Point 10.0 Release Overview with

TRID 2.0 Updates

Legal Disclaimer

The information presented is confidential and proprietary to Calyx Technology, Inc., dba Calyx Software

(“Calyx”), and may not be disclosed without the permission of Calyx. The purpose of this presentation is

to provide information, rather than advice or opinion. It is accurate to the best of the speaker’s

knowledge as of the date of the presentation. To the extent that this presentation contains any

examples, please note that they are for illustrative purposes only and any similarity to actual individuals,

entities, places or situations is unintentional and purely coincidental. In addition, any examples are not

intended to serve as legal advice. No part of this presentation may be modified, printed, or presented

without the permission of Calyx.

© Calyx Technology, Inc. 2018. Calyx and Calyx Software are registered trademarks of Calyx Technology, Inc. All rights reserved.

Presenter

• 10 + Years in the Mortgage Industry

• Processing

• Underwriting

• Post-closing

• Training

Roshena Jackson |Calyx Software Professional Services Consultant

Overview - Detail

Mandated Consumer Financial Protection Bureau (CFPB)

TRID 2.0 updates (mandatory October 1, 2018)

Loan Estimate (LE)

Closing Costs Expiration Date

• If the “Intent to Proceed” field includes a date, the Closing Costs expiration date will not print

on the LE.

• If the “Intent to Proceed” field does not include a date, the Closing Costs expiration date will

print on the LE.

Closing Disclosure

Paid Outside of Closing Funds (POC) and Paid By • CFPB mandate - When a fee is paid

outside of closing, the user must print

the POC statement and include a

description of the party making the

payment.

• Added “Paid Outside of Closing” check

box to exclude fee amount from the

Cash to Close calculation. (page 3)

• Added “Paid By” dropdown list. All fees

that are paid outside of closing are

now required to disclose.

Closing Disclosure Addendum

Paid Outside of Closing Funds (POC) and Paid By (Cont.)

CFPB requires the full description of POC fees on page 3

of the Closing Disclosure. If the full description has too

many characters, the full description will print on the

Closing Disclosure Addendum.

Closing Disclosure > Payoffs and Payments

Paid Outside of Closing Funds (POC) and Paid By (Cont.)

• Added POC check box

When checked, the payment is excluded from

the Total Payoff and Payments.

• Added Paid By dropdown list

All fees that are paid outside of closing are now

required to disclose.

• Renamed Copy From Liabilities button

• The button is now labeled “Copy From Loan

Estimate”.

• Updated Copy button functionality

• The “Copy From Loan Estimate” button copies

the payoffs and payments from the Loan

Estimate, not the liabilities from the Loan

Application.

Simultaneous Subordinate Financing

1st and 2nd mortgage (Piggyback) • If the 1st Lien disclosure records the entirety of the 1st and 2nd seller’s transaction:

• The 2nd Lien disclosure does not have to be provided to the seller.

• The sales price is excluded from cash to close calculations for the 2nd Lien

disclosure.

• No longer required to enter the 1st Lien mortgage amount on the 2nd Lien disclosure

to balance cash to close.

Simultaneous Subordinate Financing (Cont.)

1st and 2nd mortgage (Piggyback) • Added “Simultaneous Second” check box:

• Only use the new calculation on the simultaneous subordinate

financing disclosure if the 1st lien includes the entirety of the 1st and

2nd seller’s transaction.

• Otherwise, the 1st lien mortgage amount should be recorded in

the Payoffs and Payments section of the 2nd lien disclosure to

balance cash to close.

• Enter the 2nd lien mortgage amount rather than entering the 1st lien

amount in the Payoffs and Payments of the 2nd lien disclosure.

Simultaneous Subordinate Financing (Cont.)

Disclosing Purchase Loans with the Alternative Form • Expanded the Alternative Form for the Loan Estimate and Closing Disclosure to

allow the usage of the disclosure on a Purchase for the 2nd lien.

• This only applies when processing a simultaneous 1st and 2nd mortgage.

