Byte Software releases BytePro 3.0MortgagePress.comByte, BytePro, dashboard, pipeline, FHA, DataVerify
Byte Software, a 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 10 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 Oct. 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 enduser 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.
For more information, visit www.bytesoftware.com.