Product Release Notice
April 2008

Introducing The Mortgage Office™ Version 1.9.15
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

Individualized Lender Rates. In addition to the broker and vendor servicing fees, each funding lender can now have its own individualized, effective rate. The rate can be a fixed rate or a rate modifier to either the note or sold rate. For Adjustable Rate Mortgages and Graduated Terms Mortgages, you can use the rate modifier to adjust the lender rate when the borrower's rate changes.

Add Funding Lender Window

Export to Microsoft Excel. By popular demand, the ability to export to Microsoft Excel has been expanded throughout The Mortgage Office™. It is now supported by most grids, including loan, lender and vendor history views. The export also supports any user grid customization, such as column order and hidden columns.

Sample Showing Excel Export Feature

Alphabetical Index Bar. The old, familiar, Outlook-style alphabetical index bar is back! Simply click any letter and quickly move to the first record matching your selection. The alphabetical index bar is available in all loan, lender, vendor and SmartView grids.

Sample Loan Grid Showing the Alphabetical Index Bar

Initial Sort Assistant for Predefined System Views. You can define the initial sort order of predefined system views such as All Loans, Lenders and Vendors.

Initial Grid Sort Dialog Window

Automated Collateral Risk Assessment Reports. Applied Business Software, Inc. and FIS Valuation Solutions, the nation's number one provider of collateral risk and valuation services, have formed a strategic partnership to provide you with a truly automated solution. With a simple click of a button you can now receive and automatically store as a property attachment the most accurate property valuation reports available in the industry today.

Sample Report & Collateral Risk Assessment Assistant

There are two valuation reports available, ValueSure™ and The Preview (HQ Score™). See below for details:

ValueSure™ is an automated valuation model (AVM), which allows industry professionals to quickly estimate property value. Designed to meet the needs of mortgage originators, lenders, services, brokers, and investment bankers, ValueSure™ can be used during every step of the lending process, from origination, underwriting, and quality control to servicing, portfolio review, and default management.

Preview (HQ Score™) product was developed by FIS Valuation Solutions as an automated review tool to assist clients in determining the quality and loss potential of real estate collateral without the need for a complete appraisal review. It measures the probability of a current over-valuation of a property based on an appraised value or other valuation estimate. The Preview (HQ Score™) provides fast, efficient, comprehensive reporting to facilitate collateral risk decision-making.

Audit Report. Use the Property Valuation Orders Audit Report assistant to audit and reconcile orders placed during a selected range of dates.

Sample Valuation Orders Audit Assistant and Report

This is a subscription service requiring a valid user name and password. To register, please contact FIS Valuation Solutions directly at 800.282.1104 or call your ABS sales representative at 800.833.3343.

Enhancements to Property Files. The loan property files now support attachments, a new risk assessment tab displaying the latest property valuations received from FIS Valuation Solutions as well as two additional fields: Pledged Equity and Priority of Loan.

Property Attachments. You can now attach contracts, PDF files, pictures – anything that relates to a property for easy retrieval at a later time. The attachments can be viewed by individual property or all properties.

Property Attachments

Risk Assessment Tab. This new tab displays pertinent information extracted from the latest property valuation received from FIS Valuation Solutions. For more detailed information simply click the View valuation report hyperlink or order a new or updated report.

Sample Collateral Risk Assessment Tab

Additional Fields. Two new fields have been added to the property file: Pledged Equity and Priority of Loan. Use the pledged equity field to record the amount of equity on this property securing the underlying loan, and use the priority of loan field to record the position of the underlying loan on this property. This information is most valuable in cross-collateral transactions.

Additional Property Fields

Option ARM. The system now supports Option ARMs. Borrower payments are recalculated monthly and the payment statement provides the option of making 1) Minimum Payment, 2) Interest Only Payment, 3) Fully Amortized Payment or 4) 15-Year Fully Amortized Payment.

Sample Borrower Payment Statement Showing Additional Payment Options

Loan Charges Adjustment Assistant. A new assistant has been added to facilitate the process of entering adjustments to individual loan charges. Simply select the charge you want to adjust from the grid, click the adjustment icon in the toolbar, enter the adjustment information and click OK.

Sample Loan Charges Grid & Adjustment Assistant

Automatically Attach Microsoft Word Letters & Notices.You can now create attachments when printing system notices such as borrower late notices, demands for payoff, insurance expiration notices, custom borrower, lender and vendor letters, and more.

Custom Letter Writing Assistant

Find Information Quickly and Easily. The ability to automatically create attachments from notices and letters created using Microsoft Word appreciably improve your business efficiency by enabling you to find information quickly and easily and stop the frustrating and time consuming task of searching for loan-related documents.

This option is not supported for Word 2000 or earlier versions.

Account Hyperlinks. Most grids throughout the system now provide quick-access to related loan, lender or vendor files. Simply click on the selected account and the related window will open allowing you to browse or edit information.

