Hi there,
The white point that you see is the reference point of the footprint. Any rotation made to the footprint after it has been placed will be done around this point. When you specify the cartesian coordinates for a footprint, you are actually specifying the location of the footprint's reference point. When you placing a footprint from database into a design with grid snap enabled, the footprint is actually snapping by its reference point. So, there's many uses for this. You can't (and shouldn't) delete it.
Sometimes, there are shapes in your footprint that is causing its selection bounding box to be larger than necessary. Turn on visibility of all layers in your Design Toolbox. You may find some shaps in your footprint which you can delete or modify.
Hope that helped.
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Yi
Software Developer
National Instruments - Electronics Workbench Group