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Release Notes



Monday, November 7, 2016

PPDocs, Inc. - 11/7/2016 - Release Notes

We have added a question asking if you want to "Disclose Holdback in section H?" on loans with an applicable construction holdback/unfunded loan amount.

For more information on this question, please see this release memo

Thanks!
PPDocs, Inc.

Wednesday, November 2, 2016

PPDocs, Inc. - 11/2/2016 - Release Notes

We made two big revisions:

1. We have removed the F2 function for address verification against the USPS. It was a third party tool that we utilized, but it has come to show that it is not always correct concerning zip codes that span multiple cities. Rather than continue to support a feature that may be giving incomplete or incorrect information, we have made the decision to take it offline. We are sorry for any inconvenience this may have caused.

2. We have added a question asking if you want to "ignore the effect of payment increases due to draw."

ignore the effect of payment increases due to draw

For more information on this question, please see this release memo

Thanks!
PPDocs, Inc.

Monday, October 24, 2016

PPDocs, Inc. - 10/24/2016 - Release Notes

The CFPB has made a number of clarifications on how to disclose multiple advance construction loans. They spoke at their March Outlook Live webinar and made a number of clarifications in the proposed amendments to TRID. In response, we are updating our disclosures based on the new information available. Specifically, we area updating the following areas:

1. Product Description
Product Description

Construction loans or the draw period of a construction to perm (one-time close) when disclosed as separate transactions must be disclosed with a balloon payment. For a 1 year construction loan, the CFPB clarified that such product should be disclosed as 11 mo. Interest only counting the number of interest only payments. From page 287 of the proposed amendments to TRID…

ii. Product. A. Separate construction loan disclosure. If the construction financing is disclosed separately and has payments of interest only, the time period of the “Interest Only” feature that is disclosed as part of the product disclosure under §§ 1026.37(a)(10) and 1026.38(a)(5)(iii) is the period during which interest-only payments are actually made and excludes any final balloon payment of principal and interest. For example, the product disclosure for a fixed rate, interest-only construction loan with a term of 12 months in which there will be 11 monthly interest payments and a final balloon payment of principal and interest is “11 mo. Interest Only, Fixed Rate.”

2. Periodic Interest Only Payments
Intereest Only Periodic Payments

We rely on appendix D of Regulation Z when computing payments on a multiple advance loan where the timing of the advances are unknown. Appendix D allows creditors to assume half the loan is outstanding for the purpose of estimating interest only payments. Furthermore, the TRID allows creditors to ignore variations due to the number of days in a month when making certain disclosures. We are updating our disclosures to show ordinary interest amounts (assuming the same number of days in each pay period), even on true daily loans, in the projected payments table. Because each payment period is the same length, there will no longer a range in the project payments table for fixed rate loans. Please note that the Finance Charge, Total of Payments, TIP, and APR will still rely on counting the actual number of days that have elapsed for accurate disclosures. Please also note that there are limits on the number of days that can be ignored. Please see §1026.17(c)(4) below.

(4) In making calculations and disclosures, the creditor may disregard any irregularity in the first period that falls within the limits described below and any payment schedule irregularity that results from the irregular first period: (i) For transactions in which the term is less than 1 year, a first period not more than 6 days shorter or 13 days longer than a regular period; (ii) For transactions in which the term is at least 1 year and less than 10 years, a first period not more than 11 days shorter or 21 days longer than a regular period; and (iii) For transactions in which the term is at least 10 years, a first period shorter than or not more than 32 days longer than a regular period.

3. Loan Terms – Initial Periodic Payment
Loan Terms

The amount disclosed will be the first payment amount. An amount of 0.00 will be disclosed for loans where all interest and principle is due at maturity. The amount disclosed, similar to the amounts disclosed in the projected payments table, assumes each period has the same duration. This figure will match the amount disclosed in the projected payments table since there is no longer variations due to number of days.

iv. Initial periodic payment. In calculating the initial payment amount disclosed pursuant to § 1026.37(b)(3) and using appendix D, the creditor may disregard the effect of certain minor variations, such as that months have different numbers of days, in making the calculation. See § 1026.17(c)(3).

