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# What's New 2018

The following describes key enhancements and important changes made to the product for 2018.

Date | Description
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December 2018 | What's New Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates, times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page.Note: Beginning in January 2019, What's New Instructor-let Webinars will be replaced with on-demand, recorded tutorials that will be available 24/7. We will continue to provides links each month to the recorded tutorial in this section in What's New Help. Click to review What's New with the Documents Click to review the Document List New Functionality The Bureau of Consumer Financial Protection issued an interpretive and procedure rule on August 31, 2018 to implement and clarify the Economic Growth, Regulatory Relief, and Consumer Protection Act which amends HMDA and creates a partial exemption applicable to transactions with an Action Taken Date on or after 1/1/2018. Organizations that are partially exempt have the option of reporting exempt data. On the Loan Definition page, Partially Exempt per S. 2155 has been added to the HMDA section and is available when 2018 HMDA Applies is selected. When setting up your Loan Definition Policy in Administration, you can indicate if Partially Exempt per S. 2155 defaults selected or not, and if you want to Allow User to Edit Field in Transaction. On existing transactions where a Loan Definition policy is used, Partially Exempt per S. 2155 defaults unselected and is editable until the Loan Definition policy is updated in Administration and Loan Definition Policy is refreshed on the Loan Definition page. On existing transactions where a Loan Definition policy is not used, Partially Exempt per S. 2155 defaults unselected. If you are licensed for the HMDA Wiz interface, any existing transaction with an Action Taken Date on or after 1/1/2018 will need to be updated if you are a partially exempt lender. Those existing transactions can be updated using the Grid view on the Edit page within HMDA Wiz. If you are not licensed for the HMDA Wiz interface, you will have to open each transaction and select Partially Exempt per S. 2155 on the Loan Definition page and then recreate your pipe delimited file(s). The following questions have been added to the HMDA Reporting section in How do I identify a transaction as partially exempt per Senate Bill 2155 for HMDA Reporting?, If I select Partially Exempt per S. 2155 on the Loan Definition page, how will that impact my transaction?, and My organization is regulated by the FDIC or OCC; how do I continue to report the Reasons for Denial on my partially exempt transactions? Updates to Existing Functionality For the transactions transferred from ComplianceOne Lending to ComplianceOne Mortgage where HMDA 2018 Applies was selected, the Legal Entity Identifier (LEI) associated with the selected Organization will now display without refreshing the organization. If a transaction is copied, the Legal Entity Identifier (LEI) will now display on the Loan Definition page for HMDA reportable loans without refreshing the organization. Previously, when I do not wish to provide this information was selected in the Ethnicity section on the Demographics page, the Applicant-I do not wish to furnish this information box was checked on the Real Estate Credit Application and the FannieMae 1003 FreddieMac 65 URLA in Document Data. If a user returned to the Demographics page and cleared the I do not wish to provide this information option and returned to Document Data, the Applicant-I do not wish to furnish this information box remained checked. Changes were made so the I do not wish to provide this information option can be cleared and the documents will display with the correct boxes selected. For current transactions, review and recreate documents. What's New for Interfaces New Functionality We have reordered the information on the HMDA Preview LAR report to provide a more consistent experience across our products and to allow for easier review of the information. For those users who use ComplianceOne Lending and/or ARTA Lending, the order of the information in the reports will be in the same for all products. For those users that are licensed for the HMDA Wiz interface, the order of the information in the report will follow the order of data on the Edit page within HMDA Wiz. If you are a licensed HMDA user and try to use Geocoding, Rate Spread and Insert/Update services with the wrong credentials, a validation message displays directing you to verify your credentials in Interface Manager. To validate your credentials, visit the HMDA Wiz website, test your credentials, and make changes if needed in Interface Manager. If there is an Appraisal Identifier entered on the Collateral Details page, it will be transferred to the Property Information section of the Loan Product Advisor underwriting system. The Appraisal Identifier field is available within ComplianceOne Mortgage / Assumptions if type of Mortgage is Fannie Mae, Freddie Mac, or FHA. If the user selects the specific appraisal Form Number used to report the property valuation that can be entered on the Uniform Underwriting and Transmittal document, the Form Number will be sent to Loan Product Advisor. This is required if there is an Appraisal Identifier available in the transaction. If there is a Valuation Method being selected on the Collateral Details page, this information will transfer to Loan Product Advisor. This is a required information to be reported to the third-party underwriting system if the property valuation has been done on the property and there is an Appraisal Identifier available. The following question has been added to the Automated Underwriting section in Help: What property valuation information should be submitted to Loan Product Advisor? Product Description has been added to the Loan Product Advisor interface view. This is the lender's unique identifier of a mortgage product or program associated with the loan, allowing the lender to distinguish between different loan offerings. If there is a property seller in the transaction who is an individual or sole proprietor, the seller's First-/Middle/Last-/Suffix Names will be now transferred to Loan Product Advisor. Updates to Existing Functionality What's New for Interfaces New Functionality ComplianceOne® Insiders Note: The Insiders meetings have changed from two times per month to one time per month. We will adjust as the need arises. Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this monthly group (3rd Thursday each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. We look forward to engaging with you! Register Here using the password: Mtg2018
November 2018 | What's New Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our new release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. Select What's New in November to access the training webinar.Note: What's New webinars are no longer available at http://training.wolterskluwerfs.com/. You can now access the webinars from links in What's New Help or by selecting Support Website and logging in. Navigate to the ComplianceOne mortgage product page, select View All Product Training and select ComplianceOne Mortgage What's New webinars. Click to review What's New with the Documents Click to review the Document List New Functionality An individual contact type of Loan Processor is now collected in Administration on the Contacts page and a default Loan Processor is collected on the Organizations page. Within a transaction and a template, Loan Processor has been added to the General Information section on the Loan Definition page. After your administrator enters the loan processor contact(s), the information entered in Administration for the Loan Processor selected on the Loan Definition page will print in the Contact Name, Contact Title, Contact Phone Number, and ext. fields on the Uniform Underwriting and Transmittal Summary for new and existing transactions. On the Loan Definition page, an option must be selected for the Construction Note Type to create a construction loan and calculate accurately. If an option is not selected and Construction is selected for the Integrated Disclosure Purpose, the following message displays on the Loan Definition page: "Select an option under Construction Note Type to create a construction loan" and the following message displays on the Print page as a warning: "Construction Note Type should be set up for transactions with Integrated Disclosure Purpose equal to Construction." For existing transactions where the Integrated Disclosure Purpose Type of Construction was chosen and the Rate Type is variable, the Product field, where variable rate program is described, is showing the incorrect value for the initial rate hold term on the documents listed below: Adjustable Rate Mortgage Program Lock Agreement-MN Lock in Agreement-MT Loan Estimate Closing Disclosure Rate Lock Agreement Fannie Mae 1003 Freddie Mac 65 Uniform Residential Loan Application Fannie Mae 1003 Freddie Mac 65 URLA Uniform Residential Loan Application‐CA Fannie Mae 1003 Freddie Mac 65 URLA Uniform Residential Loan Application‐DC Fannie Mae 1003 Freddie Mac 65 URLA Uniform Residential Loan Application‐OH Mortgage Loan Commitment You will want to visit the Loan Definition page to select the appropriate Construction Note Type, calculate, and recreate documents if necessary. The credit bureaus' address, phone number, internet address, and credit score range numbers will now populate the Risk Based Pricing Notice, Risk Based Pricing Notice - Credit Score, and Notice of Action Taken after completing a credit pull in ComplianceOne Lending and transferring the loan to ComplianceOne mortgage. A re-issue of the credit report or a credit bureau refresh in Financial Analysis will no longer need to be completed. Updates to Existing Functionality Previously, if the Combine Assets/Liabilities option for co-applicants on the Parties Page was cleared and a user navigated away from the page and returned, the option displayed selected. This issue was resolved and the option will remain cleared. Purchase, non-construction transactions with the Application Received Date on or after 10/1/2018 and where the Loan Amount is equal to