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™
- New IRS Tax Forms for Tax Year 2012. The IRS 1099-INT Interest Income and 1098 Mortgage Interest Statement for tax year 2012 has changed. Make sure you install this release before printing your forms.
- This release includes new time-saving options when creating a new loan. One option is to create the new loan from an existing loan. This is very beneficial if you have repeat borrowers. The second option is to create the new loan from a loan template. You can create unlimited number of loan templates. Loan templates can represent things like common loan types, repeat borrowers, repeat lenders, commonly used loan terms, etc.
- This build includes the option to set up automatic loan, lender and vendor account number generation. Account numbers can contain a prefix and/or suffix along with a numeric portion that auto-increments.
- You can now import a Mismo Mortgage Application v2.3.1 file into Loan Servicing. This standard file format has become an industry standard and is available as an export option from most conventional loan origination systems. Please contact your loan origination application support department to determine if your software application supports this file export format.
- As part of our california residential hard money document package we now include a debt to income ratio form. The front-end DTI ratio includes housing expenses (such as mortgage payments, mortgage insurance, etc.) divided by gross income. The back-end DTI ratio is the percentage of gross income going towards other types of debt like credit card or car loans.
- The loan origination module has been enhanced to now include the ability to assign categories to your loans. This powerful feature allows you to create smartview or print reports using your custom categories.
- You can now use our form/document selection feature to select what forms and documents you wish to include for a particulare loan transaction. This feature also allows you to create loan templates that only include certain forms and documents that will transfer over to loans that you create based on this template.
- The Positive Pay creation function of the Trust Accounting module has been enhanced to support Wells Fargo’s Positive Pay format. The Mortgage Office now supports Wachovia Bank, Northern Trust Bank and Wells Fargo bank.
The complete release notice is available for viewing. Please click here to view Release Notice v1.9.20.