§1026.37(b)(3):

PRINCIPAL AND INTEREST PAYMENT. The initial periodic payment amount that will be due under the terms of the legal obligation, labeled “Principal & Interest,” immediately preceded by the applicable unit-period, and a statement referring to the payment amount that includes any mortgage insurance and escrow payments that is required to be disclosed pursuant to paragraph (c) of this section. If the interest rate at consummation is not known, the amount disclosed shall be calculated using the fully-indexed rate disclosed under paragraph (b)(2) of this section

With respect to the whether the amount can increase after closing, the CFPB clarified that the technical answer is NO, but the creditor may also answer as YES to reflect the nature of construction financing. We will continue to disclose this as YES as we have done for the past year.

v. Increase in periodic payment. A. Calculation of the construction financing periodic payments using the assumptions in appendix D produces interest-only periodic payments that are equal in amount. If a creditor provides a separate disclosure for fixed-rate construction financing, although a technically correct answer to “Can this amount increase after closing?” pursuant to § 1026.37(b)(6) is “NO” because appendix D produces interest-only periodic payments that are equal in amount, a creditor may disclose the answer as “YES” to reflect the fact that actual payments may be more than the amount calculated using appendix D. B. If separate disclosures are provided for fixed-rate construction financing and appendix D is used to calculate the periodic payment, a creditor may omit the disclosures pursuant to § 1026.37(b)(6)(iii) and the disclosure of a range of payments under § 1026.37(c)(2)(i) in the construction financing disclosure.

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PPDocs, Inc.

Thursday, October 20, 2016

PPDocs, Inc. - 10/20/2016 - Release Notes

We updated our site recently and this is one of the items that got adjusted. The CFPB clarified that the correct product description for an interest only construction loan is as shown below…

From page 287 of the proposed amendments to TRID

ii. Product. A. Separate construction loan disclosure. If the construction financing is disclosed separately and has payments of interest only, the time period of the “Interest Only” feature that is disclosed as part of the product disclosure under §§ 1026.37(a)(10) and 1026.38(a)(5)(iii) is the period during which interest-only payments are actually made and excludes any final balloon payment of principal and interest. For example, the product disclosure for a fixed rate, interest-only construction loan with a term of 12 months in which there will be 11 monthly interest payments and a final balloon payment of principal and interest is “11 mo. Interest Only, Fixed Rate.”

Thanks!
PPDocs, Inc.

Friday, May 20, 2016

PPDocs, Inc. - 05/20/2016 - Release Notes

We have added required fields for the Lender’s Organization NMLS License Number and Individual’s NMLS License Number. These are vital for printing on the LE and CD under the contact for Lender.

We have added an audit to prevent submission unless they are present. If you find that your order is getting this audit, please go to the Lender screen to fill it out. If you cannot see this screen, on the first screen (Order Information) there is a question for “Show Lender Information”. Please select yes and click next. Then it will show the Lender Information screen.

Because this is such vital information, we have also added it to the profiles and address book contacts. Please go to your profiles and double check your lender information, including the contact, NMLS IDs, etc. There are NMLS IDs only, no state license numbers for the Lender.

Thanks!
PPDocs, Inc.

Thursday, March 31, 2016

PPDocs, Inc. - 03/31/2016 - Release Notes

  • We have now released the Stella Loan Editor for RESPA and NON-RESPA loans on Express files that have been submitted and for full service redraws.

  • Balloon and TIP (Total Interest Percentage) has been changed for construction loans:

  • For construction loans where the schedule of advances is not known at the time of disclosure, Regulation Z, Appendix D permits the creditor to calculate the interest portion of the finance charge and APR by assuming ½ of the commitment amount outstanding. Appendix D also permits this approach to calculate the interest payments for the Projected Payments Table on the LE/CD. The rule and commentary, however, do not clearly state whether the ½ outstanding assumption may be used when calculating other required TRID disclosures, such as the “Total of Payments”, “Total Interest Percentage (TIP)”, or disclosure of the balloon payment on a short-term construction loan. Accordingly, PPDocs previously took the more conservative approach of calculating these disclosures assuming the full loan amount outstanding, rather than ½ outstanding.

