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#2017730 - 06/02/15 07:29 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Platinum Poster
Joined: Oct 2009
Posts: 604
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1.What vendor and LPS are you using/will you be using? Compliance One Mortgage 2.Have you received any updates (beta or other) for testing? Yes 3.Have you started "kicking the tires" to see how the system will work? Yes, got our first ARM done yesterday. Not impressed as there are still issues, but glad we were finally able to get an ARM example. 4.Is the vendor confident it will deliver a finished product in time? They are more confident then we are. 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Hopeful. We also have Encompass, so we hope one or the other will work. 6.Will the LPS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7.Is the vendor receptive to feedback and willing to work with you? Yes, but we get shipped around.
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#2017798 - 06/02/15 09:20 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Mar 2015
Posts: 9
Fort Worth, TX
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1. What vendor and LPS are you using/will you be using? LaserPro 2. Have you received any updates (beta or other) for testing? They have done several downloads, however, the final download will not be until June 30th 3. Have you started "kicking the tires" to see how the system will work? I have tested it a little, but not having the final download makes it difficult to get the real sense of how it will work. 4. Is the vendor confident it will deliver a finished product in time? Yes, but June 30th is cutting it close for testing time. 5. How confident are you that the system will be ready in time to allow for setting up parameters and training? I have my reservations that the vendor will be able to accompany all of the banks they service with making sure things are set up properly. 6. Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? It's supposed to 7. Is the vendor receptive to feedback and willing to work with you? Our representative is very good about getting back with me when I have a question, so I feel this will not be an issue. 8. Other feedback or concerns? My biggest concern is even with as much training as we can handle, there will be mistakes made simply because LO's don't take this as seriously as loan administration and the CFPB will hammer down with no leniency.
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#2017804 - 06/02/15 09:34 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Member
Joined: Mar 2011
Posts: 88
OK
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Hi, my name is Dana, and I'm a lurker!
1.What vendor and LOS are you using/will you be using? ComplianceOne 2.Have you received any updates (beta or other) for testing? Yes 3.Have you started "kicking the tires" to see how the system will work? A little - but not enough! 4.Is the vendor confident it will deliver a finished product in time? They appear to be 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Pretty confident. 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7.Is the vendor receptive to feedback and willing to work with you? Yes. 8.Other feedback or concerns? Originally they were not sure if they would support 12 mo int only bridge loans, but they now have a target date of July for this, so that's good. We make a lot of these! Also, we occasionally will make a loan secured by real estate and other collateral, but I guess this won't be an option. The new software seems to limit the types of loans we are able to make to strictly mortgage products.
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#2017832 - 06/02/15 11:58 PM
Re: LOS, vendors, and testing -- Status?
mtngrrl
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Platinum Poster
Joined: Oct 2006
Posts: 995
Looking for my sanity
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1. What vendor and LPS are you using/will you be using? LaserPro 2. Have you received any updates (beta or other) for testing? "Final" release last week but I hear it's not final 3. Have you started "kicking the tires" to see how the system will work? No. Administrator doesn't even want to start testing until all updates are in. 4. Is the vendor confident it will deliver a finished product in time? Yes 5. How confident are you that the system will be ready in time to allow for setting up parameters and training? Somewhat confident, but if there are any issues during testing, time to fix will run short. 6. Will the LPS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7. Is the vendor receptive to feedback and willing to work with you? Supposedly 8. Other feedback or concerns? Short time period for testing and training. Concerned that there will still be bugs that need last minute fixing. Ditto.
_________________________
"The reason I talk to myself is because I'm the only one whose answers I accept." - George Carlin
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#2017859 - 06/03/15 12:14 PM
Re: LOS, vendors, and testing -- Status?
#Just Jay
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Junior Member
Joined: May 2011
Posts: 35
New England
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Fiserv EasyLender was supposed to be released today for test sites... notified today that release is backed up until the 17th, and docs will not be released until July. Ditto.
_________________________
CRCM
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#2017876 - 06/03/15 01:10 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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danaken, you should be okay with this:
real estate and other collateral
There are entry points for other collateral, UCC's, assignments of L&R, etc.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2017887 - 06/03/15 01:34 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Platinum Poster
Joined: Oct 2009
Posts: 604
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RR and Danaken - that ability is supposed to be in the July release.
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#2017972 - 06/03/15 03:42 PM
Re: LOS, vendors, and testing -- Status?
mtngrrl
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Member
Joined: Jan 2010
Posts: 66
undecided
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Am using Laser Pro. Reading a FAQ from D/H dated 04-21-2015 and it states that there is a final release due June 30, 2015. Is that time for training? NO! Is that time for testing? NO! YES, I am in panic mode, but (selfishly) glad to see that others are also in (semi) panic modes!