Sales Price should be recalculated to show the accurate amount of Down Payment/Funds from Borrower and Funds for Borrower on the Loan Estimate and Closing Disclosure documents. To publish the correct value in the Application Phase of the transaction, select Calculate on the Calculation Details page. As of 10/1/18, this value was calculated incorrectly by removing the Closing Costs Financed (if present) before comparing the Total Existing Debt Being Satisfied and the Loan Amount. In the Loan Terms section on the Loan Estimate and Closing Disclosure, an issue has been resolved where 'Yes' was printing for Can this amount increase after closing? for the Interest Rate row. This occurred when the Application Received Date was on or after 10/1/2018, Construction Only was selected for Construction Note Type on the Loan Definition page, Variable was selected for Rate Type on the Calculations page, and after calculating the Rate Type was changed to Fixed. For existing transactions, review, calculate, and recreate the Closing Disclosure if necessary. What's New for Interfaces New Functionality The Location ID entered in Administration for your organization will now be sent to the Loan File Setup section in the Loan Product Advisor underwriting service. The explanations selected for any Yes answer to a declaration on lines a through i on the Uniform Residential Loan Application Continuation Page or Credit Application Real Estate Supplement are now transferred to Desktop Underwriter (DU). Updates to Existing Functionality Previously, the dependent ages entered on the Uniform Residential Loan Application document (section III) were not transferred to Desktop Underwriter. This has been resolved and if dependent ages are entered, they will be transferred to Desktop Underwriter. Loan demographic data including ethnicity, race, sex, and basis of collection for the data will populate mortgage when performing an import from Mortgagebot. ComplianceOne® Insiders Note: The Insiders meetings have changed from two times per month to one time per month. We will adjust as the need arises. Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this monthly group (3rd Thursday each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018
October 2018 | What's New This release marks the launch of the Vanceo™ Mortgage. Congratulations! If you are reading this, you and your financial institution have made a great decision, and will now be able to leverage Vanceo™ Mortgage to drive internal controls and efficiencies in your daily financial processes. For more information, refer to the Vanceo Dashboard page in Help. Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our new release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. Select What's New in October to access the training webinar.Note: What's New webinars are no longer available at http://training.wolterskluwerfs.com/. You can now access the webinars from links in What's New Help or by selecting Support Website and logging in. Navigate to the ComplianceOne mortgage product page, select View All Product Training and select ComplianceOne Mortgage What's New webinars. Click to review What's New with the Documents Click to review the Document List New Functionality On the Loan Definition page in the HMDA section, Business or Commercial Purpose is used to report the loan as a business or commercial purpose to HMDA and displays unselected by default. The Business or Commercial Purpose selection is strictly for HMDA reporting purposes, and the transaction will be treated as a consumer purpose loan for all other purposes. On the Calculations page in the Monthly Housing Expenses section, All Other Monthly Payments is now automatically calculated. The calculated amount is a sum of all liabilities entered on the Financial Analysis page except for Mortgage, Leasehold Payment, Ground Rent and Other Housing Expense. The calculated amount can be changed if needed. The All Other Monthly Payments value is used by the Uniform Underwriting and Transmittal Summary document. On the Calculations page in the Origination/Disposition section, 4 = Collateral will now default selected for Reasons for Denial when 'Location or condition of collateral (use only in Massachusetts)' is selected for Reason Type in the Action Reason section of Document Data for the Notice Of Action Taken document. You will need to manually select 4 = Collateral for Reasons for Denial on any existing transaction that has 'Location or condition of collateral (use only in Massachusetts)' selected for Reason Type. An issue has been resolved where if more than one instance of Assessment or County Property Tax had been entered for Proration Type on the Closing Disclosure page and both instances were assigned to the same Integrated Disclosure Subsection, then only the first instance printed to the Closing Disclosure. For example, on the Closing Disclosure page, you enter Proration Item of Assessment and Integrated Disclosure Subsection of Adjustments for Items Unpaid by Seller and an amount of $200. You also enter another Proration Item of Assessment and Integrated Disclosure Subsection of Adjustments for Items Unpaid by Seller and an amount of $100. In this scenario, the second Assessment for $100 would not print to the Closing Disclosure. This issue has been resolved for transactions with an Application Received Date on or after 10/1/2018, so review, calculate and recreate documents if necessary. For transactions with an Application Received Date prior to 10/1/2018 (in which the closing occurs after 10/1/2018), you will need to continue to aggregate the amounts and enter one proration on the Closing Disclosure page. Updates to Existing Functionality This release does not include updates to existing functionality. What's New for Interfaces New Functionality Previously, when lenders used a credit service outside of ComplianceOne, a validation error displayed for Credit Identifier that prevented submissions to the GSE Automated Underwriting Service (i.e. Fannie Mae DU or Freddie Mac LP). The validation error was removed and submissions to the GSE Automated Underwriting Service will now be successful. Manual Geo Codes entered on the Collateral page and Manual Rate Spreads entered on the Calculations page now import and override automated Geo Codes and automated Rate Spreads in HMDA Wiz and CRA Wiz. Updates to Existing Functionality This release does not include updates to existing functionality. ComplianceOne® Insiders Note: The Insiders meetings have changed from two times per month to one time per month. We will adjust as the need arises. Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this monthly group (3rd Thursday each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018
September 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. Select What's New in September to access the training webinar. Click to review What's New with the Documents Click to review the Document List New Functionality Several improvements were made to the following areas: Headers Template Maintenance Party Management HMDA Processing Although the changes are small, they impact several areas. All the current functionality is still available but the look and feel of the main landing page header has been updated to provide easier viewing and navigation. The information below provides details about the changes. Transaction Header The transaction header has been updated. The home icon has been replaced with that brings you back to a main page. Selecting your name brings you to your User Profile. Selecting Help opens up Help information. Selecting Logout ends your session. Manage To access Administration, HMDA Processing, Interface Manager, Party Management, Security Administration, or Template Maintenance management functions that were previously in the ComplianceOne menu, select Manage in the header and an option. The selected function will open in a new browser tab. The lending browser tab will remain open so you can easily return and continue work after you finish with the newly opened tab. To close a management function such as Administration, close the browser tab. Old New HMDA Processing, Party Management and Template Maintenance Headers The look and feel of the HMDA Processing, Party Management, and Template Maintenance headers were updated to match the new transaction header. However, HMDA Processing, Party Management, or Template Maintenance display instead of ComplianceOne. When a transaction is recalled from HMDA Processing, the transaction header shows you came from HDMA Processing. Selecting the brings you back to the HMDA Processing landing page. When a party is recalled from Party Management, the transaction header shows you came from Parties. Selecting brings you back to the Parties landing page. When a template is recalled from Templates, the transaction header shows you came from Templates. Selecting brings you back to the Templates landing page. Accessing Accounts Account was moved from inside a page to the header. To access a different account if you are licensed for more than one account, select the account in the header. Old New In the May release, we added validation messaging to the Loan Definition and Print pages alerting you that transactions with an Application Received Date of 10/1/2018 or later were not yet supported. Since then, we have been making changes each release to implement the TILA RESPA Integrated Disclosures (TRID) amendments. We have completed all of the changes and the validation messaging has been removed from the Loan Definition and Print pages. A summary of the changes and when they were released is included below: May Release: What’s New with Documents June Release: Calculating Cash to Close Table-Adjustments and Other Credits June Release: Calculating Cash to Close Table – Seller Credits; June release June Release: Help only changes Closing Disclosure page; Gift Funds Calculations and Closing Disclosure page; Seller Credits July Release: Escrow Account table Escrowed Property Costs over Year Estimated total amount over year 1 for your escrowed property costs Escrow Payment July and September Release: Improvements Value August Release: Inspection and Handling Fees August Release: Calculating Cash to Close Table-Closing Costs Financed August Release: Calculating Cash to Close Table-Down payment/Funds from Borrower and Funds for