Lender Portfolio Grid Showing Loan Account Hyperlink

Lender Statement of Account Enhancements. The lender statement assistant has been updated to include additional functionality. You may now print lender statements for All Loans or a Single Loan and sort and subtotal the account activity section by loan.

Lender Statement Assistant

Lender Statement Assistant

Sample Lender Statement Activity Sections

Single-Click Attachment. A new button has been added to the Print-Preview window toolbar that enables you (when applicable), with a single click of the mouse, to attach a PDF copy of the document to the parent file (loan, lender, vendor, etc). To accomplish this task before, you had to first export the report and then import it as an attachment.

Print Preview Window Showing New "Attach to File" button

Limit Public Display of Social Security Numbers. Many states, including California now place restrictions on the display and transmission of social security numbers. To comply with these new regulations, the user and group security module now provides options to limit the access to and display (only the last four digits are shown) of social security numbers. For additional information read California Laws on SSN Confidentiality.

Limit Public Display of Social Security Numbers

Property Insurance File Enhancements. A field to record the insurance agent’s fax number has been added to the property insurance form. Additionally, to maintain consistency, the insurance description now supports a drop-down menu where you can select user-defined insurance descriptions from a list. You may also type a description.

Sample Property Insurance Window

Originating Vendor Custom Letters. The Custom Letters & Reports module of The Mortgage Office™ has been enhanced with the ability to generate custom letters for Originating Vendors.

Sample Custom Letter Dialog Form

Exclude Late Charges from Finance Charges. For those servicing lines of credit and constructions loans, the system now allows you to exclude late charges when calculating and assessing periodic finance charges.

The Mortgage Pool Servicing module is the recipient of many new features and enhancements. The following provides a brief description of some of these features.

Mortgage Pool Attachments. The mortgage pool and partner files have been enhanced to support attachments. This popular feature  is an easy-to-use, fully integrated document imaging and management system that enables you to capture paper and electronic documents from disk or directly from any TWAIN-compliant device such as scanners and cameras, and store them in one location, and most importantly attach them to specific partners and partnerships for easy retrieval at any time.

Sample Mortgage Pool Servicing Windows Showing Attachments

Easily attach relevant documents such as PDF files, spreadsheets, letters, contracts, pictures – anything you need to track so that everything is in one place, and stop the frustrating and time consuming task of searching for pool-related documents.

Find Information Quickly and Easily. You may now pull all pool and partner related information together in one place, no matter where it came from and easily attach documents and files from disk or directly from any TWAIN-compliant device such as scanners and cameras.

Account Hyperlinks. Many grids in the Mortgage Pool Servicing module now provide quick-access to related partner or pool files. Simply mouse-click on the selected account and the related window will open immediately allowing you to browse or edit information.

Mortgage Pool History Window Showing Account Hyperlinks

New Notary Requirements. Effective January 1, 2008, the notary format on recordable documents was changed. All affected loan origination documents were updated to comply with the new format. You can obtain the updated documents by either performing an Online Software Download or by visiting the Downloads & Updates section of the The Mortgage Office Online website.

Mortgage Pool and Holder Attachments. The mortgage pool and certificate holders files have been enhanced to support attachments. This popular feature  is an easy-to-use, fully integrated document imaging and management system that enables you to capture paper and electronic documents from disk or directly from any TWAIN-compliant device such as scanners and cameras, and store them in one location, and most importantly attach them to specific holders and pools for easy retrieval at any time.

Sample Pool Attachments Form

Tax Form Printing Alignment. You can now adjust the vertical or horizontal printing position of the form. You may also print a sample form on blank paper and place it on top of the actual form for proper alignment. The vertical or horizontal offsets entered below will move the text in 1/100 of an inch increment.

Sample Form Alignment Tool

1098 Mortgage Interest Statement. Among many other enhancements, support for Mortgage Insurance Premium was added to the 1098 Mortgage Interest Statement.

Sample 1098 Mortgage Interest Statement

1099-INT Interest Income. Among many other enhancements, support for Tax-Exempt Interest and Specified Private Activity Bond Interest was added.

Sample 1099-INT Interest Income Statement

1099-MISC Miscellaneous Income. Among many other enhancements, support for Section 409A Deferrals and Section 409A Income was added.

Sample 1099-MISC Miscellaneous Income

T5 Statement of Investment Income (Canada). In our continuing effort to support the needs of our Canadian customers, The Mortgage Office has been enhanced to support the printing and filing of the T5 Statement of Investment Income as defined by the Canada Revenue Agency.

	The T5 Statement of Investment Income is printed in standard 3-recipients-per-page laser forms. According to information provided by Canada Revenue Agency (“CRA”), you must send 2 copies to the recipients; keep one for your records and send a copy to CRA. To order forms or for instructions please visit www.cra.gc.ca.

This section includes minor enhancements, modifications and corrections included in this release of The Mortgage OfficeT. Many of these are the result of suggestions made by customers and help us improve The Mortgage OfficeT to better meet your needs.