Calyx Software, a mortgage solution provider for banks, credit unions, mortgage bankers, wholesale, correspondent lenders and brokers, announced that their Point version 9.2 is ready to help mortgage lenders produce and deliver accurate, TRID compliant loan estimates (LE) and closing disclosures (CD).
Calyx's Point 9.2 release provides and automates the new LE and CD forms, and includes enhancements to ensure the generation of accurate and compliant disclosures.
“We learned recently that some origination software systems are only supporting TRID compliant LE and CD going forward from August 1,” says Doug Chang, president of Calyx. “This means some lenders will have to stop originating loan types that still use the old forms after TRID goes into effect. It was quite challenging to continue supporting the current disclosures as well as adding the new disclosures within one system, and we are pleased that we managed it. We worked hard to maintain a user-friendly solution and limit the changes to a minimum, keeping many of the familiar steps and screens intact.”
The Calyx solution automatically calculates, rounds and truncates APR and TIP.
After August 1, the mortgage industry will begin using a revised set of forms to disclose to consumers the costs of loans, making them easier to understand and giving borrowers greater confidence in the estimates provided. The Consumer Financial Protection Bureau rule will prevent fee and rate changes by lenders after the initial LE is disclosed and before the CD is issued, just prior to closing.
The CFPB created the new disclosure rule, known as the TILA-RESPA Integrated Disclosure (TRID), as a result of the Dodd-Frank Wall Street and Protection Act.
One software provider is encouraging mortgage lenders to acclimate to the new CFPB loan estimate and closing disclosures requirements now, having released a TRID-ready Point 9.2 solution ahead of the August 1 deadline.