• Point will allow the user to disclose the Alternative form for this scenario (2nd Lien

Only).

• 1st Lien would still process as a Standard Form.

Loan Estimate / Closing Disclosure

Due From Borrower • Fees calculated in this section will fall into one

of two categories: “Funds From/For Borrower” or “Adjustments and Other Credits”.

• Copies to Closing Disclosure “Section K” - Due

From Borrower. • Funds From Borrower / Funds For Borrower • Closing Adjustments and Other Credits

Loan Estimate / Closing Disclosure – Projected Payments

Estimated Taxes, Insurance & Assessments – “In Escrow?” • The “In Escrow?” section of the projected payments table for Estimated Taxes, Insurance &

Assessments will print “YES, Some”, when applicable.

• Populates “YES, Some”:

• When the escrow fees exist in Section G. Initial Escrow Payment At Closing of the Fee

Worksheets.

• When some fees are escrowed while others are not.

Construction Handling & Inspection Fees –

After Consummation

Construction Handling & Inspection Fees

• Construction Handling & Inspection Fees can be

applied before or after consummation.

• Fees of this type that are applied before and

at consummation are disclosed in the Loan

Costs section of the Loan Estimate and

Closing Disclosure page 2.

• However, fees of this type that are applied

after consummation are disclosed on an

addendum but are also included in

calculations.

• Per new CFPB mandate.

Construction Handling & Inspection Fees –

After Consummation

Construction Handling & Inspection Fees • Added Post Consummation Fees button

• Bottom of Fees Worksheet on the Loan Estimate

• Bottom of every page on the Closing Disclosure

Construction Handling & Inspection

Fees – After Consummation

The Construction Handling & Inspection Fees are included in the:

• “Loan Costs” calculation in the “In 5 Years” section of the Loan Estimate page 3

• “Total of Payments” calculation on Closing Disclosure page 5

Annual Percentage Rate (APR) / Total Interest

Percent (TIP)

APR & TIP round to the 3rd decimal • The calculation for the APR and the TIP have been updated to round at the 3rd decimal

in accordance with TRID 2.0 mandates

• Rounds at the 3rd decimal for Loan Estimate and Closing Disclosure instead of

truncating

Rounding Percentages – Loan Estimate/Closing Disclosure

Percentages do not include trailing zero (0) • Several percentage fields on the Loan Estimate and Closing

Disclosure are updated to not print a trailing zero (0)

• 4.050% will print as 4.05%

• 5.120% will print as 5.12%

• 12.0% will print as 12%

• Rounding to the 3rd decimal will impact these areas

of the Loan Estimate and Closing Disclosure:

• Interest Rate

• % of Loan Amount (Points)

• APR

• TIP

• Loan Terms section (Loan Estimate / Closing Disclosure

page 1)

• Adjustable Payment (AP) (Loan Estimate page 2 / Closing

Disclosure page 4)

• Adjustable Interest Rate (AIR) Tables (Loan Estimate page

2 / Closing Disclosure page 4)

Product – Construction-Perm Loans

1x Close = 1/30 Adjustable Rate

If the interest rate is unknown at consummation, Point will determine if the product will be

disclosed as “1/30 Adjustable Rate” if the Lock Period days field on the Loan Estimate is blank.

• Please note:

• Adjustable rate loans will not apply.

• The product is 1/30 Adjustable Rate, where “30” represents the term of the

permanent phase of the loan.

Product – Construction-Perm Loans (Cont.) 2x Close = 0/30 Adjustable Rate

• The permanent phase loan must be

marked as a Cash out Refinance or No

Cash out Refinance.

• AND the Construction period in the “If

Construction Loan” section of Loan

Application page 1 must contain a

value.

If the interest rate is unknown at consummation,

Point will determine if the product will be

disclosed as “0/30 Adjustable Rate” if the Lock

Period days field on the Loan Estimate is blank.

• Please note:

• Adjustable rate loans will not apply.

• The product is 0/30 Adjustable Rate,

where “30” represents the term of

the permanent phase of the loan.

