notice document. If the date in the Max in First 5 Years column on the Truth-in-Lending disclosure was equal to the Funding Date, the calculations were not being completed. This has now been fixed. When the final stream in the payment schedule is 1 payment, the language in the Payment Schedule section on the Calculations page has been updated to reflect “on” instead of “beginning” since it is the final payment and that stream does not continue. In Administration, an Addresses page has been added to collect alternate addresses for printing to certain types of documents. Depending on the type of alternate address, the contact information will include names, phone numbers, addresses or a combination of these items. These alternate addresses are shared with organizations. Within the transaction any alternate addresses shared with the organization you are using will automatically print to the documents.