    During the March 1, 2016 Outlook Live Webinar on construction lending and TRID, the CFPB stated that the same ½ outstanding assumption may be used when calculating interest for purposes of the “Total Interest Percentage” (“TIP”) disclosure on the LE/CD, as well as in calculating the balloon payment on a construction loan. Accordingly, we are updating PPDocs to use the ½ outstanding assumption when calculating a balloon payment and the TIP disclosure on the LE/CD for multi-advance construction loans.

    The CFPB also addressed calculation of the “Total Of Payments” disclosure on the LE/CD (which is labeled on the LE as “In 5 Years”) during the March 1 webinar, but did not make the same comment regarding the ½ outstanding assumption when discussing this disclosure. Currently, PPDocs assumes the full loan amount drawn when calculating the Total of Payments disclosure. We have submitted a question to the Bureau to clarify this point. Once we receive a response, additional updates may be made to PPDocs for the Total of Payments disclosure on multi-advance construction loans.

  • We have changed the options for our fee paid to dropdown. We have had some discrepancies with some fees being marked as “Other” because they are paid to the investor, when in reality, those fees need to behave more like the Lender paid fees. So, to avoid any confusion and to avoid removing fees unnecessarily from the Points and Fees test for section 32 and section 43/QM analysis, we have added the option for “investor” as a payee. We have also consolidated the “Affiliate of Lender” and “Affiliate of Broker” into a single “Affiliate” option.

  • eRecording Sharing is now available for users' who have their pipeline shared with their peers.
Thanks!
PPDocs, Inc.

Monday, March 21, 2016

PPDocs, Inc. - 03/21/2016 - Release Notes

PPDocs has partnered with DocuSign (www.DocuSign.com), the leading e-Sign vendor in the industry to handle our eDisclosure/eSign process going forward.

DocuSign has over 50 million registered users and are the premier vendor for electronic signatures.

Both options (PPDocs/DocuSign Disclosures) will be available until April 30th to send new eDisclosures. You will notice a link "new eSign" which will use our custom integration with DocuSign. Please take this opportunity to use the new DocuSign integration free of charge. Clients and Borrowers alike will fall in love with the ease of use DocuSign provides.

Effective May 1st 2016 the service fee to electronically disclose and electronically sign will be $3 per transaction. Access to existing eDisclosures will remain until May 31st. By joining forces with DocuSign, we are able now to provide the following features:

  • e-Sign to multiple borrowers with a click of a button. We will build a package and pre-fill the borrowers name and email address from the order form (There is no additional charge for multiple borrowers).
  • DocuSign now handles all email delivery to the borrower and notifications back to you. DocuSign is whitelisted by all major email providers to ensure delivery of your time sensitive material.
  • You can customize whom the responses go to on each individual package or use the account defaults.
  • You are notified every step of the way, when the customer views, revokes, and signs via email or via our e-Sign manager.
  • Borrowers will be able to use DocuSign’s portal to sign from any device (including mobile devices).
  • With investors requiring your e-Sign vendor to be on an approved list, this will ensure your compliance, as DocuSign is investor approved.
  • Signed packages and DocuSign’s e-Sign Compliance Certificate are returned to PPDocs and will be stored with your loan file.
  • We now have the ability to share your e-Sign packages with other users in your organization. Similar to our Casefile sharing, users will have the ability to select another loan officer/closer and see what has been viewed, signed, or revoked.

Thanks!
PPDocs, Inc.

Thursday, March 10, 2016

PPDocs, Inc. - 03/10/2016 - Release Notes

Non-Borrowing Spouse (NBS) and Non-Purchasing Spouse (NPS) under TRID

We have made adjustments to our order forms (Excluding LE/CD Only order forms) to allow our clients to specify the signature lines for NBS/NPS.