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#2018014 - 06/03/15 04:51 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Sep 2011
Posts: 2
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1. What vendor and LOS are you using/will you be using? Using WK ComplianceOne Lending will be using ComplianceOne MTG 2. Have you received any updates (beta or other) for testing? YES. Have both a TEST and PRODUCTION platform setup. The TEST is more complete as PRODUCTION will have to have last minute changes needed. 3. Have you started "kicking the tires" to see how the system will work? Yes but only in a limited amount. Feeling way behind the curve on testing. 4. Is the vendor confident it will deliver a finished product in time? Yes 5. How confident are you that the system will be ready in time to allow for setting up parameters and training? I believe the WK C1 MTG system will be ready to produce the required transactions. I do not feel confident that we will have all the settings, defaults, fees, policies, and templates recreated in time. 6. Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes 7. Is the vendor receptive to feedback and willing to work with you? Yes. WK has done a really good job of posting webinars, free online tutorials, help sheets, and Voice of Customer conference calls. I do feel the Customer Support Line is overwhelmed at WK. You call and need to be prepared to be on hold for a very long time. 8. Other feedback or concerns? The CFPB has failed to understand that the software being released is only a small portion of the puzzle. Many of our software platforms are completely changing with no ability to transfer policies, fee setups, templates, or defaults. The setups, policies, and templates that we have today have been developed and adjusted for years based on audit/examination results, operational needs, etc. You don’t just load the software and flip a switch.
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#2018025 - 06/03/15 05:15 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Junior Member
Joined: Jul 2008
Posts: 28
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1.What vendor and LOS are you using/will you be using? Calyx and LaserPro 2.Have you received any updates (beta or other) for testing? Calyx first release this week, system updated last night, ready to start testing. LaserPro provided final release, still in test mode. 3.Have you started "kicking the tires" to see how the system will work? Yes, but very preliminary. Only the comparison to current forms and that field information is populating okay at this point. 4.Is the vendor confident it will deliver a finished product in time? Yes, but have doubts a good final release will be complete after industry tests. 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Not confident, as this is a very busy time for all associates, including working around vacations 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes. 7.Is the vendor receptive to feedback and willing to work with you? Yes, generally always has been in the past. 8.Other feedback or concerns? Really worried, not enough time to test, make changes, release new versions, update systems, test again, etc. and then do it all over again before August 1. The initial release needed to be much earlier.
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#2018029 - 06/03/15 05:27 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Gold Star
Joined: Mar 2011
Posts: 335
Kansas
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The bank I work for has not received any software from Compliance One yet. Still waiting.
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#2018073 - 06/03/15 06:31 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
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I think you may need your admin/IT or someone to contact...there will be no change to C-1 Lending...you have no choice but to buy in to C-1 Mortgage...someone has likely dropped a lead ball, Welsh.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#2018081 - 06/03/15 06:44 PM
Re: LOS, vendors, and testing -- Status?
RR Joker
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New Poster
Joined: Jun 2015
Posts: 1
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#2018117 - 06/03/15 07:15 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Power Poster
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
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Mortgage Company- What vendor and LOS are you using/will you be using?Encompass
- Have you received any updates (beta or other) for testing? Yes
- Have you started "kicking the tires" to see how the system will work? Yes, with limited success
- Is the vendor confident it will deliver a finished product in time? Yes
- How confident are you that the system will be ready in time to allow for setting up parameters and training? Time is running out
- Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? Yes
- Is the vendor receptive to feedback and willing to work with you? Fairly responsive
- Other feedback or concerns?
Bank- What vendor and LOS are you using/will you be using?FIS - FLO
- Have you received any updates (beta or other) for testing? No
- Have you started "kicking the tires" to see how the system will work? No
- Is the vendor confident it will deliver a finished product in time? They are confident, but us, not so much.
