Version 3.0 virtually eliminates the impact to end-users by performing the necessary calculations automatically and transparently. Combined with existing tools to calculate the FHA maximum mortgage amount, these new calculations keep Byte Software at the front of the pack when it comes to originating FHA loans.
Kirkland, WA (PRWEB) July 30, 2008
Byte Software, a leading provider of software for banks, credit unions and mortgage brokers, has released version 3.0 of BytePro, its flagship loan origination software. Version 3.0 contains a customizable dashboard, automatic calculations for FHA risk-based premiums, the new FHA loan transmittal form (92900-LT), a dozen new partner interfaces and enhanced validation rules.
The customizable dashboard in BytePro 3.0 keeps pipeline and other loan information at the fingertips of managers and other software users. The dashboard is completely customizable and can display not only grids of data, charts and graphs, but Web sites as well. Up to ten dashboard items can be set up in advance and up to four items can be displayed side-by-side. The dashboard items are customizable on a user-by-user basis so that different types of users can view the information that is most important to them. For instance, a branch manager may want to see a pipeline report broken out by loan officer, while a loan processor can set up a processing report showing order outs, verifications and other documents that are past due.
BytePro version 3.0 is fully compliant with recent FHA changes. The software automatically calculates the correct FHA upfront mortgage insurance premiums based on HUD's new risk-based premium rules, which take into account the borrowers' credit scores and the loan to value ratio (LTV). The new calculations eliminate the need for loan officers to manually look up the correct mortgage insurance premium in a table. Version 3.0 also contains the new FHA loan transmittal (form 92900-LT) which is required for all FHA loans beginning October 1, 2008.
"With the introduction of risk-based premiums, HUD has added a significant layer of complexity to the FHA origination process," said Joe Herb, General Manager of Byte Software. "Version 3.0 virtually eliminates the impact to end-users by performing the necessary calculations automatically and transparently. Combined with existing tools to calculate the FHA maximum mortgage amount, these new calculations keep Byte Software at the front of the pack when it comes to originating FHA loans."
BytePro 3.0 features a dozen new interfaces, including connections to DataVerify, Genworth Mortgage Insurance, and ten new credit reporting agencies. Version 3.0 also includes support for ByteLink, a new partner program that allows industry partners to quickly build and deploy new interfaces to the BytePro platform. ByteLink uses MISMO standards and allows for two-way exchanges of data and documents.
In the Enterprise edition of BytePro 3.0 validation rules can be applied to documents and screens, in addition to being applied when the loan status changes. For instance, a series of validation rules can be run before a document is printed, allowing an administrator to guarantee that information on the document is complete and accurate before it is given to the applicant. Validation rules can either be warnings or errors; warnings are information and allow the end-user to continue work, while validation errors require the user to resolve any problems before continuing. The Enterprise edition also features a new installation option that greatly reduces the amount of effort required to install and update new versions of the software.
About Byte Software:
Byte Software, founded in 1985 by mortgage professionals, is a leading provider of mortgage software solutions for banks, brokers and credit unions. Byte Software products streamline the processes used by originators and processors, allowing them to focus on generating additional business and increase revenues. Byte Software is a wholly-owned subsidiary of CBCInnovis, a leading provider of real estate settlement services and fraud prevention solutions. To learn more about Byte Software visit http://www.bytesoftware.com or call 800.695.1008.