Calyx Software, Dallas, announced on June 3 that its Point[R] version 9.2 was ready to help lenders start providing accurate and compliant Loan Estimates (LEs) and Closing Disclosures (CDs) required by the new Integrated Disclosure rule. The new front-end consumer disclosures will be required starting on Oct. 1.
The Consumer Financial Protection Bureau (CFPB) mandated the new disclosure requirements in a rule referred to as the Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule (or TRID).
Calyx's new Point 9.2 automates the new LE and CD forms, and incorporates enhancements to ensure the generation of accurate disclosures under the TRID rule.
The solution is simple to use and automatically calculates, rounds and truncates figures like the annual percentage rate (APR). The company noted that with the release of the new software, mortgage lenders can immediately begin acclimating to the new TRID disclosures before the Oct. 1 deadline.
Doug Chang, president of Calyx, commented, "We learned...