Fees Worksheet/Closing Cost Worksheet – Escrowed

Mortgage Insurance check box

Section G. Initial Escrow Payment at Closing

• Added an “Escrowed” check box in Section G. “Initial Escrow Payment At Closing” for

“PMI/MIP/VA FF/USDA Reserves” on the Fees/Closing Costs Worksheets to include

escrowed Mortgage Insurance (MI) in several calculations.

• Includes MI in the Escrowed and Non-Escrowed Property Costs Over Year 1 (Closing

Disclosure page 4)

• Includes escrowed MI in Total of Payments (Closing Disclosure page 5)

• Includes escrowed MI in Loan Costs (Loan Estimate page 3 – In 5 Years section)

Escrowed MI Calculations

Escrowed MI Calculations

• Includes escrowed MI into the Loan Costs and Total of Payments calculations as well

as Escrowed and Non-Escrowed property costs Over Year 1 on Closing Disclosure

page 4.

Closing Disclosure page 4 – In Escrow

In Escrow

• In the Property Costs Over Year 1 section,

the user is allowed to specify how many

months remaining in the calendar year

after consummation to include in the

property costs calculation.

• Added months left for Escrowed Property

costs

• Default is 12 for a whole year

• Calculates for Escrowed and Non-

Escrowed Property Costs

• Includes Mortgage Insurance from

section G. Initial Escrow Payment at

Closing from the Closing Cost

Worksheet

Closing Disclosure page 4 – Addendum

Escrowed and Non-Escrowed Property Costs Description

If there is not enough room to fit all escrowed

and non-escrowed property costs on Closing

Disclosure page 4, the additional costs will print

on an addendum.

Tolerance

Tolerance Analysis Screen

• Added a Tolerance screen which

displays the fees that have

impacted the tolerance. It also

allows the user to reset the

baseline to determine the

tolerance for redisclosure.

• Accessible from a Tolerance

button at the bottom of the

Closing Disclosure screens or from

the Forms menu.

• Populates fees into tables on the

tolerance screen that are included

in the calculation.

Tolerance

Tolerance Analysis Screen – Baseline and Tolerance

• The default baseline is the loan estimate. After clicking the “Reset Baseline” button, the

initial closing disclosure becomes the baseline and the revised closing disclosure

becomes the closing disclosure.

• The initial closing disclosure fees are stored and used for fee comparison (Baseline).

• Provides the ability to reset tolerance for a Closing Disclosure to Closing Disclosure

fee comparison.

• Resets tolerance.

Tolerance

Tolerance Analysis Screen – Fees that cannot change

• The table displays fees that have increased from what was disclosed.

A. Origination Charges

B. Services You Did Not Shop For

C. Services You Did Shop For which are paid to the lender or an affiliate of the lender.

E. Taxes and Other Government Recording (transfer taxes)

Tolerance

Tolerance Analysis Screen – Aggregate of fees that cannot change

more than 10%

• This table will always populate fees in the 10 percent category.

C. Services Borrower Did/Did Not Shop For fees that are not shopped AND not

paid by the lender or an affiliate of the lender

E. Taxes and Other Government fees that are considered as recording fees

Tolerance

Tolerance Analysis Screen – Total of Payments / Lender Credits

• The Lender Credits calculation includes both the fees paid by the lender and lump sum

lender credits.

• Total of Payments from Closing Disclosure pg. 5

• Lump Sum lender credits for Loan Estimate is the Total Lender Credits from the Loan

Estimate > Payoffs and Payments screen.

• Lump Sum Lender Credits from the Closing Disclosure are credits entered in the

“Credit” sub section of section A. Origination Charges + Lender Credits entered in

the Total Estimated Funds Needed to Close section at the bottom of the Closing

Cost worksheet

Tolerance

Baseline Fees Summary

• Accessible via the Tolerance screen – once the user resets the baseline, a baseline link

will appear. The user can click the link to access the summary.

• The link will only appear if the user resets the baseline.

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