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TILA-RESPA Integrated Disclosures. Find valuable information on the Loan Estimate and Closing Disclosure.
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Point TRID FAQ's

Many of our customers have queried us regarding a wide range of topics along with, what to do if scenarios on responding to the LE and CD mandate. To meet this need we have compiled FAQs to answer your questions.

Additional resources include:

DISCLAIMER: The following questions and answers are provided for general information only and do not purport to be legal advice, and are not intended to be legally binding on Calyx Technology, Inc.

Fees Worksheet

Q: Will the verbiage that is required for a pre-application fee estimate be added to the Fees Worksheet?
A: Yes. It is already included on the Fees Worksheet.

Q: Is there a way to automatically import fees into the Fees Worksheet?
A: Yes. By creating Closing Cost Scenario templates you can automatically populate the Fees Worksheet with a default set of fees.

Q: Do I have to manually alphabetize the fees on the Fees Worksheet?  
A: No. Point automatically alphabetizes the fees when they are populated on the Loan Estimate.

Q: Are the PFC check boxes automatically selected on the Fees Worksheet or do we need to select them manually?
A: No. PFC check boxes are not automatically selected. You must select which fees are PFC items.

Loan Estimate

Q: If Point generates a loan ID, will it automatically populate the Loan ID field on the Loan Estimate?
A: No. The Loan ID on the Loan Estimate and Closing Disclosure is populated from the Lender Case No field on page 1 of the Loan Application.  .

Q: How is the application date populated on the Loan Estimate?
A: Enter the Application Date at the top of the Loan Estimate screen.

Q: Why is the first field in the Product section on the Loan Estimate empty?
A: This field populates only when the loan is Interest Only, Negative Amortization, Step Payment, Balloon Payment or Seasonal Payment.

Q:  Can Point generate a Loan Estimate without a lender name and Loan ID number?
A: Yes. To exclude the lender name and Loan ID number from the Loan Estimate, do not enter them in the loan file.

Q: Are fees on the Loan Estimate rounded? 
A: Yes. Fees that require rounding are rounded to the nearest whole dollar.

Q: How can you change the Loan Estimate Rate Lock check box selection from No to Yes?
A: Rate lock information is entered on the Track > Registration & Rate Lock screen.

Q: Is a signature line available on the Loan Estimate?
A: Yes.  To generate signature lines on the Loan Estimate, select the Confirm Receipt check box on the Loan Estimate screen.

Q: If the Index Type dropdown list on the Truth-In-Lending screen does not contain the index that my company uses, how can we add it? 
A: You can type the index information in the field.

Q: Can we set default values for time zone?
A: Yes. Create a borrower master template with your default time zone.

Q: Is it possible to set the Confirm Receipt check box on the Loan Estimate as a default selection for all loans or is it set on a per loan basis?
A: Yes. You can add this as a default setting in your borrower master templates.

Written List of Service Providers

Q: Depending on how we specify can or cannot shop for, will Point generate two separate lists?
A: You can select one or both of the disclosures: Written List of Service Providers (Can Shop For), Written List of Service Providers (Cannot Shop For).

Q: Is there a way to populate the Fees Worksheet providers on the Written List of Service providers?
A: No. The Written List of Service Providers for the Loan Estimate requires manual entry.

Q: Can we still use the Service Providers list, or was it replaced by the Written List of Service Providers?
A: Yes. You can continue to use the Service Provider List for loans that originated before the TRID effective date of October 3, 2015 and loans that are excluded from TRID regulations.

Q: Before the new regulations became effective we had the option to disclose service providers with or without fees. Do we still have the option to list providers without the fees?
 A: No. The fees are included on the Written List of Service Providers.

Q: Can we create a template to populate the same Written List of Service Providers on every application or must we create a new list for each loan?
A: Yes. You can add this information to your borrower master templates.

Q: On the CFPB Sample Service Provider List the title fees are broken down into binder, lender's title policy, title search, etc. Can we break down the fees in Point?
A: Yes. You can itemize the fees in Point.

Q: Will Point ever automatically populate services that are shopped for and services that not shopped for, rather than us having to select?
A: No. Practices differ among our customers and throughout the country.  

Closing Costs Worksheet and Closing Disclosure

Q: Where do I enter seller-paid and buyer-paid taxes?
A: Prorated property taxes are entered in the Summaries of Transaction section on page 3 of the Closing Disclosure.

Q: If fees are updated on the Closing Costs Worksheet, will they update on the loan application?
A: No. Fees on the Closing Costs Worksheet are not updated on the loan application.

Q: What goes in the MIC# field at the top of the Closing Costs Worksheet?
A: Mortgage Insurance Certificate number. The MIC number is entered on the Closing Costs Worksheet and disclosed on page 1 of the Closing Disclosure.

Q: Is a signature line available on the Closing Disclosure?
A: Yes. To generate signature lines on the Closing Disclosure, select the Confirm Receipt check box on the Closing Disclosure.

Q: Where is a prorated tax credit due to the borrower from the seller entered on the Closing Disclosure?
A: A prorated tax credit is entered in the Summaries of Transaction section on page 3 of the Closing Disclosure.

Q: Where is the escrow Aggregate Adjustment shown? 
A: The Aggregate Adjustment is shown in Section G, Initial Escrow Payment at Closing on page 2 of the Closing Disclosure.

Q: Where is the closing date that is populated on the Closing Disclosure entered?
A: The closing date is entered manually on page 1 of the Closing Disclosure.

Q: Where is the real estate agent contact information that is populated on the Closing Disclosure entered? 
A: Real estate agent information is entered on the Track > Agent List screen.

Q: Is it possible to set the Confirm Receipt check box on the Closing Disclosures as a default selection for all loans or is it set on a per loan basis?
A: Yes. You can add this as a default setting in your Borrower Master templates.

Forms

Q: What is the main difference between the Fees Worksheet and Closing Costs Worksheet?
A: The Fees Worksheet is used for the Good Faith Estimate and to populate data on the Loan Estimate. The Closing Costs Worksheet is mirrored after the Fees Worksheet and only for the purpose of populating the Closing Disclosure.

Q: Is a Changed Circumstance form available when it is necessary to re-disclose the Loan Estimate?
A: Yes. The Changed Circumstance form is available in Point.

Q: How is the expiration date on the new Intent to Proceed (LE) form entered?
A: The date is populated from the Cost Expires field on the Loan Estimate screen.  

Q: Is an electronic signature feature available?
A: E-sign functionality is available in Point with INK-it.

Cash-to-Close

Q: The Cash-to-Close section isn’t calculating correctly, it looks like the Down Payment is incorrect. How do I fix this amount when I have items financed in the loan?
A: If the data was entered correctly in Point it is calculating correctly. It is possible that you expect to see certain amounts on the disclosures as they were in the past. However the new TRID regulations for the disclosures from the CFPB have redefined the entire concept of Closing Costs Financed like the UFMIP on FHA Loans. The formula to determine the Down Payment between government and conventional loans is completely different.  Click here for more information.

Q: How is the Cash-To-Close for a purchase shown correctly on the Loan Estimate when there is a combined 2nd involved?
A: The subordinate financing amount is entered in line j in the Total Estimated Funds to Needed to Close (Details of Transaction) section on the Fees Worksheet. Subordinate financing is displayed as a negative value in the Adjustments and Others Credits field in the Calculating Cash to Close section.

Q: I created a refinance loan but the Cash-to-Close looks like it is for a purchases. How do I correct this?
A: Select the Standard (purchase) or Alternative (refinance) form from the Calculating Cash to close section on the Loan Estimate. The default setting is Standard.

 

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