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Calyx strongly recommends that you not operate in a "mixed environment" for previous versions of Point.

Point version 8.0 is not compatible with Point 9.0 or higher.

Point 9.0 SP3 Qualified Mortgage (QM)™

Point 9.0 SP3 was released on January 17, 2014 on short notice to address an issue introduced in Point 9.0 SP2.  With the install of SP2, there was potential for the Status items on the Track > Status screen, to disappear.  A result of this, if you had any PointCentral Rules built using Status items, is that your business rules would not fire correctly.  Also, the potential for closing a loan prematurely due to missing a required loan Status, exists. Anyone that installed SP2, is recommended to immediately update to SP3.  If you did not install SP2 (or Point 9.0 SP1 for that matter), you can go directly to Point 9.0 SP3 and have all the updated fixes and features of SP1 and SP2.

Click here
for additional information.

Anyone on SP2 that accesses your loan files, may potentially continue to cause the unintended deletion of Statuses.  It is recommended that ALL users of Point 9.0, update to SP3. Click here for more information.

A Qualified Mortgage (QM) is a home loan that meets certain standards set forth by the federal government. Lenders that generate such loans will be presumed to have also met the Ability-to-Repay rule mandated by the Dodd-Frank Act.

The (QM) rule was issued by the Consumer Financial Protection Bureau (CFPB) on January 10, 2013. The rules do not take effect until January 10, 2014. It's main goal is to provide protection to the lender from borrower lawsuits once the loan has been closed, either in the form of a safe harbor or rebuttable presumption.

Click here
for more information about QM.

*Calyx Qualified Mortgage Reporting is only available in Point version 9.0 and higher. The QM rule is designed to create safer loans that will help prevent the same "unsafe loans" in the mortgage industry that contributed to the housing crisis of 2008.

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