The Path Insider August 2021

Tips & Tricks

Tolerance Screen

Through the read-only Tolerance screen, you can view disclosed fees and compare them to the actual fees when the final fees are determined and available after the loan is disclosed. The Tolerance screen compares the current fees with the most recently disclosed fees and calculates the cost to cure. When fees are outside of tolerance, this screen indicates when you need to redisclose the APR or will have to reimburse the borrower for fees that exceed the tolerance.

For a step-by-step guide on how to view the Tolerance screen, please click here.

Path Portal Reminder

A friendly reminder if you haven’t already, please sign up for the Path Portal. The Path Portal provides you 24/7 access to Path resources in one centralized location. Signing up is quick and easy and only takes a few moments.

Sign up today – here’s how:

• Go here.
• Click the “Sign Up” button under “Not a member yet?”

Compliance

The FHFA (the regulator for Fannie Mae and Freddie Mac) announced on 7/16/2021, that Fannie Mae and Freddie Mac will eliminate the 50-basis point “Adverse Market Refinance Fee” for loan deliveries effective August 1, 2021.

Know Your Loans

- with CalyxTools -

Calyx Software would like to introduce our newest software partner, CalyxTools - a robust, secure, cloud-based reporting and data collection software system that works seamlessly with both Calyx Path and Point Central to provide your business with the information needed to allow you to make informed decisions and your operation more productive.

With CalyxTools, you can finally stay on top of every loan in your pipeline by gaining access to critical reports and data that provides invaluable insight into your operations. Each day, CalyxTools arms you with current information about every aspect of your busy loan office – providing reporting for New Loan Applications, Pipeline Management, File Status, Monthly Production, Lock Expirations, complex Payroll calculations, and everything in between.

In short, CalyxTools delivers the information you need to improve your efficiencies so you can increase your bottom line while also freeing up your valuable time. CalyxTools is easy to configure, and simple for your office to get started. Schedule your free demonstration today by calling 937-431-7953 or email them atsales@calyxtools.com.

What's New?

Path Release Updates

Below are some of the extracts of the final new enhancements and featured updates from the new final Path release notes released August 1, 2021. For a complete listing, please access Path Release Notes here.

General Updates:

• Updated the Product & Pricing screen by adding the Down Payment Assistance Program checkbox to the Additional Product Information section.
• Updated the logic for Monthly Escrow Payment on page 4 of the Closing Disclosure.
• Updated the Aggregate Adjustment to calculate correctly on the Escrows tab (Closing Costs screen).
• In the Calculating Cash to Close section, the Change column is updated to display the correct Deposit status, on the Closing Disclosure tab (Closing Costs screen).
• Title-only borrowers are filtered out of the FraudGuard report.

Forms:

• Updated the USDA form RD 3555-21 to Rev. 03-21.
• Updated the Closing Disclosure form by allowing more than three adjustments to be printed in the K. Due from Borrower at Closing/Adjustments section (page 3).
• Also added the Summaries of Transaction Addendum form to print additional adjustments that could not fit the Closing Disclosure form.
• Title-only borrowers are no longer printed on the Conditional Loan Approval (CF-CLANABBR) form.
• Updated the Loan Estimate – Payoffs and Adjustments form, where Payoffs and Payments are mapped from the Liabilities section on the Borrower screen, and Adjustments and Other Credits are mapped from the Adjustments and Other Credits lightbox on the Loan Estimate tab. As a result, this form is printing correctly now.

Configuration and Interfaces

• To support Mortech pricing integration, the Lock Desk User ID and Pricing ID fields are increased to 100 characters each, on a user’s Profile tab.
• Interfaces:
  • Reduced latency for Desktop Originator, Desktop Underwriter, and Loan Product Advisor.
  • Enhanced the Documents activity by adding the ability to link multiple issued conditions and multiple checklists to a document.

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