New federal mandates are coming in at an unprecedented pace. Since January 1, 2011 alone the introduction of new loan officer comp rules and the NMLS reporting requirement have caused quite a stir in the mortgage technology industry. Ensuring you are compliant with all these new rules and regulations is imperative.
One core challenge to meeting these requirements is staying current on your various technology platforms. An unfortunate byproduct of these new rules is less new features are being released by the major loan origination vendors, namely Calyx Software, DMD and Ellie Mae. Another unfortunate byproduct is higher prices by these vendors to maintain your software subscriptions, without many of the new features you might normally expect.
We can thank the feds for these higher prices and lack of innovation. The development and maintenance costs are increasing exponentially for these software vendors, as is the speed in which the releases are being produced. This translates directly into higher prices.
Also, as a mortgage broker or lender, you no longer have the luxury of skipping releases to keep your costs down. Letting your software subscription agreement expire even for a calendar quarter means you could be instantly out of compliance for all new originations (think the ever evolving GFE).
So how do you ensure you are staying in compliance? Simple, keep your software subscription current with your LOS vendor and, equally important, make sure your organization is applying all new version releases and services packs. This sounds like basic housekeeping for a software installation, and it is, but with multiple releases produced just in the first four months of 2011 this can easily be overlooked.
Calyx Software has released three services packs this year already, and DMD has produced two. Each release requires the involvement of your firm’s upper management team, as well as the tech team or outside support, to get it scheduled and installed. This is more time and expense as compared to years past, but it’s essential to keeping your systems up to date and compliant.
The lack of new features from the LOS vendors can be expected for at least the coming 12-18 months as new compliance requirements continue to hit. With the last of the major compliance initiatives likely over in the second half of 2011, it will take the software vendors 2-3 additional quarters to begin to develop and test any truly new features.
If you have needs outside of the core origination feature set, and you’re waiting on your LOS vendor to release them, be prepared to wait or start looking elsewhere for a complimentary solution. Sales and marketing automation, borrower communications solutions and general pipeline management solutions are all areas that will likely continue to fall outside of the LOS vendors’ “sweet spots” for quite some time to come.
It’s also important to note that numerous states are starting to require that your technology infrastructure also be compliant to new tougher security restrictions. Specifically, protecting borrower data continues to be at the forefront for many new state requirements.
Keeping your critical loan and borrower data inside your office, or worse, directly on a laptop, is quite often out of these compliance guidelines.
Most states accept that data stored within a SAS70 Type II data center is compliant to these new rules, as this is the FDIC mandate for all its chartered institutions. Getting your data to one of these facilities is easier than you might think, but it takes a bit of research and planning. First, you have to select the right vendor. Next, it’s imperative that this vendor provide its SAS70 report to you and require that they update it annually. Last, coordinating the move with your IT staff and end users for a time that is least disruptive to your production cycle is critical to success.
Maintaining compliant systems is difficult, to say the least, in today’s hostile environment. The easiest place to start is keeping your software current, and your data in a very safe facility.
Josh Bopp is the president of focusIT, Inc., the largest mortgage technology hosting company in the US. To learn more about focusIT visit www.focusitinc.com. Specific questions about this article can be directed to Josh Bopp at josh.bopp@focusitinc.com.
Point 7.4 Service Pack 2 & PointCentral 7.3 Service Pack 1 Are Now Available for Download from MyCalyx.com
Calyx Software made focusIT aware of several new mandated compliance forms that are now immediately available as part of the Point 7.4 Service Pack 2 release. Your company's MyCalyx.com administrator will push this update to you and is independent of your service with focusIT.
If you are the MyCalyx.com administrator, you may push the Point 7.4 Service Pack 2 anytime you wish to your end users. The associated server-side update, known as PointCentral 7.3 Service Pack 1, is NOT REQUIRED prior to upgrading your Point clients.
Separately, over the next 30 days, focusIT will install the server-side PointCentral 7.3 Service Pack 1 update. Again, there is no requirement to install the PointCentral update prior to installing the Point client update.