Borrower September Release: Loan Terms-Principal and Interest row (See below) September Release: Adjustable Payment (AP) Table (See below) September Release: Closing Costs Expiration (See below) The TRID amendments, applicable to transactions with an Application Received Date on or after 10/1/2018, allow a creditor, issuing a revised Loan Estimate after the consumer has indicated an intent to proceed within the time specified by the creditor, to leave the date and time the estimate closing costs are to expire blank. On the Calculations page in the application phase, we have removed the required symbol from the Date, Time, and Time Zone within the Closing Costs Expiration section. When the Closing Costs Expiration Date, Time, and Time Zone are blank and the Application Received Date is on or after 10/1/2018, the language on page one of the Loan Estimate is as follows: '...closing costs expire on.' In addition, we have also hidden the Closing Costs Expiration section of the Calculations page within template maintenance due to a customer request. The TRID amendments, applicable to transactions with an Application Received Date on or after 10/1/2018, allow a user to include the estimated value of improvements to be made on a property when disclosing an Appraised Value or an Estimated Value for a construction loan without a seller. On the Collateral Details page in the Application phase, the user can enter the amount in Improvements Value. The entered value will be added to the Estimated/Appraisal Value on the Loan Estimate and Closing Disclosure. For transactions with an Application Received Date on or after 10/1/2018 that have multiple property taxes or homeowner’s insurance, some of which are escrowed, 'Some' will print in the 'In Escrow' section on the Closing Disclosure. Changes were made so this transaction type can be submitted to Uniform Closing Dataset (UCD) without error. The TRID amendments, applicable to transactions with an Application Received Date on or after 10/1/2018, added comment 7(iv) to Appendix D of Regulation Z. Specifically the disclosure requirements for the ‘Can this amount increase after closing’ of the Principal and Interest row within the Loan Terms section and the Adjustable Payment (AP) table have been updated. Both of these sections on the Loan Estimate and Closing Disclosure have been updated for transactions where Construction Note Type is Construction Only or Construction and Permanent Note. The following question has been added to the Calculations section in Help: How are the interest-only, payment amounts typically calculated for multiple advance, construction loans? The following questions have been added to the Document Data section in Help: Within the Loan Terms section, how is the ‘Can this amount increase after closing’ column of Principal and Interest row completed on the Loan Estimate and Closing Disclosure for construction transactions with an Application Received Date on or after 10/1/2018? How are the ‘First Change/Amount’, ‘Subsequent Changes’, and ‘Maximum Payment’ rows of the Adjustable Payment (AP) Table completed on the Loan Estimate and Closing Disclosure for construction transactions with an Application Received Date on or after 10/1/2018? For transactions where Construction Note Type is Construction Only or Construction and Permanent Note, we have addressed an issue related to the calculation of Closing Cost Financed and have made some improvements in relation to the data entry of construction costs and the initial advance amount. When the Application Received Date is on or after 10/1/2018, Improvements Value has been relabeled as Construction Costs within Collateral Details. The amount entered is the cost to complete the construction or improvements to the property. The following questions have been added to the Collateral section in Help: What amount is entered in Appraisal Value and Construction Costs when Construction Note Type is Construction Only or Construction and Permanent Note? How do Construction Costs impact my transaction? When Application Received Date is on or after 10/1/2018 and Seller Information is Unknown is selected, Use Seller Disclosures on Non-Seller Transaction is selected, or a seller has been added in Collateral Details, the Closing Costs Financed (Paid from your Loan Amount) on the Closing Disclosure is determined by subtracting the Sales Price, liabilities on the Financial Analysis page where Payoff is selected, and Construction Costs from the Loan Amount. Previously in construction transactions where a seller had been added, the Construction Costs were not being considered in this calculation. The Initial Advance Amount is now collected on the Calculations page in the closing phase. Previously, the Initial Advance Amount was entered on the Consumer Note. When an amount is entered for Initial Advance Amount, the product will automatically create an Amount Paid to Third Party disbursement on the Disbursements page and will also automatically create an Adjustment on the Closing Disclosure page. For existing transactions, the Initial Advance Amount previously entered in Document Data will be retained and will appear on the Calculations page. Because the product will automatically create a disbursement and an adjustment with this release, you will want to visit the Disbursements page and Closing Disclosure page, if applicable, to remove the manually entered disbursement and adjustment if you had created them prior to this release. The following question have been added to the Disbursements section in Help: On a construction transaction, why is a disbursement created for the Initial Advance Amount? The following question has been added to the Closing Disclosure section in Help: On a construction transaction, why is an Adjustment created for Construction Holdback? The amount of undisbursed loan proceeds available for construction, also known as Construction Holdback, is determined by the product based on the Construction Costs and Initial Advance Amount. The product subtracts the Initial Advance Amount on the Calculations page from the sum of Construction Costs for each collateral, if more than one piece of collateral exists. The amount remaining is the Construction Holdback resulting in an automatically created Amount Paid to Third Party disbursement on the Disbursements page and automatically created Adjustment on the Closing Disclosure page. For existing transactions where you have previously entered a disbursement and/or an adjustment for the Construction Holdback, you will want to visit the Disbursements page and/or Closing Disclosure page to remove it since the product will have automatically created a disbursement and adjustment with this release. The following question has been added to the Disbursements section in Help: On a construction transaction, why is a disbursement created for Construction Holdback? The following question has been added to the Closing Disclosure section in Help: On a construction transaction, why is an Adjustment created for Construction Holdback? On construction only loans, the initial interest rate is correctly being rounded to three decimal places. Prior to this release, the interest rate was rounded to the nearest two decimal places. For existing transactions, review, calculate, and recreate the documents to see the rounding update. Updates to Existing Functionality This release does not include updates to existing functionality. What's New for Interfaces New Functionality This release does no include new functionality. Updates to Existing Functionality This release does not include updates to existing functionality. ComplianceOne® Insiders Note: The Insiders meetings have changed from two times per month to one time per month. We will adjust as the need arises. Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this monthly group (3rd Thursday each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018
August 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. Select What's New in August to access the training webinar. Click to review What's New with the Documents Click to review the Document List New Functionality On the Collateral Details page, Construction Method is now available for all transactions that are not HMDA reportable. For users licensed for Uniform Loan Delivery Dataset (ULDD), the selection made for Construction Method will export to the ULDD interface. For transactions with an Application Received Date on or after 10/1/2018, Closing Costs Financed (Paid from your Loan Amount) for the seller version of Cash To Close table is calculated by subtracting the total amount of payments to third parties not otherwise disclosed in the Loan Costs and Other Costs from the Loan Amount. TRID amendments effective on 10/1/2018 have provided clarifications on what third parties payments should be taken into consideration in Closing Costs Financed calculation and include the following: The sale price of property for purchase transactions. The estimated value of improvements to be made on property for construction transactions. The payoffs of secured or unsecured debt. For transactions with an Application Received Date on or after 10/1/2018, the calculation logic of Down Payment/Funds from Borrower and Funds for Borrower has changed. If the transaction is non-construction purchase, we will subtract the Loan Amount from the total amount of all existing debt being satisfied in the transaction. If the transaction is construction purchase, non-purchase, or if the Loan Amount exceeds the Sale Price, we will subtract the Loan Amount (excluding Closing Costs Financed (Paid from your Loan Amount)) from the total amount of all existing debt being satisfied in the transaction. Examples of existing debt being satisfied include: Sale Price of Property, Adjustments, and any other charges that may be disclosed on Line K.04 of Closing Disclosure. If the amount calculated is greater than zero, then this amount will be disclosed as Down Payment/Funds from Borrower in the Cash To Close table. If the amount is less than zero, then this amount will be disclosed as Funds for Borrower. On the Calculations page, we have added the Inspection and Handling Fees table within the Post-Closing Fees section that is available when Construction Note Type is Construction Only or Construction and Permanent Note and the Application Received