| In this Issue |
Letter from the President - Overview of Illinois SB 1167
Document Express and Calyx Software Launch New Integration
Document Express Welcomes Steve Schreiber, CMT as the Manager of IT and Software Development
CyberDocs Changes & Updates
Compliance Updates & Industry News
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| Upcoming Events |
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July 10th, 2008
Indian Lakes Golf Club
Bloomingdale, IL
IAMP 19th Annual Fall Conference
Sept. 22nd -24th, 2008
Pheasant Run Resort
St. Charles, IL
MBA 95th Annual Convention & Expo
Oct. 19th - 22nd, 2008
Moscone West Convention Center
San Francisco, CA
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| LOS Interfaces and Partners |
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Overview of Illinois SB 1167
Letter from the President
Beginning on June 1, 2008, Illinois SB 1167 went into effect. The following are highlights of the recently enacted legislation:
1. The following are exempt from required counseling: (a) any residential loan that employs an adjustable rate feature with an initial adjustment period that is beyond three years; (b) is a fixed rate loan; (c) does not contain an "interest only" feature; (d) does not contain a "prepayment penalty", "negative amortization" or has been determined to violate any Federal, state and local high cost lending laws, and (e) any transaction where the buyer is not buying a first residence.
2. The law does not create an outright ban on stated income loans. Instead, it mandates that the loan originator must verify the borrower's "reasonable ability to pay." This is established by, among other things, the borrower's income and financial resources.
3. Beginning on July 1, 2008, all loan information will be required to be placed into a newly created Cook County Database. All relevant loan information is required to be placed into the database by all originators, brokers and financial institutions. Information for all loan products and types must be submitted, including information relevant to commercial and industrial properties located in Cook County, IL.
4. Any loan application taken prior to July 1, 2008 is not subject to counseling. Any loan application information taken prior to July 1, 2008 and closed after July 1, 2008 must still be entered into the database. At closing, a Certificate of Exemption must be acquired by the title company before the mortgage can be recorded.
5. If it is determined that counseling is required, the originator must provide the borrower with a list of qualified counselors obtained from the database. Upon completion of counseling, the title company should be able to acquire an on-line completion certificate. The closing cannot be completed and the loan cannot be recorded without the certificate.
Document Express, Inc. has added a Credit Counseling Certification form to its forms library. If users order a Cook County, Illinois loan with an application date on or after July 1st, 2008, you will be asked if you would like this form included in your package when you submit the file to us. Click Yes if you need this form, else click Cancel to send the loan and not receive the form.
Click here for more information regarding SB 1167:
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Document Express and Calyx Software Launch New Integration
Document Express Inc. Integrated into Point
[Palatine, IL, May 28, 2008]-Document Express, Inc., Palatine, IL, a national provider of mortgage closing documents and other related loan products announced today that CyberDocs, Document Express' leading-edge true web based system for document preparation, flood certifications, initial loan disclosures and high cost lending analysis reports has been integrated into San Jose, California-based Calyx Software's Point software. Calyx is the mortgage industry's leading provider of loan marketing, originating and processing software. Through the integration, Document Express can now provide fully guaranteed loan closing documents and initial electronic loan disclosures within seconds without re-entry of redundant loan information. This new integration will allow mortgage professionals to order, retrieve and deliver their closing documents and initial loan disclosures without having to leave the Calyx Point software while realizing the cost savings associated with reduced steps and elimination of double-entry and potential data discrepancies. "Calyx is pleased to be integrating Document Express in order to give Point customers a cost-effective, reliable, efficient way of meeting their mortgage needs" said Keith Kemph, National Interface Sales Manager. Other integrations already underway will allow Calyx Point users to take advantage of all related services offered by Document Express, including flood certifications and high cost lending analysis reports. All services are seamless, easily accessed and guaranteed compliant by Document Express. The company has a proven track record of providing quality closing products and outstanding customer satisfaction since 1992.
"All data-even custom data-comes directly from Point and is transferred directly to respective closing documents thanks to application of the latest MISMO standards and the leading edge technologies proudly used by Document Express," said Lori Johnson, VP of Operations. "This is the type of integration we've been looking to provide in connection with origination systems, and it's exactly what our customers are looking for. There is no longer any need to be concerned with lost data, re-keying errors or users needing to learn several closing systems-they enter it once in Point, order and get our quality products and services in seconds. What could be easier?"
About Calyx SoftwareŽCalyx Software is dedicated to helping lenders, mortgage brokers, mortgage bankers, and vendors increase their profitability by providing reliable and affordable software that streamlines and optimizes all phases of the loan process-from loan marketing through closing. The Calyx Network connects loan officers and processors to lenders and service providers using technology that allows all parties to exchange data easily. This seamless interaction, coupled with the robust features in the Point product line, increases efficiency and maximizes profitability by enabling more loans to close more quickly. For more information about Calyx Software, please visit www.calyxsoftware.com.
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Document Express Welcomes Steve Schreiber, CMT
Manager of IT and Software Development 
Document Express, Inc. is proud to welcome Steve Schreiber to our team. Steve has joined us as the Manager of IT and Software Development.
Steve attended Lawrence Technological University in Michigan for a BS in Electrical Engineering. At that time his intention was to "create" computers because there seemed to be more future inside the chips than writing code. Steve has been working on computers and writing software since the mid 80's across a number of industries. He has been involved in numerous inventions, proof of concepts, prototypes, alpha/beta projects, and first to markets over the years. In 2007, Steve was one of twenty Information Technology professionals awarded by the MBA as a Certified Mortgage Technologist (CMT) for his industry experience, professional education and his knowledge of the industry's technological needs.
