We are excited to announce the release of our new version of the mortgage POS system, version 3.03.2. In this release, we have focused on improving the user experience and adding new features that will make managing loans easier for you.
Here are the highlights of this release:
Controllable Document Removal
We have added a new feature that allows you to delete loan-related documents after a certain period of time has passed and the loan has reached a certain status, such as closed or declined. Simply determine what time period and status should apply for loan document deletion and work with your BeSmartee customer service specialist to apply the setting. This will help you to keep loan files organized, reduce document clutter and comply with data retention policies.
Adjusted FHA Mortgage Insurance Premium (MIP)
We have deployed code changes to implement the latest update from FHA to cut mortgage costs. The FHA MIP has been reduced by 30 basis points, which means that borrowers will have a lower monthly insurance premium, making homeownership more affordable. We believe this change will be welcomed by lenders and borrowers alike. Rest assured that your POS system will always stay up-to-date with the latest government regulations and requirements.
Additional Loan Metadata in API Endpoint
We have added new loan metadata to a Besmartee API endpoint to provide you with more information about each loan application file. This allows you to get a better overview of the loan should you choose to use other APIs to grab more detailed data… The following additional data is now available for each loan application:
- Loan Purpose (loanPurpose)
- Product Program (productProgram)
- Occupancy Type (occupancyType)
- Property Type (propertyType)
- Home Price (homePrice)
- Loan Amount (loanAmount)
- Total Monthly Income of all Borrowers (totalBorrowersMonthlyIncome)
- Total Amount of Liabilities of all Borrowers (totalBorrowersLiabilities)
- Subject Property Address Street (subjectPropertyStreet)
- Subject Property Address Street 2 (subjetPropertyStreet2)
- Subject Property Address City (subjectPropertyCity)
- Subject Property Address State (subjectPropertyState)
- Subject Property Address Zip code (subjectPropertyZipcode)
For each borrower, the following data is now available:
- First Name (firstName)
- Middle Name (middleName)
- Last Name (lastName)
- Is Primary Borrower Indicator true/false – (isPrimary)
This additional loan metadata will provide you with more insight into your loan portfolio, enabling you to make better-informed decisions. For more information on the full loan file API documentation, please visit:
https://api.besmartee.com/api/docs/lender/endpoints
Thank you for choosing the BeSmartee mortgage POS system. We are committed to providing you with the best experience possible, and we hope that you enjoy using our new features.
