| In this Issue |
Letter from the President - Bailout Plan Approved
Document Express Announces New MORvision Plug-In
Countrywide Now Accepts LPS National Flood
CyberDocs Changes & Updates
Compliance Updates & Industry News
|
| Upcoming Events |
|
MBA 95th Annual Convention & Expo
Oct. 19th - 22nd, 2008
Moscone West Convention Center
San Francisco, CA
|
| LOS Interfaces and Partners |
|
|
|
|
|
|
RELIEF IN SIGHT? BAILOUT PLAN APPROVED
Letter from the President
By now, we have all heard that the much publicized $700 billion bailout of the U.S. financial system has been passed and signed into legislation by President Bush. The adopted plan contains some add-ons, such as alternative minimum tax (AMT) provisions, a clean energy tax incentive, disaster relief and an extension of tax cuts for businesses and individuals and an increase in insurance on bank deposits from $100,000 to $250,000 through 2009.
The nuts and bolts of the plan gives the U.S. Treasury extremely broad powers to purchase up to $700 billion in troubled assets, such as mortgage backed securities, from companies that are having a difficult time selling them. The purpose of that being to get the bad securities off the books, or at least back them with a government guarantee, so that businesses can more easily lend and borrow money once again.
Only assets that were originated before March 14, 2008 are eligible for the benefits of the bailout plan and the Treasury has only through 2009 to spend the funds. In light of this, the Treasury plans on hiring a group of consultants and managers to assist the government in determining what to buy and at what cost. Congress will oversee the mechanics of the plan through periodic reports submitted by the Treasury Secretary.
In a best case scenario, the plan will allow the credit markets to begin functioning more effectively while simultaneously allowing the government to turn a profit on the sale of the assets that it acquires. A key indicator of the effectiveness of the plan will be gauged by the LIBOR rate, a rate that banks charge to each other to borrow. The current rate now stands at around 5%. If it starts to go down, that's probably a good indication that the credit markets are buying into the plan.
Published in part on Oct. 3, 2008 by Brian Wingfield and Liz Moyer for Forbes.com
Paul Fosco, President |
|
Document Express Announces New MORvision™ Plug-In
Doc-Prep Service Without Leaving MORvision
We were thinking of our MORvision users when we re-designed our MORvision Plug-In and services from the ground up. With the just-released MORvision Plug-In, you no longer have to access our website, learn our input screens, design your own forms, download and install updates or train your staff on forms usage. All you need to do is enter the loan information one time into MORvision and run our Plug-In. That's it! We'll check all of the data and inform you of any missing data. We will even let you know the exact field that needs attention.
Once completed, the Plug-In will assemble the document package and attach it to the loan on the MORvision Control Screen, in a PDF format, within seconds.
If you desire, you can have the completed package electronically delivered to a third party through our CyberPick-Up option, FREE of charge. Backed by a multi-million dollar warranty policy, we guaranty that the package is compliant and that the correct forms are included.
Better yet, we haven't changed any of the many benefits that have separated us from the competition since 1992. 24/7 order and retrieval capability, guaranteed compliant initial disclosure and closing packages, custom forms included, data mapping of any custom fields related to MORvision, and of course, legendary, live customer service. For more information about our new MORvision Plug-In, call our sales staff at 800-476-DOCS or email us at sales@documentexpressinc.com.
- Full Initial Disclosure and Closing Document packages delivered to MORvision within seconds
- Enter loan data in MORvision and run Plug-In. That's it! Documents are returned with one click of a button!
- All data checked automatically before submission for any errors or missing information
- View, Print or Electronically send files from MORvision
- Fully guaranteed compliant documents!
- Custom forms design and data mapping of custom MORvision questions
- Initial Disclosures, Closing Documents, Section 32 Analysis and Flood Certificates
- MERSŪ 123 Doc-Prep Company
- Live customer support staff always available
|
 Countrywide Now Accepts LPS National Flood
Order Your Flood Zone Determinations Through CyberDocs
Countrywide Bank, FSB announced on October 10, 2008 that they now accept LPS National Flood zone determinations. We currently have a partnership with LPS National Flood which would allow you to order your Basic and Life-of-Loan flood zone determinations through CyberDocs for Countrywide loans along with your other investors.
With the simple click of a button you can order your flood determinations directly from within CyberDocs and have them returned within seconds. The flood determination will be carried through and retained with your closing package.
