With Point 6.1, you no longer need to use multiple systems to fund and sell loans. Featuring 10 screens—each specifically designed to meet the needs of mortgage bankers—Point provides the data status and reporting functionality required to manage the entire loan process, from underwriting to trailing documents. In Point 6.1, the banker screens have been reorganized to support your workflow more effectively and new fields have been added to ensure that you capture all the data that you need to process loans. Because all key data is stored in Point, team members can review and manage loans in one application, reducing the likelihood of errors. When you're ready to close a loan, simply order your closing documents from the Services Menu in Point. Documents are sent directly to your Point software, where they can be saved and printed.
In addition to its banker screens, Point features comprehensive reporting capabilities, including a snapshot report that enables owners to monitor profitability instantly. This powerful report includes loan status information, cost of doing business, and a book of business summary. And it can be sorted by loan officer, branch, region, day, year, or any other metric. All reports are available in both standard and custom formats, ensuring that each report can be configured to meet your specific needs.
Point includes the security features that your business demands. Access rights can be granted by folder or even by screen, ensuring that access to sensitive financial data is limited to only those who are authorized to see it. With its robust features, flexible reporting capabilities, and ease of use, Point is the ideal system of record for small- and medium-size mortgage banks.
Registration and Rate Lock
Available in the Track menu, the Registration and Rate Lock screen allows loan originators working for brokers or bankers to record the data relating to requested lock, including rate, price adjustments, lock confirmations, and lock extensions with either the wholesale lender or the secondary marketing department.
Underwriting
The Underwriting screen tracks the automated underwriting system, the date it was run, the decision, and any automated underwriting fees. It also tracks the final decision of the underwriter, allowing entry of Reason for Denial or Suspension.
Secondary Marketing Registration and Rate Lock
Available only to the management team in your office when Point security is enabled, the Secondary Marketing Registration and Rate Lock screen is the first of three security-enabled screens. It allows the secondary marketer to enter the information being provided to and from the correspondent investor and shows profit and loss information pertaining to the sale of the loan.
Closing Documents
When ordering closing documents, the Closing Documents screen allows the user—typically a closing documents administrator—to enter data relevant to the reportable data and the status of ordering closing documents.
Title and Escrow Conditions
The Title and Escrow Conditions screen helps the processor monitor title policy conditions that must be cleared from the Title Report, as well as payoff requirements and lender instructions to the closing agent.
Warehouse Advance and Repayment
The Warehouse Advance and Repayment screen captures the information related to the warehouse line of credit, including the repayment date and amount. This screen is the second of three security-enabled screens that can be made visible only to management.
Loan Funding
The Loan Funding screen is the third of three screens that can be security enabled. It captures the data necessary to ensure accurate funding of the loan, including profit and loss and significant dates. The funder will ensure not only that the transaction balances, but also that the profitability of the loan is at or above the profitability target established.
Loan Shipment
The Loan Shipment screen allows the shipper to record data and status regarding the shipment of a closed loan to a designated correspondent investor. It also allows work prioritization based on rate lock expiration.
Investor Purchase Conditions
The Investor Purchase Conditions screen allows the shipper to record any conditions that the correspondent investor requires before purchasing the loan.
Trail Documents
The Trail Documents screen enables the shipper to record and track the documents that are required to fully satisfy the loan sale responsibilities on a loan purchased by a correspondent investor.