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 latest release of The Mortgage Office™ version 1.9.20. This update contains exciting new features and enhancements that will benefit you and your business.
Keep your software current. We are committed to providing you with the most current, feature-rich software available. This commitment involves enhancing the product with new features as well as correcting existing issues. Keeping your software current allows ABS to provide you with the best level of support possible.
The following list provides a brief description of some of the new additions and enhancements to The Mortgage Office™
- The ability to e-mail custom letters to borrowers, lenders, vendors, co-borrowers and funding lenders has been implemented. Fully integrated with Microsoft Word, the easy-to-use Letter Writing Assistant will walk you through the process to print, preview or e-mail custom letters. The e-mail templates are fully user customizable.
- This update enables you to e-mail system notices such as late notices, insurance expiration notices balloon payment notices, etc. to borrowers and selected co-borrowers. The e-mail templates are fully user customizable.
- This new option allows you to send a copy of a borrower notice to selected co-borrowers. Depending on the co-borrower’s Delivery option the notice may be printed, e-mailed or both.
- The Adjustable Rate Mortgage (ARM) module has been updated to support the attaching and e-maling of the Rate and Payment Change notice. The e-mail templates are fully user customizable.
- The Graduated Terms Mortgage (GTM) module has been updated to support the attaching and e-maling of the Notice of Loan Terms Modifications. The e-mail templates are fully user customizable.
- A new read-only calculated field has been added to the Construction module to display any unfunded loan amounts.
- The Trust Account module has been updated to allow the user to quickly view all clients within a trust account. Click on a client to display the client trust ledger with full functionality. Click the “+” or “-” to expand or collapse the client list.
- A new late charges methodology option has been added to the Loan Servicing module to address California’s definition of late charges pyramiding. This new methodology follows the guidelines as set forth in California Civil Code 2954.4 for determining if a payment should be assessed a late fee. This methodology will not assess a late fee on an otherwise delinquent payment if a previous payment was received within the grace period.
- The ABS Multipurpose Laser Cheques for the Trust Accounting and Loan Servicing modules have been redesigned to meet Canada’s CPA specifications. The new cheque specifications are a key part of an industry-wide plan to modernize Canada’s cheque clearing system through image technology. The new specifications are designed to ensure that high-quality images can be captured from the cheques for use by financial institutions and their customers, and to make cheque processing more efficient.
- The latest revisions to the Regulation Z disclosure have been implemented and integrated into the loan origination document packages.
The complete release notice is available for viewing. Please click here to view Release Notice v1.9.20.