Calyx Software, the mortgage industry's leading provider of loan origination and processing software, announced the release of Point version 6.2.
The latest version of the Point application is fully compliant with recent FHA changes that include the new forms required for all FHA loans beginning October 1, 2008.
Point 6.2 features the new FHA Loan Underwriting and Transmittal Summary form as well as the FHA HUD/VA 92900 addendum form. The FHA Loan Underwriting and Transmittal Summary form replaces both the FHA Mortgage Credit Analysis Worksheet Purchase Money Mortgages (MCAW) (HUD-92900-PUR) and FHA Mortgage Credit Analysis Worksheet (HUD-92900-WS). The FHA HUD/VA 92900 Addendum has also been updated with mandatory changes including signature lines for co-borrowers and new required verbiage. The new forms enable Point users to process an FHA loan more efficiently through Point. Users can easily print and send documents directly to the lender in a timely fashion.
Point 6.2 also includes newly updated California Mortgage Loan Disclosure Statement for Traditional and Non-Traditional loans that was approved by the California DRE on 8/15/08.
The latest version also marks the return of the one-page legal sized Good Faith Estimate. The summary section at the bottom of the form has been enhanced. All charges are now aligned on the left and all credits on the right, making it easier for borrowers to understand the terms and closing costs associated with their loan.
"Our goal is to ensure that Point consistently remains the product of choice in the mortgage industry," said Dennis Boggs, senior vice president of Calyx Software. "The addition of the updated FHA regulatory documents to version 6.2 keeps Calyx Software in the leading role of providing easy-to-use loan origination software for FHA loan originators."