When asked to described programming challenges and goals, Steve said, "I try to design software that makes sense to end users as naturally as possible (therefore with as little training as possible) and uses the computer to do all the "thinking" that people tend to do. To me, it doesn't make much sense that a person thinks one thing and learns to enter something else into software. My goal is to make using software I write simple and natural."
In his spare time, Steve enjoys spending time outdoors and with his children. He is also a Pittsburgh Penguins fan and he credits himself as a huge history and philosophy trivia buff. Welcome to Document Express, Inc., Steve! |
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CyberDocs Changes and Updates
Relationship Type Question: March, 2008: We have added a new question to the General Loan Information screen called Relationship Type. The choices for this are: Broker, Table Funded and Correspondent. Please choose the appropriate selection for each loan. This question works with certain documents to determine which will be included and excluded from the package. This is especially important for GMAC Bank brokers and correspondents because the MERS documents will print based on what GMAC Bank requires and how this questions is answered.
Investor Defaults: April, 2008: At the request of one of our customers, CyberDocs will now check certain fields (ARM screen fields and interest only) to make sure they conform to investor requirements. Before sending the loan file to Document Express, Inc. for processing of closing documents, CyberDocs will alert you to any incorrect data that does not reflect the defaults provided to us by the investor.
MA Security Instruments: May, 2008: Document Express, Inc. and CyberDocs have updated the Massachusetts Security Instruments and Assignments of Mortgage to comply with MA HB4387. This new law states that the Mortgage Broker's Name, Address and License Number must print on the face of any Massachusetts Security Instrument and Assignment, if applicable. The law also requires that the Loan Officer's Name and License Number also print on the face of the Massachusetts Security Instrument and Assignment, if applicable. We have updated our documents to print this required information. We have also modified the Loan Officer field in CyberDocs, located on the General Loan Information screen, to hold both the Loan Officer's Name and License Number (i.e., John Smith, 123456789). Please enter both pieces of information in this field when ordering a Massachusetts loan.
Loan Energizer LOS Interface: May, 2008: Document Express, Inc. is excited to announce the completion of the Loan Energizer loan origination software interface. Loan Energizer users are now able to upload directly to CyberDocs, transferring over 90% of data. This eliminates the need for re-keying of data, reduces the possibility of errors and saves time for the users. Contact us directly with any questions.
Application Date Required Field: June, 2008: In response to changes in certain State guidelines, Document Express, Inc. and its legal counsel has decided to make the Application Date a required field in CyberDocs. This question must be answered in order for users to order packages. Currently, this change will only affect Illinois loans but the Application Date will be a required field for all states.
Updated CyberDocs Help Manual: June, 2008: An updated version of our Help Manual is now available in the Documentation section of CyberDocs. The manual has been revised to include information regarding upfront disclosures, Section 32/The Clayton Group and various other additions to CyberDocs not covered in the prior manual.
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Compliance Updates and Industry News
Nevada and Oklahoma Assumption Fee Changes
Document Express, Inc. has updated the Nevada and Oklahoma FNMA Conventional first-lien and second-lien, FHA and VA Security Instruments to reflect the following changes regarding the assumption fee that can be charged:
Conventional First-Lien and Second-Lien Security Instruments: One percent (1%) of the unpaid principal balance, but not less than $400 or more than $900.
FHA Security Instruments: $300, plus the actual cost of any credit report.
VA Security Instruments: $500, as a maximum amount, depending on whether the assumption includes a release of reliablity.
Kentucky House Bill 552
Document Express, Inc. has updated its Kentucky Prepayment Penalty documents and will be adding a new high-cost lending form to its library to comply with changes made by Kentucky HB 552. This bill affects the Mortgage Loan Company and Mortgage Loan Broker Act (MLCMLBA) licensing, amoung other items; establishes the Kentucky Residential Mortgage Fraud Act; amends Kentucky's high-cost lending laws; and revises the prepayment penalty laws established in the State of Kentucky. Wolters Kluwer has updated VMP105NKY to comply with the prepayment penalty changes. They have also created a Notice of Material Changes document to notify the borrower of a material change of a term in a high-cost home loan. The documents are expected to be sent in Wolters Kluwer's June Release. Document Express, Inc. will make them available once they have been received.
Maryland Prohibits Prepayment Penalties
Maryland Senate Bill 270/House Bill 363, effective June 1, 2008, prohibits lenders from charging borrower(s) a penalty for prepaying a loan in whole or in part. These bills also require that the lender may not make a mortgage loan without due regard to a borrower's ability to repay. Finally, a finder's fee agreement between a mortgage broker and the borrower shall contain a representation by the mortgage broker that the mortgage broker is acting as a mortgage broker and not as a lender in the transaction.
New FHA Form, HUD-92900-LT, and Updated HUD-92900-A
Provides new form HUD-92900-LT, FHA Loan Underwriting and Transmittal Summary (LT) to replace both mortgage credit analysis worksheets, HUD-92900-PUR and HUD-92900-WS (MCAWs). Mortgagees may begin using this new form on June 9, 2008, but must use it for all loan applications taken on or after October 1, 2008. The form HUD-92900-A, Addendum to Uniform Residential Loan Application, has also been updated with minor revisions. Lenders may begin using this form immediately but must use it for all loan applications taken on or after October 1, 2008. (Courtesy of AllRegs)
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We sincerely hope you enjoyed our updated newsletter layout. As always, we welcome any suggestions, comments and criticisms to help better serve you. Feel free to contact us anytime at support@documentexpressinc.com or at 800-476-3627.
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