CRA Wiz and Fair Lending Wiz: Rate Spread & Check Digit Update

Transcription

1 CRA Wiz and Fair Lending Wiz: Rate Spread & Check Digit Update Release Notes Last Updated: June 15th, 2018

2 Table of Contents Overview... 3 Installation Steps... 3 Rate Spread Calculation... 6 Universal Loan Identifier (ULI)/Check Digit Calculation:... 7 HMDA DF Bug Fixes:... 7 HMDA DF Support Under Construction... 8

3 Overview The CRA Wiz and Fair Lending Wiz 7.3SP1 Rate Spread & Check Digit Release includes updates to the Rate Spread Calculator, Check Digit functionality for ULI creation, and bug fixes for the Mortgage DF file type. Note: CRA Wiz Version 7.3sp1 is a required prerequisite to install this update. Installation Steps Important! It is recommended to back up the General, Objectstore, and Procedures databases prior to executing the below script in SQL Server Management Studio. 1. To install the Rate Spread & Check Digit script download the below script locally on the SQL Server where CRA Wiz installed and chose to open the file. After the ZIP file has been opened extract the SQL Script then double click on it to open it up in SQL Server Management Studio. Rate Spread and Check Digit Script The software displays the Connect to SQL Server dialog box: 2. Click the Connect button. The software displays the script in SQL Server Management Studio:

4 3. Click the Execute button located in the top menu bar: The software runs the script and displays a Query executed successfully confirmation message at the bottom left corner of the script screen:

5 4. Close out of SQL Server Management Studio.

6 Rate Spread Calculation The Rate spread calculator has been updated to complete supporting HMDA DF regulation. There are no UI changes as result of this update. This update can be executed when running Update Calculated Fields after file is imported by right clicking on your Mortgage DF file in the File Management section. This update can also be executed from Edit module, by clicking on Edit Check button at the top. We recommend that the following fields are populated with appropriate values at a minimum in your Mortgage DF file(s) to return accurate rate spread values. Action Date Action Taken Loan Term in Months (Fixed Rate Products) Introductory Rate Period (Variable or Initial fixed-rate period) Rate Lock Date APR Reverse Mortgage Business or Commercial Purpose Important Note: Rate Spread Calculations executed in CRA Wiz have been validated against CFPB s Rate Spread tool.

7 Universal Loan Identifier (ULI)/Check Digit Calculation: ULI formation with valid check digit & check digit validation calculation has been implemented in Wiz to support HMDA DF requirements for applications to have unique loan identifier as described in HMDA DF regulation. To effectively execute this calculation, we recommend to accurately populate the following two fields in your Mortgage DF files: Applnumb Application # or Loan # LEI Legal Entity Identifier To further support ULI/Check Digit calculation, a new column has been added to help identify what exactly system checked and validated against each application in the file. The new column is a system column called ULIStatus with following values: 0 - Default value stands for missing or incorrectly mapped ULI field 1 - From Source (ULI including check digit if imported is validated if ULI and check digit are correct) 2 - System Updated (ULI is created with check digit in CRA Wiz or check digit is added to existing ULI) 3 - Manually Edited (If user enters ULI value manually, this value will be retained for that record) ***Please note that under the current implementation the system will only calculate a ULIStatus of 2. The remaining ULIStatus codes will be implemented as part of our next release. This update can be executed by performing Update Calculated Fields after file is imported from the File Management section. This update can also be executed from Edit module, by clicking on Edit Check button. Important Note: Calculations executed in Wiz have been also validated against CFPB s Check Digit tool. HMDA DF Bug Fixes: The following bugs have been fixed as of this update: Edit check Q616 is displayed when Total Loan Costs, Total Points and Fees, and/or Discount Points are blank Tracking Number: Edit check V624 is displayed when ZIP contains 10 characters Tracking Number:

8 HMDA DF Support Under Construction In upcoming releases remaining areas of the application will be continued to be updated to support HMDA DF. As a result, you may experience certain functionality either returning errors or not working. The key areas are listed below: Continued fixes to known issues from 7.3SP1 release HMDA DF Submission Support HMDA DF Edit Reports and LAR Report Additional HMDA DF Reports Calculation for Race/Ethnicity Other Demographic Information fields Applnumb to become a required field