Product
Release Notice
October 2007
 Introducing
The Mortgage Office™ Version 1.9.01
In our continuing effort to provide you with the most technologically advanced and easy-to-use loan servicing and origination software found anywhere, Applied Business Software, Inc. is pleased to announce the newest release of The Mortgage Office™. This update contains exciting new features and enhancements that will benefit you and your business.
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 updates 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
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| Loan Servicing |
Co-Borrowers. In addition to the primary borrower information, the loan servicing system now supports unlimited number of co-borrowers per loan. You can easily track co-borrower information much the same way you do with the primary borrower.
Loan Servicing & Co-Borrower Screens
The following list is just a brief description of some of the features available:
- Easily include co-borrowers when printing Late Borrower Notices, Insurance Expiration Notices, HUD Delinquency Notices and others.
- Easy to use, familiar user interface.
- Swap a co-borrower with the primary borrower with a click of the mouse.
- Additional borrowers can Co-Borrowers, Guarantors, Co-Signers and Others.
- Full integration with the Consumer Credit Reporting (Metro-2) module.
- Easily send custom letters to one or all co-borrowers in a loan.
- Send e-mail to co-borrowers with a click of a button.
- Maintain individual notes per co-borrower.
- Full integration with the Loan Origination module.
- Full integration with the Default Services & Tracking module.
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Multiple Properties per Loan. The Loan Servicing module has been enhanced to support unlimited number of properties per loan. In addition, each property can have unlimited number of linked insurances and liens. The following list is just a brief description of some of the features available:
- Easy to use, familiar user interface.
- Easily track Fire, Flood, Earthquake and other insurance policies per property.
- Produce Insurance Expiration notices and reports.
- Easily track multiple liens/encumbrances per property.
- Maintain individual notes per property.
- Full integration with the Loan Origination module.
- Full integration with the Default Services & Tracking module.
Loan Servicing & Multiple Properties Screen
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Track Multiple Insurance Policies per Property or Loan. You can now add and track unlimited number of insurance policies per loan. Easily track Fire, Flood, Earthquake and other insurance policies, and produce insurance expiration reports and notices to be sent to borrowers or co-borrowers.
Loan Servicing & Property Insurance Screen
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Amortization Schedule. Produce amortization schedules with a simple click of a button. All loan options, fundings, scheduled modifications, and ARM rate and payment scheduled changes are taken into account to produce a "to-maturity" amortization report. The report can be printed or emailed as a PDF to your clients.
Loan Servicing Screen & Amortization Schedule
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Re-Calculate Payment Amount. Easily re-calculate the amount to P & I using the loan’s current terms, and select from Fully Amortized, Interest Only or Constant Amortization (CAM).
Loan Servicing Screen & Re-Calculate P & I Dialog Window
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Loan Master Report. This new assistant-driven report may become one of your most valuable tools when auditing a loan. It can be generated for one or more loans using multiple user selected criteria. Additionally, you can choose which sections of the report are printed.
Currently, the available sections are:
- Loan Terms
- Borrowers & Co-Borrowers
- Funding Assignment
- Account Activity
- Outstanding Charges
- Trust Account Activity
- Property & Appraisal Information
- Insurance Policies
- Liens & Encumbrances
Loan Master Report Assistant
Sample Loan Master Report
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| Additions, Modifications & Corrections |
This section includes minor enhancements, modifications and corrections included in this release of The Mortgage Office™. Many of these are the result of suggestions made by customers and help us improve The Mortgage Office™ to better meet your needs.
Applies
To |
Description |
| Loan Servicing |
Lender and vendor custom fields (UDF) are now fully supported when creating Mail Merge letters with Microsoft Word. |
| Loan Servicing |
The property APN field size has been increased from 15 to 30 characters. It is also available and searchable in the Loan and SmartView grids. |
| Loan Servicing |
Pledged Equity field has been added to the property table. |
| Loan Servicing |
Adding "notes" to selected check in Select & Print checks was updating the wrong check. |
| Partnership Servicing |
Partnership statement history was only including partner transactions (e.g., contributions, withdrawals, etc.). Partnership transactions such as receipts, disbursements and adjustments were not being printeed. |
| ACH Express |
The Individual Name was defaulting to the lender or borrower name even if the user manually entered something else. Loan, lender and vendor files were corrected. |
| Loan Servicing |
The loan, lender & vendor grids now default to the prior session's last accessed record. |
| Loan Servicing |
Corrected possible $0.01 remaining balance when selling or writing off 100% of ownership. |
| Loan Servicing |
Principal Paydown reported wrong ending principal balance on lender check stub. |
| Loan Servicing |
Balances Journal. Trust balance is now deducted from total balance. |
| ACH Express |
ACH notice was failing on lender-side-only transactions. It now displays N/A in the loan account # column and the ref # in the borrower name column; the loan balance is left blank. We also print the "check date" in the payment due date column. |
| Loan Servicing |
When entering payments, the "Print Note on Check" option was defaulting to FALSE. The default is now TRUE. |
| Loan Servicing |
YTD Interest total on lender statement was always showing gross interest. We now show it gross/net based on the user selection in the options. |
| Loan Servicing |
A "Distribute According to Ownership" button was added to the funding assistant. |
| Loan Servicing |
Reinstatement Notice - Error calculating accrued late charges. The reinstatement notice was calculating accrued late charges up to today only; accrued late charges are now calculated through the reinstatement date. |
| Loan Servicing |
Property address was added to borrower statement. |
| Loan Servicing |
Corrected error calculating odd days interest on partial period in which the funding is on the same day as the starting date of a partial period. |
| Loan Servicing |
Loan priority was added to the Late Report. |
| Loan Servicing |
Changed YTD Interest on lender check to include interest through check date instead of through the date the checks were being printed. |
| Loan Servicing |
Deleting a principal paydown transaction now also deletes all related lender transactions. |
| Loan Servicing |
Vendor & Lender Statments. Incorrect format for numeric loan accounts in the charges section. |
| Loan Servicing |
Added "View Escrow File..." option to loan grid to view escrow file of loans transferred from the Loan Origination module. This button can be found by right-clicking on the desired loan from the loan grid. |
| Loan Servicing |
Added property fields and property address info to loan grid. You can display the fields by clicking on the "Customize Grid" button. |
| Loan Servicing |
The property LTV field was not being saved. |
| Loan Origination |
Document Maintenance sequence order fixed. |
| Custom Letters & Reports |
Lender and Vendor custom fields can now be merged into custom letters. |
| Loan Servicing |
Lender checks have been modified to print one consolidated check when a lender/vendor has more transactions than fit on one check stub. |
| Loan Servicing |
BROKER check was displaying servicing fees as interest if the "Report Net Interest (Less Servicing Fee) to Lenders" option was checked. |
| Loan Servicing |
Construction Module. The detail of a paid voucher have been unlocked and can now be viewed. |
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