Calyx is reachable for any questions at 800-362-2599. The focusIT Support Center is reachable at 480-346-1299 option 1 or by emailing us at support@focusitinc.com.
Follow these instructions for installing the 7.4 electronic update:
**NOTE: The forms update for 7.4 is not distributed via MyCalyx and must be downloaded from each individual client computer that has Point 7.4 installed.
A File Download - Security Warning window may appear, clickRun.
When the download completes, an Internet Explorer Security Warning window may appear, clickRun.
From the Point Electronic Update window, clickNext.
From the Point Electronic Update - Directory window, clickNext.
ClickStartto begin the update.
ClickExitto finish.
Did the 7.4 forms update install successfully?
Download and install the 7.4 forms update again.
When you have already installed the update successfully, the installation will display a message "Nothing to do! The files are already updated". If you get this warning during the installation, then you are already updated.
Calyx Software®, the preferred mortgage solution provider for banks, credit unions, mortgage bankers and brokers, announced today that hosting company focusIT, Inc. is now providing hosting services to 10,000 PointCentral™ customers.
Calyx PointCentral combines the latest technology with the breadth of functionality that mortgage professionals require for loan marketing, prequalification, origination, and processing. For small to medium sized companies, offering a hosted server solution provides cost-effective pipeline visibility and security without the need to add costly hardware or personnel.
“It comes as no surprise that focusIT has signed so many of our PointCentral users,” said Doug Chang, president of Calyx Software. “They have consistently risen to the challenge of meeting the increasing needs of our customers seeking a hosted solution.”
focusIT receives high satisfaction ratings from Calyx customers for their PointCentral hosting. The latest survey, showing a 92.6% satisfaction rating, lends no question as to why focusIT has become the largest hosting company for Calyx Software’s PointCentral product.
“We are proud that our strategic relationship with Calyx has been able to positively affect the mortgage businesses that count on us,” said Josh Bopp, president of focusIT, Inc. “Focusing on mortgage and financial businesses has allowed us to align our SaaS development for specific market requirements and attract new customers.”
More information on focusIT can be found at www.focusitinc.com, by calling us (480) 346-1299.
About focusIT
Established in 2002 in Scottsdale,
Arizona, focusIT, Inc. specializes in software as a service (SaaS) solutions for the mortgage, financial services and professional services
industries. One of the nation’s first fully dedicated SaaS consulting firms, focusIT recognizes the importance of cloud computing initiatives and has completely embraced this method of technology services. Its solutions allow clients to flatten technology spending, keep current with hardware and software upgrades, and focus on growing their own businesses vs. running a computer network.
About Calyx Software
Calyx Software, the #1 provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, is dedicated to offering reliable and affordable software that streamlines, integrates and optimizes all phases of the loan process. PointCentral is our flexible platform utilizing the full functionality of Point combined with remote access and a strong business rules engine needed for workflow and compliance. Point, the leading LOS, simplifies loan processing and enables seamless integration with online applications using WebCaster, back office systems using Point SDK and with over 200 service providers within the Calyx Network.
In any business ensuring data security is a tremendously important issue, but even more important for mortgage
companies. Just think for a moment what measures you must take to secure
your physical documents and computer network. Your physical documents must be shredded, disposed of in locked
bins and collected by professional disposal agents hired from private
companies. Your digital documents must be stored in encrypted format, behind firewalls and under virus protection.
Having a security breach at your mortgage company in which you lost client data could be devastating to your business. If you were to
have clients’ identities stolen, or become the victim of internet
theft, your reputation could be ruined and you could lose your business,
not to mention the inevitable lawsuits that would ensue. Many new
state laws and regulations require you, as a business owner, to provide
minimum protection standards to safeguard this critical information. Simply put, most small to mid-sized mortgage organizations simply do not comply. And really who has the time or resources to keep up with technology and regulatory issues?
In order to avoid this nightmare
situation you must ensure that your data is protected by the most
cutting edge security software, and administered to by experts. As a
business owner you can either take the time to learn this yourself,
which given the hectic and time consuming nature of the mortgage
industry is highly unlikely; hire a full time technology professional which can be risky and costly, or outsource your technology needs to an experienced technology company like focusIT.
