Since loans for option ARMs and interest-only loans allow borrowers
to defer repayment of principal and sometimes interest, and allow borrowers
to exchange lower payments during an initial period for higher payments
later, federal regulators consider these types of mortgages potentially
risky for both lenders and borrowers. So it's more important than ever for
mortgage professionals to accurately disclose the terms of the loan. Point 5.4's new fields allow for easy input of data for
these types of loans.
Guidelines issued by the Department of the Treasury, the Federal Deposit
Insurance Corporation, the National Credit Union Administration, and the
Board of Governors of the Federal Reserve System can be found by clicking
here.
“First Title is thrilled to introduce this service to Caylx Point users. Because we electronically transmit exact fees and charges immediately,
Loan Officers and Processors will never get a call about inaccurate GFEs
from their Compliance Officers again,” said Jeff Jurin, National Sales
Account Manager for First Title. “Moreover, they will have all of those
fees available to them instantly.”
Now users will never have to leave Caylx Point. They will not have to
call their title provider, e-mail or fax them to place a title order or
request fees. Users will even be able to print title commitments and endorsements
and modify HUD-1s on-line. Everything can be done directly from their
desktop without ever leaving the Caylx Point application. Be sure to
click on “Services,” then “Title Reports,” and try First Title today.
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