Date is on or after 10/1/2018. The TRID amendments require inspection and handling fees collected after closing to be disclosed on the Loan Estimate Addendum and Closing Disclosure-Addendum. Although, the Application Received Date is not visible within template maintenance, the Inspection and Handling Fees section is available when Construction Note Type is Construction Only or Construction and Permanent Note to allow you to set up your templates prior to the 10/1/2018 effective date. Inspection and Handling fees are finance charges and should be included in the calculations for the In 5 Years total and Total of Payments figures on the Loan Estimate and Closing Disclosure. As a result, the Total for the Inspection and Handling fees will impact the following figures: APR within Calculation Results and in the APR in the Loan Calculations table on the Loan Estimate and Closing Disclosure In 5 Years total in the Loan Calculations table on the Loan Estimate Total of Payments within the Calculation Results and in Total of Payments total in the Loan Calculations table on Closing Disclosure APR Fees within Calculation Results Total Charges Affecting the APR within Calculation Results Finance Charge within Calculation Results Amount Financed within Calculation Results Lastly, Inspection and Handling Fees are also included in the federal points and fees test required under 1026.32 and will be included in that testing when using the Wiz Sentinel interface. The following questions have been added to the Fees section in Help: Where do I enter inspection and handling fees for construction transactions? When disclosing inspection and handling fees that are paid after closing, does each individual fee need to be disclosed or is the total of all inspection and handling fees required to be disclosed? Do inspection and handling fees that are collected after closing affect any of the Loan Calculation values on the Loan Estimate and Closing Disclosure? Are inspection and handling fees that are collected after closing included in the high-cost Points and Fees test? When disclosing inspection and handling fees that are paid after closing, does each individual fee need to be disclosed or is the total of all inspection and handling fees required to be disclosed? Do inspection and handling fees that are collected after closing affect any of the Loan Calculation values on the Loan Estimate and Closing Disclosure? Updates to Existing Functionality On the Collateral Details page, the selection made for the Manufactured Home Land Property Interest, will now match the selection for the Manufactured Home Land Property Interest on the HMDA Preview LAR report or the pipe delimited text file. Previously, '5 not applicable' defaulted to the HMDA Preview LAR report or the pipe delimited text file. 8888 is used for the Credit Score on the HMDA Preview Report and in the HMDA submission request for the applicant or co-applicant when the following conditions apply: Credit Score Used in Interface is not selected on the Financial Analysis page for any credit bureau response for the applicant or co-applicant. On the Calculations page, the Underwriting Action Taken is one of the following: 1 - Originated 2 - Application Approved but not Accepted 3 - Application Denied 7 - Preapproval Request Denied 8 - Preapproval Request Approved but not Accepted, What's New for Interfaces New Features New Credit Provider Wolters Kluwer has partnered with SettlementOne to offer mutual customers access to SettlementOne’s services. After configuration, the SettlementOne Credit Service allows users to submit minimal information about an applicant to SettlementOne Credit Service to receive a comprehensive credit report. Users are able to select from single, dual, or tri-merge credit reports, along with establishing joint credit pulls for multiple borrowers. After the user has finished pulling credit, all transaction and credit report critical data is returned to ComplianceOne mortgage. Customers who are interested in the new credit service provided by SettlementOne should contact their Wolters Kluwer sales representative. Updates to Existing Functionality This release does not include updates to existing interface functionality. ComplianceOne® Insiders Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this twice a month group (2nd and 3rd Thursdays each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018
July 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates, times, and to register or sign in, select this link: http://training.wolterskluwerfs.com/. Click to review What's New with the Documents Click to review the Document List New Functionality With this release you will likely have already realized we adopted the latest Wolters Kluwer brand standards for the login and logout pages. In addition, we’ve redesigned and improved the usability of our Help. You can now search across all help topics/pages, print help pages, and provide feedback inside the help tool. The familiar pages from the previous version of Help are now laid out in a tile format on the main page for easy navigation. Selecting the Wolters Kluwer logo will bring you back to the main landing page of Help. Select the Question button next to the Search box for tips on searching. Select the Helpful? button on the right to provide a quick comment about Help information. Select the Feedback button to provide detailed comments about Help and access Support information. Select the Print button to print the current page. For transactions with an Application Received Date on or after 10/1/2018, the Escrowed Property Costs over Year 1 amount within the Escrow Account section on the Closing Disclosure can be based on the payments made into the escrow account during the first year starting from the First Payment Date when Calculate escrowed property costs over year 1 using the first payment date is selected for the applicable Calculations Policy within Administration. The following question has been added to the Document Data>Document Specific section in Help: Within the Escrow Account section on the Closing Disclosure, how is the Escrowed Property Costs over Year 1 determined? For transactions with an Application Received Date on or after 10/1/2018, the 'Escrowed Property Costs over Year 1' amount and 'Escrow Payment' amount in the Escrow Account table on page 4 will now include mortgage insurance (PMI, Mortgage Insurance or USDA Mortgage Insurance) when entered on the Calculations page. On the Closing Disclosure for transactions with an Application Received Date on or after 10/1/2018, the description of ‘See attached page for additional information’ will print in the Escrow Account table for ‘Estimated total amount over year 1 for your escrowed property costs’ and/or ‘Estimated total amount over year 1 for your non-escrowed property costs’ fields when there is not enough space. In addition, the detailed description prints on the Closing Disclosure in the Addendum within the Loan Disclosures section. Lastly, the description will include a reference to 'mortgage insurance' when PMI, Mortgage Insurance, or USDA Mortgage Insurance is entered on the Calculations page. The TRID amendments that are applicable to transactions with an Application Received Date of 10/1/2018 or after have updated the commentary to §1026.38(j)(2)(vi) to provide clarification on the disclosure of gift funds on the Closing Disclosure. No changes were made to the product. The following question has been added to the Closing Disclosure section in Help:When are Gift Funds required to be disclosed in the Other Credits section of the Summaries of Transactions section of the Closing Disclosure? The TRID amendments that are applicable to transactions with an Application Received Date of 10/1/2018 or after have updated the commentary to §1026.37(h)(1)(vi) to provide clarification on the disclosure of specific seller credits on the Loan Estimate. No changes were made to the product. The following question has been updated on the Calculations>Loan Estimate and Closing Disclosure section in Help: How are Seller Credits disclosed on the Loan Estimate? On the Calculations page, changes were made to improve usability. A new section for Post-Closing Fees has been added and includes the following: Returned Payment Fee that was previously on the Loan Definition page. Late Charges that were previously included in the Fees section on the Calculations page. On the Document Data page for construction loans, the Collateral is the Construction Property check box was removed. Collateral is the Construction Property was renamed to Construction Property and relocated on the Collateral Details page. On the Collateral Details page if Construction Property is selected, Improvements Value displays to comply with TRID amendments effective 10.1.2018 (Comment 37(a)(7)-1). If Improvements Value is selected, the estimated value of improvements to be made on the property can be entered for a construction loan without a seller. In the next release, the estimated value of improvements will added and print to the Estimated/Appraisal Value disclosed on the Loan Estimate and Closing Disclosure for a construction loan without a seller. Updates to Existing Functionality On the Collateral Details page, a ‘Sorry, this page is currently unavailable’ message displayed after selecting a party to edit. This issue has been corrected and any party on the Collateral Details page can be viewed and edited if a user is not a read-only user. On the Calculations page/Underwriting Information section/Origination/Disposition, the Override Reasons for Denial was changed to Edit Reasons for Denial. If you select Edit Reasons for Denial, the reasons selected on the Notice of Action Taken document will remain defaulted to Origination/Disposition and can be edited. What's New for Interfaces New Features This release does not include new interface features. Updates to Existing Functionality This release does not include update to existing interface functionality. ComplianceOne® Insiders Note: The session for Thursday, July 19 has been cancelled. We look forward to our next discussion with you on Thursday, August 9. Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this twice a month group (2nd and 3rd Thursdays each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register Here using the password: Mtg2018.