Of the three options,
using managed services company is clearly the most logical and cost effective choice. By hiring a technology expert
you ensure that your Calyx Software, Exchange Email Server and SharePoint document management infrastructure are properly installed and administered 24 hours a day, 7 days a week. Your software and all of
your sensitive information is held on a hosted virtual server unique to your
company, and stored in a secure SAS70 Type II data facility. This means
that you, and only you, can access your files from anywhere without the
need to physically take your database with you. These servers are
protected with the latest security devices and overseen at all times to
ensure that your and your clients’ information is protected.
Don’t take the risk of exposing your clients’ information and your
reputation to lost or stolen data. The technology trends in mortgage banking are moving towards these type of managed or outsource IT solutions. Business owners see the value in moving their technology support to companies that focus on these services and spending more time on their business. If you are interested in this type of outsourced IT technology solution call the
experts at focusIT to learn more about securing your technology network. FocusIT is the largest Calyx PointCentral hosting company in the US.
Calyx Software(R), the preferred provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, announced today the launch of MyCalyx.com(TM), the self-service web portal for users of Calyx solutions. MyCalyx simplifies Calyx account management with convenient web access and greater administrative control over Calyx accounts, allowing customers to spend more time building their businesses.
With MyCalyx, customers can save time and money on installation and upgrades of Calyx software. Downloading the software is quick and easy for each user assigned a login and password. Customers also now have greater control over seat assignments and can make changes with just a few clicks vs. uninstalling and reinstalling CD applications. "We've always been the low-cost provider of quality software, and we are pleased to provide this significant convenience to our valued customers," said Ted Hicks, product management group director for Calyx Software. "The added functionality of having a web portal allows greater control while keeping the process simple and the cost down."
Point(R) 7.3, scheduled for release in October, 2010, will be the first software update to be deployed exclusively via MyCalyx. Beginning with this release, MyCalyx will offer additional benefit of a convenient e-commerce engine that enables new customers to purchase software and existing customers to purchase additional seats or upgrade their software. Training classes will also be available for purchase via MyCalyx at a later date.
To learn more or to convert a current Calyx account to MyCalyx, call 800-362-2599 to speak with a sales representative.
About Calyx Software
Calyx Software, the #1 provider of mortgage solutions for banks, credit unions, mortgage bankers and brokers, is dedicated to offering reliable and affordable software that streamlines, integrates and optimizes all phases of the loan process. Point, the preferred application for mortgage brokers and bankers, offers advanced technology with functionality and simplicity that makes loan processing fast and easy. PointCentral enables a secure, efficient workflow with centralized storage and remote access. Using Calyx Network, loan officers can connect automatically with over 200 vendors and service providers with high-speed, seamless interaction. With Point SDK companies can easily integrate their current customer relationship management system, sales tools, lead generation software or any other back office systems with Calyx Point. All Calyx products are designed to maximize profitability by enabling more loans to close quickly. For more information, call (800) 362-2599 or visit www.calyxsoftware.com.
When you or your loan officers are selling your company and your services to a client one of the cornerstones of your pitch will inadvertently be the expertise you bring to the table. Why would a client want to slog through all of the paperwork, guidelines and regulations that make the mortgage industry so complex? That is why they pay you to perform this valuable service for them. You present to them the fact that you and your team are highly experienced professionals. This goes a long way to closing the deal and earning the business of a new client, correct?
So following this same line of reasoning, why would you not trust technology experts to assist you in your mortgage technology needs? Follow your own advice and bring on the services of a trained specialist to manage your Calyx® Point® software suite. By using the experts at focusIT you can ensure that your Calyx PointCentral system will be properly installed and administered. Benefits to hosting your Calyx Point Software with a focusIT, inc include:
Reducing the go live time from several weeks to just a few days.
