Calyx Software today announced the release of a key update to its flagship LOS platform, Calyx Point. The new version includes increased functionality for piggyback loans, a new loan status bar, added flexibility in reports, more comprehensive truth in lending disclosures and increased marketing functionality, in addition to introducing online ordering of title reports and verifications of employment and income from within the Point platform. Calyx said its Point platform now offers a streamlined process to originate and track so-called “piggyback loans,” which involve a borrower taking out a first and second mortgage, usually in an effort to avoid paying mortgage the insurance premiums associated with high LTV loans. Loans are now linked so that a change in either loan flows through to the other, depending on business logic.
Perhaps the largest change in the newest version of Calyx Point is the introduction of new integrated online services. Users can now order title reports and verifications of employment (VOEs) and income (VOIs) through the services menu; previous versions of the platform offered only online ordering of credit checks and flood insurance. The platform also offers more comprehensive TIL disclosures, making it possible to process a wider variety of loan programs, including IO bi-weekly, IO buydown, option ARMs, and hybrid option ARMs. As with most software updates, Calyx also introduced improvements to its user interface in Point, including improved support for image embedding in marketing materials created within the platform, a new pop-up help system, and improved flexibility in generating reports, Calyx said. According to a 2004 study conducted by Wholesale Access, 67.9 percent of mortgage brokers and direct lenders use Point. For more information, visit http://www.calyxsoftware.com.
