Build Release Notice

Introducing the Latest Build for Version 1.9.19 of The Mortgage Office™
Builds are updates and enhancements to The Mortgage Office™ that are made available to you in between major product version releases. These build releases can help prevent or fix problems, improve how your system works, or enhance your user experience. They should be installed as soon as possible to prevent or repair known problems.

You may download the update from this site, or if you prefer to receive a CD-ROM by mail, please fill out, sign, and submit a Software Update Request form via U.S. mail or fax. The requests will be processed in the order received. As always, we welcome your comments and suggestions regarding the quality and usefulness of our products. Your comments help us improve our products to better meet your needs.

Thank you for your continued support of The Mortgage Office™.

Best Regards,
ABS Software Development Team
Build 002 - Released 08/05/2010

Prevent Check Fraud with Positive Pay. Trust Fund Accounting has been enhanced with a new free module: Positive Pay.

What is Positive Pay? Positive Pay for The Mortgage Office™ is a powerful, yet very simple process in check fraud prevention. While each bank may utilize Positive Pay in slightly different ways, the general idea is universal:

Upon completion of a check run, a company prepares a "checks issued" data file (including check number, amount and date, as well as other bank and account information) and transmits this data to their bank. Voided, Rejected, Cancelled and Manual checks can also be included in the file.

When checks are presented for payment against an account protected by Positive Pay, the check information is compared to the "checks issued" file. Checks presented for payment that fail to match with checks issued by the company are rejected. The bank then presents a list of "suspect checks" to the company for "pay/no pay" decisions. These “suspect checks” are resolved before the bank authorizes payment. The company may reject any checks it believes to be fraudulent.


Positive Pay File Assistant

Benefits. By coordinating with their bank via Positive Pay, a company can eliminate the main cause of check fraud.

Bank File Formats. UNlike ACH transactions, there is no current standard positive pay file format, Each bank will have its own file format, so it is important that a positive pay file format is selected. If the The Mortgage Office™ does not currently support your bank's file format, one can easily be added at a nominal fee.

Lender Funding Letters. You may now select and print letters to all funding lenders in a loan directly from the loan's funding window or primary borrower window.

Loan Origination Navigation History. In the bottom left corner of your loan file you'll see that we have added a new "Navigation History" panel. This panel will now keep track of all of the areas you visit in the loan while you are working and give you the ability to move back or forward just like you are able to do in your internet browser.

California Hard Money Loan Validation Report. This page, and the associated report, show the results of a variety of validation tests performed that were determined to be critical in the production of loan documents. On the form we will allow you to suggest your ideas and comments on additional validation tests that could be performed.

Dennis Doss' New Servicing Agreements. Dennis Doss' five new servicing agreements are now available as an add-on module to our California hard money loan origination package.

  • Standard Single Investor Loan Servicing Agreement (DL-1)
  • Standard Single Investor Loan Sale And Servicing Agreement (DL-2)
  • Standard Multi-Investor Loan Sale And Servicing Agreement (DL-3)
  • Standard Multi-Investor Loan Sale And Servicing Agreement With Contingent REO Operatiing Agreement (DL-4)
  • Standard Multi-Investor Loan Sale And Servicing Agreement With Limited Power of Attorney (DL-5)
 
Build 001 - Released 06/21/2010

Business Contacts. By popular demand, the Business Contacts module has been enhanced to include individual contact notes. All of the functionality found in the borrower and lender notes are supported.
 

 

Loan Servicing. The ability to print a lender amortization schedule has been added. You may now select to print a lender-side amortization for one or more lenders in a loan.

 
 

 

Loan Servicing. Two pre-defined 'Other' prepayment penalties have been added.

The 5-4-3-2-1 selection works as outlined below:
  • If the loan is paid off within the 1st year of the closing date the penalty will be 5% of the unpaid principal balance
  • If the loan is paid off within the 2nd year of the closing date then it will be 4%
  • If the loan is paid off within the 3rd year of the closing date then it will be 3%
  • If the loan is paid off within the 4th year of the closing date then it will be 2%
  • If the loan is paid off within the 5th year of the closing date then it will be 1%
  • After the 5th year there will be no prepayment penalty
 

 
The Declining Term Prepay selection works as outlined below:

Note: For the purposes of this example the penalty expiration date was set to 5 years.

  • If the loan is paid off within the 1st year of the closing date the penalty will be 5% of the unpaid principal balance
  • If the loan is paid off within the 2nd year of the closing date then it will be 4%
  • If the loan is paid off within the 3rd year of the closing date then it will be 3%
  • The penalty continues to decrease by 1% each year until the 5th year
 

 

Loan Origination. Lender/Purchaser Disclosure Statement (Note Sale) form now has the option to automatically calculate the lender payment amount.

 
 

 

Loan Origination. The Sales and Marketing control and report are now available.

 
   
  Other Additions, Modifications & Corrections
Loan Servicing. Although purely cosmetic, the lender history grid would not refresh itself when you clicked on the VCR buttons.
Trust Accounting. Deposits, Adjustments and Transfers now support alphanumeric characters in the Reference field.
Trust Accounting. Daily reconciliations are now supported. You may reconcile a trust account multiple times during the month.

Trust Accounting. Reconciliations created using versions prior to v1.1.19 can now be deleted.

Trust Accounting. ACH transactions are automatically excluded from Make Bank Deposit.
Trust Accounting. A "Date Entered" column has been added to the Make Bank Deposit grid. This allows you to sort and print the deposits by the order entered.
Trust Accounting. You may now exclude "zero balance" clients from Client's grid.
General. Mailing labels and Rolodex cards are now generated using Active Reports and can be previewed before printing.