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| | | Forum Newbie
Group: Forum Members
Last Login: 10/6/2008 12:49:48 PM
Posts: 1, Visits: 22 |
| | Good Afternoon, The California Department of Real Estate has announced the required use of a new "Mortgage Loan Disclosure Statement/Good Faith Estimate for Nontraditional Mortgage Product" (RE 885), effective 9/28/07. Can anyone tell me if Calyx is planning to implement this new form in Point and, if so, when that might occur? The announcement can be found here (see "DRE Form RE 885"). The actual form and instruction: re885.pdf and re885_Pg3_Instructional_Guide.pdf Thank You! |
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Supreme Being
Group: Moderators
Last Login: 12/21/2008 11:16:31 PM
Posts: 837, Visits: 1,901 |
| The Point team is aware of the immediate requirement for this form, and they are working as quickly as possible to issue an update for the MLDS in Point. Unfortunately, I don't have an estimated timeframe right now.
Bryan
Point Product Manager |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/8/2007 7:37:57 PM
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| | I just spoke to tech support and the gentleman stated the update might not come out until the 6.1 release as Calyx just issued other updates. When I asked when that would be his response was sometime next year! If this is true I find it to be unacceptable. What are CA Calyx users supposed to do in the meantime? I'm sure there are thousands of us. Does Calyx have an estimated time when the revision/update will be released? If not, our company will have to stop using the Calyx software and switch to software that provides us with the forms necessary to be in compliance with the State of CA in a timely manner. |
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Sepal
Group: Moderators
Last Login: Today @ 4:06:35 PM
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| Your not being left behind, Calyx is still researching the needed changes with the California Department of Real Estate. The current goal is to issue an electronic update. I am sorry I don't have an ETA, I'll post more information when I have it.
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/9/2007 4:07:04 PM
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| | I agree that this is totally unacceptable. The form and the instructions are already issued by the CA DRE and the form is complicated enough that the Point software is needed in order to maintain efficient workflow. Yesterday would be a good day to issue the electronic update. |
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Supreme Being
Group: Moderators
Last Login: 12/21/2008 11:16:31 PM
Posts: 837, Visits: 1,901 |
| I apologize for the inconvenience. Unfortunately, the DRE gave an extremely short notice for the update. Had they published a notice earlier, we would have started work sooner. When we spoke with the DRE, they did not seem very understanding to the LOS need to analyze the requirements and design the workflow. I am sure other LOS are in the same position. It's a complicated form. An electronic update will available asap after development and testing is done. I can probably create a custom form to at least generate the existing loan data to the form. I'll see what I can do.
Bryan
Point Product Manager |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/12/2007 11:28:05 AM
Posts: 1, Visits: 1 |
| | Bryan, Were you successful in creating a custom form? |
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Forum Newbie
Group: Forum Members
Last Login: 10/12/2007 12:04:41 PM
Posts: 1, Visits: 2 |
| | What is the status for CA DRE Form 885? Do we have any sort of time frame for release of an update? How about and temporary solution that at least ports in the current info and reduces some of the hand work. I am a network consultant working with several mortgage lenders and managing point installations, updates, deployments and support. Please let me know whats up. Any information would be appreciated. ale@bwtechs.com">Dale@bwtechs.com
BW Techs, Inc - Network Support
ale@BWTechs.com">Dale@BWTechs.com |
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| | | Forum Newbie
Group: Forum Members
Last Login: 10/26/2007 2:34:59 PM
Posts: 1, Visits: 1 |
| | We too are looking for the status for CA DRE Form 885. Any update available yet? |
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