June 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates, times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality Wolters Kluwer has reviewed its software applications in accordance with industry standard guidelines and determined the need to increase security and assist in safeguarding our customer’s valuable data. The result of this evaluation determined that the TLS 1.1 and 1.2 protocol will be the supported versions going forward in all environments and for all products. As a result, TLS version 1.0 will be disabled in the June release. We recommend that you check with your IT support group or personnel to fully assess potential impacts to your operations. If you have any questions, please contact Wolters Kluwer Support at 1-800-274-2711, Ext. 1123665. On the Closing Disclosure, the 'Did this change' column for the Adjustments and Other Credits row has been updated to comply with the amendments to 1026.38(i)(8)(i) and its commentary. When the Application Received Date is on or after 10/1/2018, the text following the bullet now prints as 'See details in Section L' or 'See details in Section K.' For more information, refer to the following question in the Calculations>Loan Estimate/Closing Disclosure section of Help: What language is required to print in the ‘Did this Change?’ column when the Adjustment and Other Credits amount differs between the Loan Estimate column and the Final column for transactions with an Application Received Date on or after 10/1/2018? On the Closing Disclosure, the 'Did this change' column for the Seller Credits row has been updated to comply with the amendments to 1026.38(i)(7)(iii) and its commentary. When the Application Received Date is on or after 10/1/2018, the text following the bullet now prints as 'See Seller-Paid column on page 2 and Seller Credits in Section L' where previously 'See Seller Credits in Section L' printed. For more information, refer to the following question in the Calculations>Loan Estimate/Closing Disclosure section of Help: What language is required to print in the ‘Did this Change?’ column when the Seller Credits amount differs between the Loan Estimate column and the Final column for transactions with an Application Received Date on or after 10/1/2018? Updates to Existing Functionality We have removed the option of Principal Reduction from the Closing Adjustment Item list on the Closing Disclosure page since it was inadvertently added in the March release. The first option in the list, Borough Property Tax, will default selected for any existing transactions where you had previously selected Principal Reduction. It is recommended that you review the Closing Disclosure page and recreate documents if necessary. What's New for Interfaces New Features This release does not include new interface features. Updates to Existing Functionality This release does not include update to existing interface functionality. ComplianceOne® Insiders Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this twice a month group (2nd and 3rd Thursdays each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018.
May 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates and times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality On the Parties Details page, changes were made to improve usability. Data collection items were added to the Parties Details page and removed from the Financial Analysis page as described below. The Employment Information section was renamed to Employment and Income and redesigned. Overtime, Bonus, and Commission were added to the new Employment and Income page. Amount was added and includes the total of Base Income, Overtime, Bonus, and Commission included for an employment. Overtime, Bonus, and Commission were removed from the Financial Analysis page where this information was collected previously. The Other Income section was added so users can add other income information directly on the Parties Details page. In this section, Dividends/Interest, Net Rental Income, Alimony, Child Support, Maintenance, Social Security, Subject Property Positive Cash Flow, Support Pension, and Other can be selected in the Select Income Source drop-down list and an amount can be entered. If Other is selected, a custom description and an amount can be entered. Other income sources can be added by selecting Add and entering a name and amount. Support Pension and Social Security are new income types that have been added to the Select Income Source drop-down list. On the Loan Definition and Print pages, changes were made to accommodate the final rule amending the federal mortgage disclosure requirements under the Truth in Lending Act (Regulation Z), otherwise known as TRID, that took effect on October 10, 2017 with a mandatory compliance date for applications taken on or after October 1, 2018. We are in the process of updating the product pages, calculations, and documents to comply with the new rules. As a result, validation warnings have been added to Application Received Date on the Loan Definition page and the Print page when the Application Received Date is 10/1/2018 or later, and the system date is prior to 10/1/2018. This will allow you to review the new functionality as we make changes in the upcoming releases which will be communicated here and in the What's New with the Documents. (Link to be inserted). After we have completed all the changes, the validation warnings will be removed from the Loan Definition page and Print page. On the Calculations page in the Ratios section, changes were made to improve usability. Include all parties income was added. This option replaces Additional Parties Income that was removed from the Financial Analysis page. If selected, the total income from all borrowers and cosigners will be included in the Home to Income (HTI) and Debt to Income (DTI) calculations. Exclude the borrower income and report ‘not applicable’ for HMDA was added and will display when 2018 HMDA Rule Applies is selected on the Loan Definition page. HMDA reportable income will be excluded and Not Applicable will be reported to HMDA when Exclude the borrower income and report ‘not applicable’ for HMDA is selected. Exclude the borrower income and report ‘not applicable’ for HMDA was removed from the Financial Analysis page where it appeared previously. On the HMDA page, the name of the reviewer and the date of the review will display after Reviewed is selected by a user. A user must be assigned the HMDA Reviewer permission in Security Administration before they can select Reviewed. Updates to Existing Functionality What's New for Interfaces New Features Updates to Existing Functionality ComplianceOne® Insiders Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this twice a month group (2nd and 3rd Thursdays each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018.
