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| NEW PROCLOSE WEB SITE |
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Visit our fresh new ProClose web site and see the latest on Platinum and Industry News and Events!
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- MISMO Standards in ProClose Platinum
- Special Introductory ComplianceEase Offer
- MBS-ProClose Supports the Breast Cancer 3-Day
- Investor Updates
- Compliance
- Question of the Month
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 | | MISMO Standards in ProClose Platinum |
|  | The Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of the Mortgage Bankers Association (MBA), is one of the leaders in enabling the mortgage industry to exchange real estate finance-related information and eMortgages more securely, efficiently and economically. MISMO has created a data dictionary with corresponding architecture data element tag names to be used in an XML. In simpler language, (for us non-tech people), the MISMO data dictionary gives each potential mortgage data field one name for all of the industry to use. For example, if you use ProClose Platinum with a MISMO compliant loan origination system, your LOS would export a field as either a Y or N under a MISMO name such as "EscrowWaiverIndicator." Then that Y or N field would come over into the ProClose Platinum closing software to populate the same MISMO defined field "EscrowWaiverIndicator." It's an instant match!
What does this mean to a lender? While finding the fields that will export MISMO compliant data can involve a little retraining in some systems, there are many long-term benefits. Consistency between systems will eliminate much of the re-entry and minute review that have to be done now. Time and costs will be reduced as LOS, processing, compliance, closing and secondary systems will not have to use completely different sets of data mapping for each outside system they integrate. You won't have to wonder: Well, I use this system but I'm not sure if it's integrated with that one. ANY business exporting a MISMO XML, will work with any company that accepts a MISMO XML, giving lenders more options.
"ProClose Classic is a great system, especially for those lenders that need a lot of customization. But if you follow mainly standard FNMA/FHLMC or straight Investor programs and technology is important to your business model, you need to check out ProClose Platinum," said Lori Mills, SVP of Secondary Marketing & Compliance at Mortgage Banking Systems. By using ProClose Platinum with its MISMO XML, you're not only already a leader in mortgage technology, you are setting yourself up for a promising future in the mortgage industry for years to come! Learn more about Platinum MISMO match with Calyx Point. |
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| | | Special Offer - Are You Running YOUR loans Through ComplianceEase in ProClose? |
|  | As the quantity of laws and regulations increase nationwide, so does the complexity and cost of regulatory compliance. Every month there are numerous changes in licensing, prepayment penalties, disclosures and prohibitions on types of lender and broker compensations. How is your staff keeping up? How are you restoring and growing your Investors' confidence in your loans? How are you preventing refunds to borrowers and fines from examinations? Don't risk your loans and business when the answer is right there waiting for you. For just $10 a loan, get peace of mind with just one click with ComplianceEase in ProClose. In seconds, advanced rules-based decisioning technologies based on extensive ongoing research give you accurate, readable, real-time results. And you can test each loan up to 5 times. As a special introductory offer, ProClose clients new to ComplianceEase will get their first 5 loans through Compliance Ease free in the month of July! To learn more about how using ComplianceEase can benefit you, VISIT NOW. |
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| | | MBS-ProClose Supports the Breast Cancer 3-Day |
|  | Each year MBS-ProClose chooses a way to give back to the community and charities. In past years MBS has given to Starlight Children's Foundation, the National Cancer Coalition and Hurricane Katrina relief, among others. This year we are proud to endorse two of MBS' own, Dorothy Woolfolk, SVP of Forms Creation and Lori Mills, SVP of Secondary Marketing & Compliance. On October 3-5, 2008 in Washington, D.C., Dorothy and Lori are embarking on an incredible 3-day 60-mile journey in a very special event called the Breast Cancer 3-Day. Each has committed to raise no less than $2200, which will go to support breast cancer research, education, screening and treatment through Susan G. Komen for the Cure and the National Philanthropic Trust Breast Cancer Fund. Visit their web pages to learn more or assist Dorothy Woolfolk and Lori Mills in the fight to end breast cancer. |
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| | |  | Investors continue to streamline their products by eliminating many programs. There continue to be, however, new FHA programs being introduced, along with new Jumbo products to incorporate the increased GSE loan limits.
B&T
BB&T announced March 27, 2008 the elimination of their HOME Now 100 and Neighborhood HOME 100 products. Included in this are product codes: 150, 151, 152, 162, 156, 157, 158, 164, 300, 301, 304 and 305. Relocks and extensions are not being granted.
Chase
Effective May 16, 2008 , Chase announced the availability of Agency Jumbo 5/1 Amortizing and Interest-Only ARMs, in addition to the Amortizing Fixed Rate Agency Jumbo products currently offered. Announced May 22, 2008 , Chase retired their Non-Agency 3/1 Interest-Only ARMs, including their Secure Flex LIBOR ARM Products. Chase has also chosen to remove their Home Equity programs. To allow you to clean out your pipeline, JPMorgan Chase is allowing lenders until July 15, 2008 to close and fund their Chase Home Equity loans.