Starting today, you will see these new options in the Signing drop down for each borrower:
TRID NBS/NPS

This will drive the LE/CD to print the NBS/NPS based upon your selection.

For our full legal analysis please see the PDF here: TRID Requirements for NBS/NPS

Thanks!
PPDocs, Inc.


Thursday, March 3, 2016

PPDocs, Inc. - 03/02/2016 - Release Notes

We recently attended the CFPB - Know Before You Owe 3/1/2016 Webinar where they gave clarification on Construction Loans for TRID.

Effective today, we will only show the AP table when it is interest-only product that has an IO period followed by an amortizing P&I payment period. Also, the draw phase of a one-time close is interest-only the whole term. The AP Table is omitted.

As soon as the CFPB posts transcripts of the webinar, we will post them on our news page.

Thanks!
PPDocs, Inc.


Wednesday, February 3, 2016

PPDocs, Inc. - Stella Loan Editor


We are proud to announce the release of our new loan editor platform, Stella. It is a less restrictive approach to editing the loan information. Along with the ability to unlock the borrowers names after submission, you will also be able to go to any screen at any time without the hassle of required fields or “next” button. You also have the option of generating partial or complete document packages right in the editor using the newly improved Document Selection Screen. Complete with the ability to customize documents when you need to. Stella puts YOU in control of YOUR data. This product is available on TRID products that have already been submitted and have obtained an order number.

Guides:


Video (Quick 2 minute video on top reasons to use Stella!):
 


Wednesday, January 27, 2016

PPDocs Update - Release Notes


  • MERS MIN will now carry over when ordering Final Docs from the Initial Disclosure file.
  • Appraisal Receipt Notice has been removed from the Additional Docs screen on Lot/Land Only
  • Oklahoma State High Cost has been updated
  • Prepaid Interest on LE and CD will print number of days rather than the date range to match the CFPB Regulations. If an investor is requesting a date range. You can edit the Details box on the fee amount.
  • Exiting Stella without saving will now clear the "lock" status
  • If you Customize a document using Stella, you can now see which DocID has been customized
  • REMINDER: Update to Rural and Underserved and Small Creditor Balloon: PPDocs News Article


Sunday, January 24, 2016

PPDocs Update - Release Notes


  • VA Publishes FAQ to QM Interim Final Rule: FAQ
  • Stella Guides have been added to our PPDocs guide page: PPDocs Guides
  • Added a cash to borrowers warning audit
  • Rounding USDA premium financed amount down to the nearest dollar
  • Defaulting all unrecognized fees as APR effective. Closings should override as needed


Friday, January 22, 2016

Affidavit Regarding Loan Estimate and Closing Disclosure


Starting today, this document will no longer require the date to be printed on page 2.


Our legal team here at PeirsonPatterson have received a lot of feedback on this form and have decided to update it to no longer include the date language.


The document is still compliant and should be easier for our lenders to request this document in our Additional Docs screen in the order form.


Saturday, December 5, 2015

Full Service loans now have the option for Self Service Redraws!


Has your loan amount changed? Has your closing been pushed back a day? Have your fees to the borrower increased or decreased? Are you closing after hours and need your documents corrected?


We are proud to now offer our clients the ability to make limited changes to your order without having to wait. Data can be corrected and amended documents can be created in seconds.


Warning: PPDocs, Inc. cannot be responsible for any damages resulting from the changes you make regarding matters that we normally review for you.


Friday, November 20, 2015

  • Clients using our Full Service products will now have the option to preview documents!

    Once you get to the Document Selection screen, click Suggest Documents and select the document you would like to preview.

    For example, add the Closing Disclosure and preview your document before you submit your order! This will help speed up the process in getting your Closing Disclosure just the way you need it.

