2018 HMDA Updates Will Be Ready Early!
Home Mortgage Disclosure Act Data
As you are probably aware, effective Jan 1, 2018, all affected lenders must collect the new Home Mortgage Disclosure Act (HMDA) data and submit appropriate reports to the CFPB under the new rule as required by Reg. C.
We are adding the new HMDA data fields early to help you and our third-party HMDA reporting vendors implement and test them well in advance of the deadline. When you use Point and one of our integrated HMDA reporting vendors, HMDA data points are tracked and stored exactly the same way in your system of record and the reporting software, reducing potential errors and regulatory audit concerns.
The new HMDA data will be captured in the Point .BRW file. The GSEs have not yet announced anything regarding HMDA data updates for Fannie Mae 3.2.
Following are the details:
HMDA Reporting and Submission
Point collects HMDA data in an alpha/numeric text format. It does not convert the alpha/numeric text into the new required numeric value for a direct Loan Application Register (LAR) upload. The new format requires a service to handle a pipe delimited text file with numeric values to represent the text descriptions. Point customers have the option of using QuestSoft® or ComplianceEase®, expert third-party compliance software companies already integrated with Point and well-versed in HMDA reporting.
Uniform Closing Dataset
The new Uniform Closing Dataset (UCD) requirements become effective September 25, 2017. We will release a new version of Point with the capabilities to meet the new requirements in July 2017. More information will be available as we close in on the July release date.
Point Versions 9.5 Service Pack 2 and PointCentral Versions 9.5 are Now Available
We are excited to announce Point® 9.5 SP2 and PointCentral® 9.5 have been released. Request your MyCalyx Administrator deploy PointCentral 9.5 to ensure you have the latest update. NOTE: Install PointCentral 9.5 before deploying Point 9.5 SP2 to your users.
It is critical to deploy both releases due to two major updates:
Learn more about the release view our recorded overview webinar.
Updates made in this release also enhance the Loan Estimate, Closing Disclosure, Home Mortgage Disclosure Act (HMDA) functionality, data transfer security, the PDF converter driver, Freddie Mac LPA AUS, and provide direct access to Calyx Pricer®. Additional updates were made to initiate support of HMDA 2018 requirements.
All of our Verifyde products are now being sold and supported by QuestSoft, the original creator of the Verifyde products.
Windows 10 is now supported on Point Version 9.2, Service Pack 9, and later.
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