| 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 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
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:
- 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: The following question has been added to
the Closing Disclosure section in Help:
- 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:
-
The following question has been added to the
Closing Disclosure section in Help:
-
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: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
- 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:
- 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:
- 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.
- 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 MethodSystem, 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.
|