April 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates and times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality On the Financial Analysis page, liabilities that have been closed or paid will now be excluded from the liabilities that are pulled from a credit bureau when Exclude zero balance liabilities that are Paid or Closed is selected in Account Basics in Administration. On the Employer Information page, a Calculate button has been added to calculate the Years Employed and Months Employed. The values for the current employer are based on the From start date and the system date. The To end date will not display for a current employer. The values for the previous employer are based on the From start date and the To end date. On the Parties Details page, Verification of Employment and Verbal Verification of Employment have been added for individual and sole proprietors who are borrowers and cosigners. Selecting Verification of Employment will add the Request for the Verification of Employment (FNMA 1005) to the document list. Selecting Verbal Verification of Employment will add the Verbal Verification of Employment to the document list and display Employee Badge ID for entering an ID. Previously, Verification Requested and Verbal Verification of Employment Requested were available on the Document Data page to generate the Request for Verification of Employment and Verbal Verification of Employment documents. Previously, Employee Badge ID was collected in Document Data for the Request for Verification of Employment. The HMDA Reviewer permission has been added to the mortgage Loan Originator role in Security Administration. The new permission will default unchecked. This permission allows a user to select the Reviewed check box on the HMDA page. Review your mortgage Loan Originator and custom roles to activate the permission for your users if applicable. Updates to Existing Functionality The Introductory Rate Period (In Months) now prints in the Loan Information section on the Preview LAR Record where nothing was printing previously. When Rate Type is Variable, the Initial Rate Hold Term from the Calculations page will print. When Rate Type is Fixed, NA will print along with Not applicable in the description. Previously, when entering a non-numeric value for the Year, Length, or Width on the Collateral page for Mobile Home (Personal Property/Residence) collateral and exporting to an interface, an error displayed. Now, the Year, Length, or Width will be sent as blank. If numeric digits are entered, the values will be sent. An issue has been resolved where the Cash to Close amount in the Calculating Cash to Close table and Summaries of Transaction table, when applicable, was not summed correctly when the transaction included a Generalized Lender Credit and Refund exceeded tolerance amount was selected on the Calculations page. We have also addressed an issue where the Specific Lender Credits amount displayed on the Calculations page in the closing phase was not including any fees that were added at closing where Paid By was Lender. For existing transactions, review, calculate, and recreate documents if necessary. What's New for Interfaces New Features This release does not include new features. Updates to Existing Functionality This release does not include updates to existing functionality. ComplianceOne® Insiders Here's your chance to be on the “inside” of the ComplianceOne mortgage development discussions. Be heard in this twice a month group (2nd and 3rd Thursdays each month), during a one-hour roundtable discussion to gather your input and feedback on functionality that is being updated or added to ComplianceOne mortgage. These are complimentary, open to all ComplianceOne mortgage users, and require pre-registration. The agenda for each session will be posted one week prior on the registration website allowing you to plan which roundtable you can impact the most! We look forward to engaging with you! Register here using the password: Mtg2018.
March 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates and times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality We have added functionality to display Specific Lender Credits (currently supported) along with the collection and disclosure of Generalized Lender Credits. In the application phase within the Calculating Cash to Close section on the Calculations page, Specific Lender Credits, Generalized Lender Credits, and Lender Credits are available. The product rounds all fees Paid By Lender and sums them. The total is displayed as Specific Lender Credits. Generalized Lender Credits can be entered. The product sums and rounds Specific Lender Credits and Generalized Lender Credits. The total is displayed as Lender Credits which prints on the Loan Estimate. In the closing phase on the Calculations page, we have added a Lender Credits section. Within that section, Specific Lender Credits, Generalized Lender Credits, and Lender Credits are available. The product sums all fees Paid By Lender and displays that total as Specific Lender Credits. If Generalized Lender Credits were entered in the application phase, that amount will default to the closing phase; otherwise, an amount can be entered at closing. The product sums Specific Lender Credits and Generalized Lender Credits and displays that total as Lender Credits. The lender credits amount is the same figure shown as Closing Amount within the Lender Credits that Cannot Decrease section of the Comparison of Loan Estimate and Closing Disclosure Fees table. For existing transactions, the amount previously calculated for Specific Lender Credits will be present in the Lender Credits field and continue to print to documents accurately. Once the transaction is recalculated, the field for Specific Lender Credits and Lender Credits will be updated. For additional information on lender credits, refer to the following questions in the Calculations>Loan Estimate/Closing Disclosure section of Help: What do the lender credits represent on the Loan Estimate and Closing Disclosure? How do you cure a tolerance on the Closing Disclosure? How do Generalized Other Credits affect the Details of Transaction section of the Uniform Residential Loan Application (URLA) and Transaction Worksheet section of the Credit Application Real Estate Universal Credit Application Real Estate-HMDA (UCA-RE)? Are lender credits included in the APR? Updates to Existing Functionality Previously, for cosigners on the Demographics page, when an option was selected under Ethnicity and I do not wish to provide this information was not selected, when subsequently visiting the Demographics page, Ethnicity I do not wish to provide this information was selected. This has been corrected. For existing transactions with cosigners, it is recommended you review the Demographics page, select the appropriate choice for Ethnicity I do not wish to provide this information, and recreate documents if necessary. Some improvements were made to the way credit score data displays in the Credit Report section on the Financial Analysis page. The section now displays in a format that is more consistent with the other sections on the Financial Analysis page. In addition, the following changes were made: Score Not Available has been relabeled to N/A and hover text has been added. A Risk Based Pricing Notice is required for this transaction has been relabeled to Credit Score Used for Risk Based Pricing. Hover text has been added to Credit Score Used for Risk Based Pricing, Credit Score Used in Interface, and Use on Notice of Action Taken to assist users with these options. Refresh Bureau has been moved to the Credit Bureau Name column as an icon. For more information, refer to the following question in Help: How do I update a transaction with the latest information for the Credit Bureaus defined within Administration? The behavior of this section and how the information impacts documents remains unchanged with this release. When 2018 HMDA Rule Applies is selected on the Loan Definition page, Type of Purchaser is now defaulted to 0 = Not applicable when the Action Taken is either 1 = Loan originated or 6 = Purchased loan, but can be changed as appropriate. Previously, 8 = Affiliate institution was incorrectly defaulting. The ability to default Type of Purchaser from Administration is not currently supported but if you use templates, this option is available for you to set a default in Template Maintenance when 2018 HMDA Rule Applies is selected. For transactions using a calculations policy with Disclose the final payment separately for installment loans selected, the maximum payment amount in the $10,000 example paragraph of the Adjustable Rate Mortgage Program or Adjustable Rate Mortgage Disclosure Conventional documents has been corrected. Previously, in some situations, the maximum payment amount disclosed was based on the separate final payment instead of the regular periodic payment. For existing transactions, review, calculate and recreate documents if necessary. User Defined Fees can now be added at transaction time without entering a User Fee Name. 