Never worrying about software updates or increasing hardware demands
Dramatically increased security of your systems are housed and managed in SAS70 Type II data centers
Beyond the myriad benefits of having the experts and specialized staff at focusIT, Inc. running your Calyx Point system, you will also see a dramatic reduction in cost to you. Why? Because you will not have to invest in the required hardware to run the system, and you will eliminate the need to hire the staff to administer to this complex system. This alone dramatically reduces overhead for your mortgage company by harnessing the power of true managed outsourcing. When the factors are weighed, the choice becomes clear. Trusting in experts at focusIT, Inc. is not only good for your clients, but also good for you and your business. Contact the experts at focusIT to learn more about our hosted mortgage software solutions.
The primary function of any business is to earn a profit. That alone is the reason you get up every morning, drive to the office and put in a hard day’s work. All the headaches, fires to be put out, snags, underwriting setbacks, changing guidelines, ego driven loan officers and capricious borrowers are enough to drive any sane human being out of their mind. If not for the profit margin that keeps food on the table and a roof over you and your family’s head, the mortgage industry would not be worth the stress.
So why not maximize the good while minimizing the bad? If you are going to be putting in the herculean effort to keep the wheels turning then you should be earning the maximum possible return for your energies.
This is where outsourcing your Calyx® PointCentral™ infrastructure to an expert company factors into the equation. In order to install, maintain, protect and run your PointCentral system in-house you need to invest a great deal of resources. The solution requires a robust hardware infrastructure that includes computers, servers, routers, and a solid backup in order to properly run. These components consume valuable upfront capital, running into the thousands to tens of thousands of dollars depending on the size of your operation.
In addition, you also need to the Microsoft and other non-Calyx software make all the hardware run (not to mention the expertise to install and properly maintain the systems). If you do not have these skills, which most people don’t, then you must either hire a new staff member or pay for a contractor to setup and administer the system.
You must also keep your system secure as it contains extremely sensitive information on all of your clients’ financial information. This, too, requires additional hardware, software and expertise to properly administer to it all.
Why go through the hassle and expense to do all of the setup and maintenance yourself?
By outsourcing all of this you eliminate the upfront capital investment needed to set the system up yourself. You can rest easy, secure in the knowledge that your PointCentral system is being expertly run and maintained for a fraction of the cost it would take to do it yourself. This allows you to maximize your profit and take the time to enjoy what you are best at with less stress in what is already an incredibly stressful industry.
You may be asking yourself why outsourcing would be good for your mortgage company. In order to stay competitive in the mortgage industry you must have the best talent and the best resources. One such tool is the Calyx® Point® software suite which allows for the smooth and efficient operation of a modern mortgage company. This is an accepted fact in the industry but how does outsourcing play into this equation?
The natural instinct of the entrepreneur is to control every aspect of his or her business to ensure that things are done correctly. We all know, though, that this is simply not possible. Why? No one can be an expert on everything. In today’s technology saturated environment, it takes years of schooling and focused practice to master the various means by which your network infrastructure is built and managed. Trying to be a jack of all trades means that you will be a master of none. Even in a small mortgage shop there are specialized tasks upon which employees focus according to their strengths so that the whole may function at a level greater than the sum of its parts.
Deploying an effective infrastructure to support Calyx’s innovative web-based solution, PointCentral™, is a perfect example of this. When you consider the cost of purchasing all of the hardware and professional IT services required for both implementing and maintaining this platform, the increased overhead can become staggering.
This is where outsourcing is good for your business. You can implement the industry’s leading mortgage technology platform, Calyx PointCentral, without needing to invest in or maintain a large IT infrastructure. The professionals at focusIT have worked with tens of thousands of mortgage professionals and know exactly how to setup and operate your Calyx PointCentral infrastructure to maximize your business’s productivity.
focusIT, Inc. 8655 E. Via De Ventura, Suite G200 Scottsdale, AZ 85258 phone: (480) 346-1299 fax: (480) 907-1231
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Josh Bopp is the president of focusIT, Inc., the largest mortgage technology hosting company in the US. To learn more about focusIT visit
www.focusitinc.com. Specific questions about this article can be directed to Josh Bopp at josh.bopp@focusitinc.com.
