April 2011

Vital Visions - A CreativeVisions Bulletin

Volume 14 Issue 4
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Easter Holiday Schedule

Creative Thinking is intending to close Friday, April 22nd in recognition of Good Friday. As always, our customer's opinions matter; so if your company has any discrepancies or is planning any system changes on this day, please contact a Customer Support Representative at 402.423.7851 and let us know so we can staff accordingly.




Anti-Steering Disclosures

On September 24, 2010, the Federal Reserve Board published final rules amending Regulation Z §226.36. The purpose of the final rules is to protect mortgage borrowers from unfair, abusive, or deceptive lending practices that can arise from loan originator compensation practices. Specifically, the final rule prohibits (1) payments to loan originators, including mortgage brokers and loan officers, based on the rate or terms of the mortgage other than the amount of credit extended, and (2) loan originators from steering consumers to a loan not in their best interest based on the fact that the loan originator will receive greater compensation. The rule is effective for closed-end transactions secured by a dwelling where a creditor receives a loan application on or after April 1, 2011

Creative Thinking Inc. (CTI) has created a couple of new forms “Anti-Steering Disclosure of Loan Options” – 23604.CV and “Loan Options Certification” - 23633.CV forms to help Lender’s meet the requirements

RSVP customers have already received updated files. LIVE customers who wish to obtain either form may apply the current file(s) within CreativeVisions by going to >Help >Update >Update Central. From Update Central click on the "Import New File" button, double-click to select "Form", and type and enter the form number.

As always, if you have any questions please do not hesitate to call or e-mail your CTI Customer Support Representative




VA Form Updates

Creative Thinking has updated the following VA forms based on updates posted to the VA website.

• 26-8923 Request for Certificate of Veteran Status – 4007.CV

• 26-8937 IRRR Loan Worksheet – 1633.CV

• 26-0503 VA Federal Collection Policy Notice – 1206.CV

RSVP customers have already received updated files. LIVE customers who wish to update any of the above forms may apply the current file(s) within CreativeVisions by going to >Help >Update >Update Central. Within the Update Central screen, simply click on the "Import New File" button, select "Form" and type and enter your desired form number.

As always, if you have any questions please do not hesitate to call or e-mail your CTI Customer Support Representative



Regulation Z Truth-in-Lending Updates

“Max During First Five Years” column

Based on the opinion of industry experts CTI had initially excluded the “Max During First Five Years” column from the Interest Rate and Payment Summary table when an adjustable rate loan had no periodic rate caps, OR when the maximum life time rate could be reached during the first five years of the loan. We have since determined that the “Max During First Five Years” column must be included for all ARM loans; unless, there are no periodic interest rate caps.

Creative Thinking has modified the programming of the disclosures listed below. This modification affects only the programming that determines which form appears in the Folder forms set; it does not affect the calculation of information that appears on the forms. Future updates will include new disclosures needed for certain interest only transactions. Please contact your Customer Support Representative if you currently offer adjustable rate interest-first products.

Revised Real Estate Truth In Lending Disclosures:

23289 - TIL Adjustable w/Caps

23299 – TIL Adjustable No Caps

23312 – TIL Interest Only Adjustable w/Caps

23313 – TIL Interest Only Adjustable No Caps

Consumer Real Estate Truth In Lending Disclosures:

23333 – Consumer TIL Adjustable w/Caps

23334 – Consumer TIL Adjustable No Caps

23336 – Consumer TIL Interest Only Adjustable w/Caps

23337 – Consumer TIL Interest Only Adjustable No Caps

RSVP customers were automatically updated and have received these disclosures. LIVE customers that wish to update the disclosures can do so by going to > Help > Update > Update Central. From Update Central click on the “Import New File” button, double-click to select “Form” and type and enter the desired form number(s).



HMDA Error Report Removed

Creative Thinking has removed the Error Report from HMDA Headquarters. All companies submitting a HMDA Report to the FFIEC are required to generate an Error Report through the HMDA Data Entry Software (DES). This Error Report provides an extensive and complete listing of all errors associated with a LAR record. Rather than maintain the existing Error Report in CreativeVisions, which provides limited errors, CTI recommends reviewing all errors through the HMDA Data Entry Software. Please visit http://www.ffiec.gov/hmda/softinfo.htm for more information about the software.

RSVP customers have already received the updated HMDA Headquarters task. LIVE customers will receive this form as part of the LIVE Update link provided below. Please contact your Customer Support Representative if you have any questions.



Server Program File Update for LIVE Users

LIVE customers should apply the April 2011 update below, at their earliest convenience. Technicians applying the update below must stop the CV service running at the server, and extract the 0411_LiveUpd.zip into the root of the CreativeVisions directory structure at the main application server. (It is recommended to use a file extraction software which does an accurate job of maintaining file structure and date and time stamps, such as WinZip™.) Once extracted, the service may be started.

LIVE Program Files Update - 0411_LiveUpd.zip