'User Defined' will be populated as the User Fee Name in these cases. Previously, an error message indicating ‘Object reference not set to an instance of an object’ displayed when a User Defined fee was added at transaction time without a User Fee Name defined. Previously, when a borrower paid fee with zero variance was added in the application phase and the amount was decreased and the fee was changed to lender paid in the closing phase, the Print page displayed the following warning: 'The total of Lender Paid Fees exceed 0% tolerance.' On the Calculations page, Paid By has been added to the Loan Estimate values in the closing phase and red text in the Status column will now indicate when values have been changed from the application phase. When a policy group with a Property Cost Policy is updated in Administration, the Escrow Account Type on the Calculations page will now be updated to reflect the change in both transactions and templates. Previously, the value did not change for the Escrow Account Type. On the Service Provider Information page in Fees, formatting has been added to Phone Number and Postal Code in the transaction. When a transaction has only one document policy option or the first document policy is defaulted to a new transaction, and the Closing Cost Expiration Date/Time/Time Zone is completed, the Closing Cost Expiration Date will now calculate the Closing Cost Expiration Date on the Calculations Page. Previously, this value did not calculate until the user refreshed a document policy on the Loan Definition page. The In 5 years amount on the Loan Estimate and the Total of Payments amount on the Closing Disclosure have been updated to include fees where Add To Amount Requested is selected for Collect As. Previously, these totals only included fees where Collect As was Cash or Subtract From Proceeds. For existing transactions, review, calculate, and recreate documents if necessary. The Adjustable Rate Mortgage Disclosure Conventional has been updated to disclose the first payment that will change as a result of the initial rate hold expiring within the How Your Payment Can Change section for Fannie Mae and Freddie Mac transactions. The sum of the Initial Rate Hold Term plus one is used to determine the first payment that can change after the initial rate hold term. For example, if Initial Rate Hold Term is 36, the disclosure will include: Your first payment will be effective with the 37th monthly payment of your loan. For existing transactions review, calculate, and recreate documents if necessary. On the HMDA Processing page, you can filter by Organization, Action Taken Date From, Action Taken Date To, Submitted, and Loan Number. Reviewed has been added as a filtering option. You can use the Reviewed option to view transactions that have been marked as Reviewed. On purchase money transactions, the sum of the Sales Price entered for each real estate collateral and mobile home collateral is now correctly included in the total amount that prints in M. Due to Seller at Closing (Section M) on the Closing Disclosure document. Previously, the total amount did not include the Sales Price entered for the mobile home collateral. The following message will now display when incorrect user credentials are entered when transferring a transaction from ComplianceOne lending or ARTA Lending. Previously, a (500) Internal Server Error message displayed. "Login was unsuccessful. Please correct the errors and try again. Potential errors could be the following: Incorrect login information. Password has expired. User ID is locked. System date and time are out of sync. If problems persist, please contact your system administrator. Description: Inner Exception: ComplianceOne mortgage transfer." All licensed interfaces will now be displayed in the menu without limitation. Previously, the number of interfaces that would display was limited to 20. What's New for Interfaces New Features This release does not include new interface features. Updates to Existing Functionality The Name and Version of the Credit Scoring Model now prints to the HMDA LAR Preview Report with the data for the Credit Report designated as Credit Score Used in Interface on the Financial Analysis page. Previously, blank was printing. The Credit Score now prints to the HMDA LAR Preview Report with the data for the Credit Report designated as Credit Score Used in Interface on the Financial Analysis page. Previously, blank was printing. The races of the borrower or co-borrower now display on the CRA Wiz 2017 preview page and in the .csv file in sequential order when the races are selected. Previously, they did not display sequentially. Chat with ComplianceOne® mortgage Team Thank you for all the feedback that you have provided through our Chat with ComplianceOne mortgage sessions. Your feedback is very beneficial to our continued approach with ComplianceOne mortgage. We appreciate any time that you have shared with us in the past, and look forward to having you share your feedback in the future. At this time, we are working at delivering HMDA to you, so we will be taking a short break from these events. We will return in early 2018. Watch for more information to come.
February 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates and times, and to register, sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality This release does not include new functionality. Updates to Existing Functionality When 2018 HMDA Rule Applies is selected on the Loan Definition page, the following updates have been made to the Preview Report when Preview LAR Record is selected: When Action Taken in the Underwriting Information Section of the Calculations page is any of the following; 1 = Loan originated, 2 = Application approved but not accepted, 4 = Application withdrawn by applicant, 5 = File closed for incompleteness, 6 = Purchased loan, or 8 = Preapproval request approved but not accepted, then 10 = Not Applicable now prints to the Denial Reason on the Preview Report. Previously, nothing was printing for the Denial Reason. When Action Taken in the Underwriting Information Section of the Calculations page is 1 = Loan Originated or 6 = Loan Purchased and one of the following scenarios below applies, 3 = Not Applicable now prints to the Preview Report: Occupancy Status is blank, Borrower’s Principal Dwelling is not selected, and Owner’s Principal Dwelling is not selected for the Reported Real Estate collateral. Occupancy Status is not the Primary Residence for the Reported Real Estate collateral. On Loan Definition, Construction Note Type is Construction and Construction Type is Initial. When Action Taken in the Underwriting Information Section of the Calculations page is 1 = Loan Originated or 6 = Loan Purchased, Occupancy Status is Primary Residence, Construction Type is not Initial, and Reg Z Section 32 Applies is selected on the Document Data page, 1 = High-cost mortgage prints to the HOEPA Status on the Preview Report. When Reg Z Section 32 Applies is not selected in this scenario, 2 = Not a high-cost mortgage prints to the HOEPA Status on the Preview Report. When Action Taken in the Underwriting Information Section of the Calculations page is not 1 = Loan Originated or 6 = Loan Purchased, 3 = Not Applicable now prints to the HOEPA Status on the Preview Report. Previously, in all of the above cases, 1 = High-cost mortgage or 2 = Not a High-cost mortgage were printing, depending on the Reg Z Section 32 Applies selection on the Document Data page. Previously, when the rate spread could not be calculated due to the HMDA Wiz service technical issues, the HMDA Preview page was not accessible in ComplianceOne mortgage. This has been resolved. Previously, Revocable Trust was available on the Document Data page within the Owner section when the collateral owner was a Trust (not including Illinois Land Trusts) and Type of Mortgage was Fannie Mae or FHA. Revocable Trust was also available within document data entry for the Authorization document when any Owner, Borrower, Cosigner, and Guarantor was a Trust (not including Illinois Land Trusts). Revocable trusts or inter vivos trusts are the only trust types currently supported in ComplianceOne mortgage. As a result, we have removed Revocable Trust from document data and will set it behind the scenes for any Owner, Borrower, Cosigner, and Guarantor that is a trust on existing and new transactions. Previously, when the user added only seller paid fees, the totals of these fees were not disclosed in the Closing Costs Subtotal (D+I) under the J section and Closing Costs Paid at Closing (J) under the N section of the Closing Disclosure. This has been resolved. When making multiple updates to the Loan Estimate Issued Date on Loan Definition, the Closing Costs Expiration Date and Time will now calculate automatically. Previously, the calculation would not be performed on multiple changes of the Loan Estimate Issued Date. You can now include the Attorney Preference Notice document for transactions that involve real estate collateral located in the state of Arkansas and Georgia by selecting Select the Attorney Preference Notice document for transactions involving real estate collateral in Arkansas and Georgia in your Document Policy that is applied at transaction time. Review your document policies in Administration to determine if changes are needed. For existing transactions, the Attorney Preference Notice will still be included in your document list if you had previously selected Include the Attorney Preference Notice on the Document Data page. If you refresh a previously selected Document Policy or select a new Document Policy on the Loan Definition page, the choice made in your Document Policy will be applied when you create documents. For transactions (regardless of whether the transaction is created with or without a Template) where a Policy Group is applied that contains a Fee Policy, you can now successfully import a Fannie Mae 3.2 file. Previously, when attempting to import a Fannie Mac 3.2 file in a transaction containing a Policy Group with a Fee Policy, users were experiencing a ‘Warning Invalid Import file’ message. The sorting functionality has been updated on the mortgage and template maintenance home pages. The ability to sort on Template, Loan Number, Name, Phase, and Loan Amount has been removed. Sorting has been added to the created/modified column to allow for ascending/descending sorting based on the modified date. What's New for Interfaces New Features This release does not include new interface features. Updates to Existing Functionality An issue has been resolved where Lender Credits is blank on the HMDA LAR Record Preview. The data point was not transferred to HMDA Wiz or the data point was not exported to the Pipe Delimited Text File for 2018 HMDA reportable transactions. Chat with ComplianceOne® mortgage Team Thank you for all the input you have provided through our ComplianceOne mortgage feedback sessions. Your comments and suggestions are very beneficial to our continued approach with ComplianceOne mortgage. We appreciate any time that you have shared with us in the past, and look forward to having you share your feedback in the future. We are taking a short break from these events. Watch for more information to come in the April, 2018 release.
