SOURCE: Calyx Software

Calyx Software

June 03, 2015 10:39 ET

Calyx Software Releases New TRID Ready Point 9.2 Solution

Mortgage Lenders Can Immediately Begin Acclimating to the New CFPB Loan Estimate and Closing Disclosures Requirements Before the August 1 Deadline

DALLAS, TX--(Marketwired - Jun 3, 2015) -  Calyx Software®, a leading, innovative mortgage solution provider for banks, credit unions, mortgage bankers, wholesale, correspondent lenders and brokers, announced today that their Point® version 9.2 is ready to help mortgage lenders produce and deliver accurate, TRID compliant Loan Estimates (LE) and Closing Disclosures (CD).

After August 1, the mortgage industry will begin using a revised set of forms to disclose to consumers the costs of loans, making them easier to understand and giving borrowers greater confidence in the estimates provided. The Consumer Financial Protection Bureau (CFPB) rule will prevent fee and rate changes by lenders after the initial LE is disclosed and before the CD is issued, just prior to closing. The CFPB created the new disclosure rule, known as the TILA-RESPA Integrated Disclosure (TRID), as a result of the Dodd-Frank Wall Street and Protection Act.

Calyx's Point 9.2 release provides and automates the new LE and CD forms, and includes enhancements to ensure the generation of accurate and compliant disclosures. Doug Chang, President of Calyx, said, "We learned recently that some origination software systems are only supporting TRID compliant LE and CD going forward from August 1. This means some lenders will have to stop originating loan types that still use the old forms after TRID goes into effect. It was quite challenging to continue supporting the current disclosures as well as adding the new disclosures within one system, and we are pleased that we managed it. We worked hard to maintain a user-friendly solution and limit the changes to a minimum, keeping many of the familiar steps and screens intact."

With Calyx, lenders now have a TRID ready solution that's not only simple and flexible, but also automatically calculates, rounds and truncates APR and TIP. "We think lenders are really going to enjoy using Point 9.2. Everything they need is right at their fingertips. The beauty of Point 9.2 is how easy we've made it to produce these new disclosures," said Dennis Boggs, Executive Vice President of Business Development. 

About Calyx Software

Calyx Software is a provider of mortgage software solutions for banks, credit unions, mortgage bankers and brokers. Dedicated to offering reliable, innovative software, Calyx helps streamline, integrate and optimize all phases of the loan process. PointCentral®, our flexible platform utilizes the full functionality of Point combined with remote access and a strong business rules engine needed for workflow and compliance. Point, the leading LOS simplifies loan processing and enables seamless integration with other Calyx products that include: INK-it™, an easy-to-use, secure electronic signature; Verifyde®, HMDA/NMLS Call Reporting, and WebCaster®, a professional appearance, do-it-yourself website solution. Pace® TRID provides lenders, wholesalers and correspondents the forms needed to create compliant Loan Estimates and Closing Disclosures. With over 200 service providers within the Calyx Network®, lenders never have to leave their LOS. 

Contact Information

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    Jenny Harlowe
    +1 214-252-5636
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