- How confident are you that the system will be ready in time to allow for setting up parameters and training? No confidence at all
- Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? We've been told yes
- Is the vendor receptive to feedback and willing to work with you? Not very responsive - blaming forms vendor
- Other feedback or concerns? This vendor delivered ATR/QM system revisions the day before effective date and even then they were wrong
_________________________
Jim Bedsole, CRCM, CBA, CFSA, CAFP My posts - my opinions
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#2018519 - 06/04/15 07:48 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Member
Joined: Nov 2012
Posts: 82
East Texas
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1.What vendor and LOS are you using/will you be using? Calyx Point 2.Have you received any updates (beta or other) for testing? Yes, just this week. 3.Have you started "kicking the tires" to see how the system will work? Yes, setting up test files for different loan products - have found a few issues so far 4.Is the vendor confident it will deliver a finished product in time? Spoke to a tech support person who admitted they are still in a learning process as well so it will take time to get all the bugs worked out 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? Should be enough time, as long as they take care of the issues we find along the way 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? yes 7.Is the vendor receptive to feedback and willing to work with you? Yes, the tech support person I spoke with was very helpful & took interest in the questions I had for her. The answers she didn't have, she sent on up the chain of command & I am waiting on a response... 8.Other feedback or concerns? Not today.
_________________________
All opinions are my own.
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#2018740 - 06/05/15 04:25 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Apr 2013
Posts: 16
North East
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1.What vendor and LOS are you using/will you be using? Ellie Mae - Encompass 2.Have you received any updates (beta or other) for testing? Yes, we have the testing enviroment for a few weeks already. The final update should be done on June 13th. 3.Have you started "kicking the tires" to see how the system will work? Yes - it already incorporate alerts for disclosing, including the e-consent. 4.Is the vendor confident it will deliver a finished product in time? yes, as always in the past 5.How confident are you that the system will be ready in time to allow for setting up parameters and training? We hope to finish the testing by the end of June, and the training before July 15th ( yes, we are very optimistic) 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? yes, as they did with the 2010 RESPA changes 7.Is the vendor receptive to feedback and willing to work with you? Yes, very receptive 8.Other feedback or concerns? Encompass had been very ahead of the game, and had provided training and workshops to their clients.
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-*-*-*-*-*-*-*-*-*-*-*- New in Wonderland.
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#2018743 - 06/05/15 04:29 PM
Re: LOS, vendors, and testing -- Status?
Cornfed Turtle
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New Poster
Joined: Apr 2013
Posts: 16
North East
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we have the double secret test version. We already did the test, and it seems works pretty well, although there are some functionalities and alerts that are not fully working yet. They are aware of them.
_________________________
-*-*-*-*-*-*-*-*-*-*-*- New in Wonderland.
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#2018797 - 06/05/15 06:51 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Member
Joined: Mar 2008
Posts: 77
Texas
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1.What vendor and LOS are you using/will you be using? - LASER PRO 2.Have you received any updates (beta or other) for testing? YES 3.Have you started "kicking the tires" to see how the system will work? NOT YET 4.Is the vendor confident it will deliver a finished product in time? THEY SEEM TO BE 5.How confident are you that the system will work. WON'T KNOW UNTIL WE GET THE FINAL UPDATE ON JUNE 30. 6.Will the LOS allow you to comply with both current rules for applications received before 8/1/15 and new rules for applications received after 7/31/15? IT'S SUPPOSED TO 7.Is the vendor receptive to feedback and willing to work with you? THEY USUALLY ARE. 8.Other feedback or concerns? SEMI PANIC MODE AS THERE IS NOT ENOUGH TIME TO KICK ALL THE TIRES.
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#2018872 - 06/06/15 02:22 AM
Re: LOS, vendors, and testing -- Status?
John Burnett
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New Poster
Joined: Oct 2006
Posts: 11
Texas
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We have found a great solution for preparing Loan Estimate and Closing Disclosures with ppdocs.com. The web based service allows you to currently test and see how the system works. And the folks at ppdocs have been very receptive of our feedback and questions. Its also priced great for us, a small community bank with low loan origination. We plan to use ppdocs solution starting August 1.
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#2018975 - 06/08/15 03:09 PM
Re: LOS, vendors, and testing -- Status?
TNB
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Platinum Poster
Joined: Sep 2007
Posts: 937
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We're like most responding here that use Laser Pro and Encompass. The question of whether the training and platforms will be ready is just unknown. Summer vacations just starting also!
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#2019063 - 06/08/15 06:04 PM
Re: LOS, vendors, and testing -- Status?
Desdemona
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Power Poster
Joined: Nov 2000
Posts: 2,701
PA
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Fiserv EasyLender was supposed to be released today for test sites... notified today that release is backed up until the 17th, and docs will not be released until July. Ditto. Ditto for us as well - and I'm more than a little nervous since the last round of regulatory changes did not go too smoothly with Fiserv.
_________________________
Opinions expressed are mine and not necessarily those of my employer.
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#2019186 - 06/09/15 01:28 PM
Re: LOS, vendors, and testing -- Status?
John Burnett
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Member
Joined: Nov 2013
Posts: 56
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+1 for all the LaserPro user responses to date.
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