Tuesday, November 17, 2015

  • We have two new questions on the order form... The first question, “Preliminary CD” is asking whether or not the CD you are preparing is a preliminary closing disclosure or if it is the closing disclosure that will be presented at closing. When you are doing a preliminary CD, you will not be asked about the previously disclosed APR or the last disclosure date and the auditing will be a little smarter. The second question is for whether or not you would like to track the fee history. The tracking fees option is optional, but is handy if your investors require a paper trail. This feature goes with the “disclosure history” screen. When you select this option, the borrower amount and estimated amounts are greyed out on the fee pop up so that you can use the tracking feature. You can change the borrower amount by clicking on the “Tracking” button at the bottom of the popup. It will ask you to put the amounts as estimated on each of the disclosures you have indicated on the disclosure history screen. If you have not put in any disclosures into the history, you can add them on the disclosure history screen. When you have finished filling out the fee history, it will automatically populate the borrower amount for you based on the last valid change of circumstance and any applicable re-baselining for the 10% tolerance.

Monday, June 8, 2015

  • We are excited to announce a new partnership with TRIDShare™, a new and powerful online collaboration tool. TRIDShare™ is a tool that allows multiple parties to collaborate on the closing costs summaries of the transaction printed on the Closing Disclosure required by TILA RESPA Integrated Disclosures Rule. TRIDShare™ is platform independent, intuitive, and minimizes rekeying data. To find out more, visit www.tridshare.com.
  • Just as a reminder, we encourage you to test the new integrated disclosure order forms before the law changes go into effect October 3rd. Testing is free and you can use your existing account. You can test both the Loan Estimate and the Closing Disclosure either by themselves or in a full package. For more information on ordering, please click here.

Tuesday, February 4, 2014

  • Wells Fargo Funding has announced the approval of PPDocs’s version of the Wells Fargo Fee Details Form. Wells has confirmed that the form include the data needed to complete their pre-purchase points and fees review and may be submitted. A number of other investors are also adopting the Fee Details Form. Sellers to Wells Fargo may begin using the form immediately.

Tuesday, January 14, 2014

  • One-time closings with application date on or after 01/10/14 will now receive 2 TILs. One for the construction phase and another for the permanent phase. You can designate certain fees to be in the draw period as needed. You will also receive a draw period itemization of amount financed. Draw period fees and APR are excluded from section 32 and QM tests.

Wednesday, January 1, 2014

Friday, November 1, 2013

  • Adjusted Full Service Document Review order form to include information concerning loan type, loan purpose, occupancy, and whether or not there is a POA involved with the loan.
  • Added clarification on multiple property schedule orders for which rate columns are for variable rates versus fixed rates.
  • The Dodd Frank ‘Ability to Repay’ regulations go into effect in January 10, 2014. With the expanded risk that comes with the training and preparation for these changes, we will be raising the price of most of our full service products by $25...Read More

Sunday, September 8, 2013

  • 801, 1101, and 802 Charges now have a new column for Credit Amount and a new column for Credit By. This is intended to assist in the itemization of the credits listed in the 200 series. These changes allow for a lender, seller, or third party to credit a portion of specific fees in order reduce prepaid finances charges or points and fees affecting our various high cost tests.
  • This replaces the old 200 series credit itemization. Those screens are gone now and you will see these even on non-VA loans. These credits will be the ones that populate the VA Origination Statement. These credits will also be itemized on a new Itemization of Credit and where it is necessary on the closing instructions and hud addendum.
  • VA Origination Statement will now appear as an additional document. There are 3 options with it: All Credits, 801 credits itemized, and 801 and 1101 itemized.

Friday, July 12, 2013

  • You now have the option to preview the 2014 Section 32 and QM changes by answering “yes” on the first screen of the order form.
  • Added a drop down pick list to specify who a fee is paid to for upcoming 2014 changes
  • UCC Financing Statement has been updated to Rev. 04/20/11

Friday, June 21, 2013

  • TEXAS, June, 2013 - Breaking News!!!! In Texas, home equity loans as of closings on 06/21/13, discount points must be included in 3% cap. It makes no difference whether Discount Point Acknowledgement form is used or not. -Click here for the release
  • POAs no longer allowed on Texas Home Equity closings, effective 06/21/2013

Friday, June 14, 2013

  • You now have the option to preview and delete multiple documents at one time. To view these options select the new "Multiple Selections" button located at the top of the “Document Selection” order form screen; more options will open up allowing you to select multiple documents from the list then either preview or delete them. You can also select “Cancel” to go back to the original options.