If you are currently not ordering your flood zone determinations through us and would like to inquire about doing so, please call us at 800-476-3627. We will try to match or beat any current pricing that you have with your current flood provider.
Also, last month we alerted you to the fact that FIS Flood Services had become LPS National Flood. The Standard LPS National Flood End User Agreement is an important document that may be needed for auditing purposes. This document has been updated with their new name. If you need a copy of this new agreement for auditing purposes or for your records, please contact our office at 800-476-3627 and we will be happy to send one to you.
| |
|
CyberDocs Changes and Updates
FHA Prepayment Penalty Verbiage Added to TIL: July, 2008: In response to a client suggestion, we have added the following verbiage to the Prepayment Penalty Section of the TIL which is applicable for all FHA loans. "If you pay off an FHA insured loan, on a date other than the regular installment date, you may be assessed interest charges until the end of the month".
FHA Premium Changes: July, 2008: Borrowers with loan-to-value ratios above 95% will pay a 55-basis-point annual premium. Borrowers with LTVs of 95% or less will pay a 50-basis-point annual premium. A recently passed housing bill requires the FHA to abandon risk-based pricing for 12 months. So the agency has notified lenders that it is temporarily returning to standard pricing. Before July 14, the FHA charged a 1.5% upfront premium and a 50-basis-point annual premium on all single-family loans. The agency is raising the premiums to reflect higher loss rates and higher risks of refinancing delinquent borrowers. The upfront premium for existing FHA borrowers to refinance will remain at 1.5%. Document Express, Inc. has added a new field in CyberDocs for users to enter the renewal premium. The upfront mortgage insurance premium field remains in CyberDocs and has not changed.
FHA 203k Screen Added to CyberDocs:
August, 2008: In response to the additional of several investor FHA 203k programs, we have added an FHA 203k screen that appears after the FHA screen once the user enters 203K, 203k, 203(K) or 203(k) in the Section Number field located on the FHA screen. The fields on the FHA 203k screen with then populate accordingly on the FHA 203k documents returned in the closing package.
Entering Additional Tax ID Numbers in CyberDocs: August, 2008: In response to many client requests, we have added language beneath the Tax ID field, located on the Property Screen in CyberDocs, instruction users to enter additional Tax ID numbers in the Legal Description Field located on the Property Screen.
Miscellaneous Tax Section Added to Escrow Screen:
August, 2008: We have added a Miscellaneous Tax section located on the Escrow Screen in CyberDocs. We currently have sections for County, City and School Tax on this screen. The Miscellaneous Tax section can be used for any tax not listed above.
FIS Flood Services Name Change: September, 2008: Effective September 1, 2008, FIS Flood Services changed their name to LPS National Flood. |
|
Compliance Updates and Industry News
North Carolina Security Instruments Updated
Per Fannie Mae's and Freddie Mac's authorized changed, Document Express, Inc. has updated the North Carolina to include the Mortgage Broker Name in section C-1 on the first page of the document.
Wyoming Security Instruments Updated
Document Express, Inc. revised the notary certificate on the last page to conform with WY House Bill 36 effective July 1, 2008 for a short form acknowledgment and added a field for notary public title. Also implemented was a new barcode tagline on all pages with some text and fields reflowed. As a result, the form has increased to 16 pages.
California Department of Real Estate Revises Mortgage Loan Disclosure Statements
The California Department of Real Estate has revised the content of all three versions of the Mortgage Loan Disclosure Statement and has created informational sheets instructing real estate brokers on the proper use of each version. Document Express, Inc. is awaiting the arrival of these updated forms from Wolters Kluwer and will make them available at that time.
Kentucky Publishes "Homeownership Protection Center Notification to New Homeowners"
The Kentucky Department of Financial Institutions has published a new notice entitled the "Kentucky Homeownership Protection Center Notification to New Homeowners." The notice informs homeowners of the availability of services provided by the Kentucky Homeownership Protection Center and must be provided at the time of closing. The notice must be given to all new homeowners beginning January 1, 2009; however, the Department encourages lenders to distribute the notice prior to such date. Document Express, Inc. expects this form to arrive in October, 2008 and will make it available at that time.
| |
We sincerely hope you enjoyed this issue of our quarterly newsletter. 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.
|
|
|
