DALLAS, TX--(Marketwired - Aug 8, 2013) - Calyx Software®, the preferred mortgage solution provider for banks, credit unions, mortgage bankers and brokers, announced the launch of Point® 9.0. This latest release gives users a definitive way of determining whether a loan is a Qualified Mortgage (QM) per the Consumer Finance Protection Bureau (CFPB). The CFPB's final rule goes into effect on January 10, 2014 and Point 9.0 provides quick and accurate QM findings that ensure compliance with the rule.
Calyx's QM solution, using the findings engine powered by LoanScoreCard™, returns QM findings in seconds from within each Point file. A QM button, located on multiple screens for use throughout the loan process, automates "1-click" QM findings for Point users -- no additional login required. Using file data combined with sophisticated logic, the QM solution determines whether a file is considered a QM with a secondary determination for either Safe Harbor or Rebuttable Presumption.
Also included in each QM report is an individual Pass/Fail assessment for each requirement for QM as determined by the CFPB. A detailed analysis of Points & Fees section explains the fees used and the criteria for determining the assessment. In addition, a final messaging section thoroughly explains the findings and relevant determinations. Every report run is saved to each file's document management system, thereby helping Point clients meet the CFPB's requirement to maintain evidence of compliance.
The QM Findings Report, included in Point 9.0 for current users of Calyx Software at no extra charge, will also be accessible via web services on a per-file fee basis beginning September 2013.
"We're so pleased to offer our clients this special solution to CFPB compliance to keep them ahead of the curve," said Jack Holliday, marketing manager at Calyx Software. "No other compliance feature to date has been as positively impactful to our clients' business that this one undoubtedly will. And the fact this tool will be accessible to non-Point users means compliance to this complex rule can be applied consistently and accurately throughout the industry."
Point 9.0 also includes improvements to screens and forms as well as updated calculations to optimize software functionality. For a complete feature list and additional details on Point 9.0 visit www.calyxsoftware.com.
About Calyx Software
Calyx Software is the #1 provider of affordable mortgage solutions for banks, credit unions, mortgage bankers and brokers. Beginning with customizable websites that offer online mortgage applications with eDisclosures and document request/retrieval, Calyx offers products that enable smooth bi-directional flow of data from start to finish. Our solid yet flexible LOS delivers smart technology with electronic document management, back-end functionality such as underwriting and secondary marketing, strong security, remote access and a configurable business rules engine needed for workflow and compliance. Convenient interfaces with more than 200 vendors providing PPE, closing documents, compliance services and more make end-to-end processing and reporting simple and accurate. Lenders can take advantage of Calyx's fully integrated automated underwriting and pricing products that determine loan eligibility and pricing against investor or FHA guidelines. Complimentary support and online training are included with all Calyx products. For more information, call (800) 362-2599 or visit www.calyxsoftware.com.