Countrywide
Effective March 21, 2008 , Countrywide discontinued the House America loan programs. Loans had to be locked by March 20, 2008 . Countrywide also eliminated their Flexsaver and Non-conforming Treasury ARMs. The last day to lock those was May 9, 2008 . Countywide has updated their soft prepay forms, which are currently being changed by the MBS forms department. Countywide has discontinued their hard prepayment penalty options. June 30, 2008 is the last day to deliver loans to Countrywide with a 1-year or 3-year hard prepayment penalty. These forms will be removed from the MBS library in early July.
Flagstar Bank
Flagstar Bank, FSB is discontinuing a few of their programs. Included in these are the PITI Abatement (5409), the Builder Pre-Sold program (5830) and the Home Ownership Made Easy (5411). Flagstar is also suspending their Asset Based Stated Income Option on the Jumbo Fixed and ARM Program (Doc. #5401), the FNMA Flex 97 5/1 LIBOR ARM (35% MI) Interest-only with 2/2/5 caps (part of Doc. #5321) and the Freddie Mac 80/20 Program (Doc. #5334).
Flagstar also made changes to their Fannie Mae MyCommunity Mortgage Program (Doc. #5325). All 5/1 LIBOR ARM products with a 40-year term now require 5/2/5 adjustment caps, ( ARM disclosure Conforming 5/1 Libor ARM Doc. #3315 (AAFLZ1) is required). The current cap structure of 2/2/5 was discontinued.
GMAC Bank
GMACB will no longer offer the Lender Paid Mortgage Insurance (LPMI) feature on their Conforming Standard and Jumbo Products. Affected program codes include: 619, P21, 620, P23, U16, T12, T13, T18, T19, K44, Q46 and Q37.
Under the Economic Stimulus Act of 2008, GMACB has introduced a few new products. Stimulus 5-1 Conforming Hybrid Interest-Only LIBOR ARM (U18) and FHA Stimulus 5/1 Hybrid ARM (U21) feature a higher conforming limit. Both Stimulus programs must have loans funded by GMACB by December 31, 2008 . Other new programs include an FHA Standard 5/1 Hybrid ARM (C96).
On May 22, 2008 GMAC also announced changes to a number of products, all in conjunction with GMAC's implementation of Fannie Mae Desktop Underwriter (DU) Version 7.0, which was effective with new submissions to DU on or after May 31, 2008 . Loans locked before May 31, 2008 under the previous DU Version 5.7 guidelines must be purchased and funded by GMACB on or before August 15, 2008 . GMAC has added a new My Community Mortgage 30 Year Fixed Rate Product (U26), effective May 31, 2008 . This will be the only MCM product available under DU 7.0 as all other MCM products are no longer being offered as of June 1, 2008 . Any loans in the pipeline must fund by GMACB as of the August 15, 2008 deadline, and must have been submitted through DU Version 5.6 or 5.7. The eliminated product codes are 779, P69, P67, P68, P70, Q39, Q40, Q43, Q41, Q51, Q69 and Q70.
GMAC has also added several new Expanded Approval Loan Products effective May 31, 2008, including 15-Year Fixed (U22), 30-Year Fixed (U23), 30-Year Fixed Rate 10-Year Interest Only (U24) and 30-Year 7/1 LIBOR ARM (U25), all of which are eligible for Expanded Approval 1 or 2. The following existing Expanded Approval products, including 15- and 30-Year Fixed Rate, 5/1 & 7/1 LIBOR ARMs, have been eliminated (and are under the same funding deadlines as the discontinued MCM products mentioned above): product codes 769, 770, 771, 772, A50, A51, A52 and A53. In a related move, GMAC also eliminated the following Timely Payment Reward products, effective June 1, 2008 : 15- and 30-Year Fixed Expanded Approval / TPR Level II, product codes 900 and 901.
Indymac Bank
As of April 18, 2008 , Indymac has discontinued their My Community ARM programs. Indymac has added FHA programs with increased loan amount limits to their product list. Indymac is also incorporating the acceptance of new higher GSE loan limits under their 15- and 30-year Fixed, 5/1 ARMs and 5/1 Interest-Only ARMs. Under their Alt-A Preferred program, Indymac's 3/1 LIBOR ARM (including Interest-Only option) has been eliminated.
SunTrust
In support of the Economic Stimulus Act of 2008, SunTrust is offering temporary loan amount increases for Agency first mortgages in high cost areas. The following new program codes have been created: C15JFX (Agency Jumbo 15 Year Fixed Rate) and C30JFX (Agency Jumbo 30 Year Fixed Rate).