January 2018 | What's New for ComplianceOne® mortgage Take Advantage of a Complimentary Quick Start to What’s New? Get up and running quickly with our overview of the ComplianceOne mortgage changes so you know what to expect in our next release. Attend a complimentary “What’s New” webinar, hosted by our experienced software trainers. For available dates and times, and to register, simply sign-in on our Support website, and navigate to your ComplianceOne mortgage product page. Click to review What's New with the Documents Click to review the Document List New Functionality HMDA Processing is available in the drop-down list next to ComplianceOne, and allows you to view all your HMDA transactions with an Action Taken Date in 2018 in one area. For more information, refer to the following questions in the HMDA Reporting section in Help: What is the purpose of HMDA Processing? Is there a maximum number of HMDA transactions that may be selected on the HMDA Processing page? Why am I unable to select my transaction on the HMDA Processing page? How do I navigate back to the HMDA Processing Home page when I am done making changes to my HMDA transaction when I am in mortgage? How do I know that a transaction has been successfully inserted/updated in my HMDA Wiz File when working with transactions on the HMDA Processing page? How do I know that a transaction has been successfully included in a pipe delimited text file when working with transactions on the HMDA Processing page? Updates to Existing Functionality Security Administration can be accessed from within ComplianceOne mortgage by hovering over the arrow found at the top of the page by the words, 'ComplianceOne.' Users must have the Basic Access for Security Administration permission assigned in Security Administration to be able to access Security Administration. Users that had the Manage Account, Manage Account Users, and/or Clone Account permission previously had access to Security Administration and will automatically be assigned the Basic Access for Security Administration permission and consequently, have access to Security Administration. To assist organizations with the separation of duties among users, several permissions were added in Security Administration: Edit Loan Decision which allows you to indicate which users can edit Loan Decision within the menu. With the addition of this permission, Loan Decision is now hidden in the menu within a template. Copy Transaction which allows you to indicate which users can copy transactions. Delete Transaction which allows you to indicate which users can delete transactions. Existing users with the Create Transaction in Application Phase for ComplianceOne mortgage and the Create Transaction in Closing Phase for ComplianceOne mortgage permission will automatically be assigned the new permissions. To assist organizations with the separation of duties among users, an account setting called Loan Decision Must Be Approved to Change Phases has been added to Account Basics in Administration. When selected, the phase drop-down within the menu can only be changed when Approved is selected for Loan Decision. By default, this setting is turned off and an administrator for mortgage will need to turn it on. The account setting has no impact on the phase drop-down when in template maintenance. A new Inactive Session message will be presented informing you that ‘You have been inactive for an extended period of time. Select CONTINUE to avoid a session timeout. This message allows you to indicate whether you wish to be logged off or continue the session without requiring re-authentication. In either case, any changes made to pages that do not contain a ‘Save’ option are saved prior to timing out. For more information, refer to the following questions in the Getting Started section in Help. What is a session? What is defined as activity for purposes of keeping a session active? Why am I receiving an inactive session message? Why did my session time out? In the Fees section on the Loan Definition page, the 'If there is Life Insurance Collateral' text and the two options beneath it have been removed since Minimum Finance Charges and Prepayment Penalties are not supported: Prepaying the unpaid balance is allowed with no additional charge Prepaying the unpaid balance may have a minimum charge associated to it These options were previously available when Iowa was selected for the Jurisdiction on the Organization page in Administration, the corresponding Organization was selected on the Loan Definition page, and the Uniform Consumer Credit Code was selected for the Loan Act on the Loan Definition page. In addition, 'No' will print for Minimum Interest Applies on the Loan Information Report due to the removal of the two options on the Loan Definition page. Existing transactions will be updated when recalled, so it is recommended that you review and recreate documents if necessary. A Reviewed check box has been added to the HMDA page when 2018 HMDA Rule Applies is selected on the Loan Definition page and Action Taken Date on the Calculations page is on or after January 1, 2018. The Reviewed check box does not affect transaction documents, and is provided as a visual display indicating how many transactions may need reviewing for those individuals working in HMDA Processing. You may check Reviewed as a method of communicating status of the transaction to other members of the organization. When 2018 HMDA Rule Applies is selected on the Loan Definition page, the following updates have been made to the Preview Report when Preview LAR Record is selected: When Origination Charges on the Closing Disclosure are blank (i.e. There were not any fees assigned to section A), 0 now prints to the Preview Report. Previously, NA was printing in this case. When Total Loan Costs on the Closing Disclosure are blank, (i.e. There were not any fees assigned to section A, B or C), 0 now prints to the Preview Report. Previously NA was printing in this case. When Exclude Property Value for HMDA is selected in the Reported Collateral section on the Collateral page, NA now prints to the Preview Report. Previously, the value entered in Collateral Details for the Reported Collateral was printing. When 8 = Other credit scoring model is selected for HMDA Credit Scoring Model on the Financial Analysis page, the description entered now prints to the Preview Report. Previously, the description was not printing. When Exclude their age and report ‘not applicable’ for HMDA is selected on the Demographics page for either the Applicant or Co-Applicant, 8888 now prints to the Preview Report. Previously, NA was printing. Within Document Data on the Uniform Underwriting and Transmittal Summary document, Desktop Underwriter Case Identifier and Loan Product Advisor Automated Underwriting System Key Identifier have been removed and Case Identifier has been added to the Underwriting section on the Calculations page. For existing transactions where Desktop Underwriter Case Identifier and Loan Product Advisor Automated Underwriting System Key Identifier were previously entered, the value will be retained and will appear on Calculations page. We have added Fannie Mae UCD Resubmit in the Underwriting Information section on the Calculations page. If you received a Casefile ID from Fannie Mae for a loan that was not underwritten in Desktop Underwriter, the Casefile ID should be entered for Case Identifier and Fannie Mae Resubmit should be selected before creating the UCD file and resubmitting it to Fannie Mae. For more information, refer to the following question in the Uniform Closing Dataset (UCD) section of Help: When should Fannie Mae UCD Resubmit be selected?. The Underwriting Information section on the Calculations page is now available for FHA transactions when the account is licensed for UCD. The Underwriting Method System, and Case Identifier are included in the UCD file when Create UCD File is selected on the print page. Previously for transactions with a Repayment Method of Single Payment, the ‘In 5 Years total’ amount on the Loan Estimate included only Loan Costs that affected APR, and the ‘Total of Payments’ amount on the Closing Disclosure did not include any Loan Costs. These issues have been resolved. For existing transactions, review, calculate, and recreate documents if necessary. What's New for Interfaces New Features This release does not include new interface features. Updates to Existing Functionality This release does not include updates to existing interface functionality. Chat with ComplianceOne® mortgage Team Thank you for all the feedback that you have provided through our Chat with ComplianceOne mortgage sessions. Your feedback is very beneficial to our continued approach with ComplianceOne mortgage. We appreciate any time that you have shared with us in the past, and look forward to having you share your feedback in the future. At this time, we are working at delivering HMDA to you, so we will be taking a short break from these events. We will return in early 2018. Watch for more information to come.