Friday, May 31, 2013

  • In preparation for the requirements to print the mortgage loan originator on the Deed of Trust, Security Instrument, and Note, we are no longer asking for the "lender license number", "branch license number", or "broker license number". To avoid confusion, we are simply asking for the Mortgage Loan Originator's organization and individual names and respective NMLS IDs. More information about the changes can be found here. More information about NMLS Registration can be found here.

Friday, March 22, 2013

  • Created an Audit for FHA, VA and USDA loans where the first payment cannot be more than 60 days from closing.
  • Removed Guarantor screen from Farmer Mac order form.
  • Flex Note Plan ARM Lot Loan – added fields for Interest Rate Change and Payment change frequencies.
  • Created new Audit for FNMA loans checking loan term = amortization term.
  • Added new state specific Audits for NM and MN to check for escrows when LTV is greater than or equal to 80% on owner occupied property.
  • Updated the tool tip in the order form for ECOA notice addresses.
  • Added option for List of Subcontractors (additional documents screen) to select with waiver or without waiver.
  • Other minor system enhancements .

Friday, February 22, 2013

  • Home Equity Line of Credit Disclosure (HELOC) is now its own order form.
  • Made new FHA MIP renewal rates and cutoff changes. Added case number assigned date. Calculations will be different depending on the date.
  • Added revised TIL date for earliest closing date calculations when revising TIL.
  • Added a new FAQ and link in the order form to assist with the date calculations.
  • Removed the draw period TIL disclosure screen. It is no longer used since the new TIL disclosure is a combined APR and finance charge.
  • Added an additional collateral disclosure on TIL if there is a deposit account or certificate of deposit
  • Added a disclosure on the TIL regarding required deposit or pledged account. "The annual percentage rate does not take into account your required deposit or pledged account." This is only applicable if you are accepting deposit account or CD as additional collateral.
  • Created a Flexible HELOC Disclosure to replace all other disclosures.
  • You may now upload password protected custom PDF’s to include in package.

Monday, February 18, 2013

  • Fixed a bug that was creating duplicate orders.
  • Made some minor enhancements to eRecording.
  • Added the Release Notes pop-up to also show on the Account Screen.
  • Fixed a bug with dates not saving correctly in the order form.
  • Fixed a bug with dates not saving the values when using the F2 calendar function.
  • Made the full service Submit more informative; it now lets you know the order is being processed.
  • Added a new Audit for FNMA ARM rounding.
  • Fixed a bug with Empower interface.
  • Enhanced document previewing on the document selection screen of an express order form with a spinning progress indicator.
  • Made it easier to complete the registration process for those accounts that have been started but yet not activated.

Monday, February 11, 2013

Welcome to our new feature “Release Notes”. You will see this window upon every time there are changes to our website, order form, document, or important feature that affect you. In this update:

  • For clients using the Trust Review order form – we now have two options: Trust Review only and Trust Review with subsequent closing documents. Same for POA reviews.
  • For our Farmer Mac clients – we now have a new order form to request Modification Agreement to add Cross Collateralization and Cross Default.
  • Fixed a problem with eDisclosures stalling out while selecting signatures in Internet Explorer 8 Compatibility Mode.
  • Fixed a bug preventing submission of a POA reviews.
  • Added Funding Date field to the RESPA GFE and HUD-1 Settlement Statement order form.
  • Change the HUD-1 to print negative numbers in the “Increase between GFE and HUD-1 charges” field when there is a reduction from GFE to HUD-1.
  • Updated the Leasehold reviews that are available on our website. Please note that these leaseholds have been reviewed. We do not "approve" leaseholds agreements.
  • Coming soon: a monthly newsletter to keep you informed of changing industry laws and regulations, new products, training opportunities, and more information on website and system changes. Make sure you are on our mailing list. Please check your email communication preference in your account settings.

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