Taylor Bean & Whitaker
TB&W is not closing any loans for Construction Lending after May 31, 2008. They will continue to provide the financing/draws for all construction loans carried by TB&W throughout the term of the construction phase and ultimately provide the permanent financing upon completion. TB&W has announced the release of their Freddie Mac Conforming Jumbo program, in response to the Economic Stimulus Act of 2008. These new increased loan limits in high cost areas will be accepted up through December 31, 2008.
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| | |  | Housing Reform Legislation In Both Senate and House
On May 8 th , the U.S. House of Representatives passed a housing package, in a vote of 266-154. The package includes FHA reform suggested earlier this year by House Financial Services Committee Chairman Barney Frank authorizing FHA to insure up to $300 billion to refinance troubled loans. The proposed FHA reform and the proposed $4 billion funding package for local governments to buy foreclosed properties have met with heavy opposition, including a threat from President Bush of a veto. The Senate is currently debating its own version of this package that also includes the $300 billion FHA reform and $4 billion funding package. Despite the opposition to these reforms from critics and the White House, a number of proposals to stall or gut the bill have been voted down by large margins, implying strong bipartisan support. However, Frank has stated that the House is not prepared to accept the Senate's package as-is, focusing on the differences between the two versions' GSE reforms. Congressional leaders stated that they plan to deliver the bill to the president before the Congress breaks on July 4 th .
Final Versions of Illustrations Published by Financial Agencies
The federal financial regulatory agencies have published four illustrations for use by institutions to help fulfill the consumer protection portion of the Interagency Statement on Subprime Mortgage Lending (effective on July 10, 2007 ). These illustrations are not mandatory, and institutions are allowed to take the information contained in the illustrations and modify the particulars for their own use. There are two main forms, with the second broken into three sub forms. The first is a general description of some of the features in ARM products. It emphasizes the features that are different from traditional mortgages, especially the ones that are potentially a financial danger to them. The second is a chart comparing the payment obligations on a fixed rate loan with an ARM with a discounted interest rate. There are three different versions of the chart - the first compares a fixed rate with an ARM with a discounted rate for the first two years, the second compares a fixed rate with a rate that is discounted for the first five years, and the third compares a fixed rate with two year and five year discounted rates. These illustrations will be posted on the agency websites for downloading and printing; both Spanish and English versions will be available.
Maryland Passes Legislation Affecting Mortgages.
Maryland has passed legislation effective June 1, 2008 focusing on mortgages. This legislation prohibits prepayment penalties on loans for personal, household or family purposes that are secured by residential real property. Lenders are now also required to give due regard to the ability of a borrower to repay the loan, which the legislation states includes consideration of debt-to-income ratio and verification of income and assets using third-party written documentation. Licensing requirements for lenders, brokers and originators have been changed. The legislation establishes a net worth requirement, increases the amounts for the required surety bond, and changes licensing fees and renewal dates. Finder's fee agreements between a mortgage broker and the borrower must contain a statement from the mortgage broker that they are acting in the capacity of a broker and not a lender. Finally, the Commissioner of Financial Regulation can now participate in the multistate automated licensing system.
Two Reform Bills Passed
The Emergency Mortgage Loan Modification Act (HR 5579) and the Neighborhood Stabilization Act (HR 5818) were both passed by the House Financial Services Committee on April 24 th , 2008 . HR protects mortgage servicers from legal liability after performing bulk loan modifications that may violate existing agreements, as long as the modifications are in line with legislation established in this bill. This will allow servicers more leeway in modifying troubled loans. HR 5818 establishes a loan and grant program that will enable local governments to purchase foreclosed property. This program will be administered by the Department of Housing and Urban Development, and will target the areas with the highest rate of foreclosures. The foreclosed houses will then be converted into housing for low-income families. President Bush has stated that he will veto the Neighborhood Stabilization Act. |
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| | |  | How do I add a User and Password or User Group in ProClose Classic?
Answer: *Note: you must have Administrative rights to make changes to User Groups
To Add a User:
- From ProClose Launchpad
- Select Tools
- Select ProClose System Admin
- Select Edit User
- Select the Group you want to add them to from the Left
- Click ADD
- Enter in the Name and Password (Password is optional)
- Enter the password a second time to confirm the Password
- Check User Account Enabled Box
- Click Apply
- Repeat as necessary for other users
To Add a User Group:
- From Launchpad
- Select Tools
- Select ProClose System Admin
- Select Edit Groups
- Click on the ADD button
- Type in the new group name
- Click OK
- Select the New Group
- Use the drop down boxes to select the level of rights
- Click Apply
- Click OK
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