Byte Software announces software for the Home Affordability Modification ProgramMortgagePress.comByte Software, Loan Modification Edition, Home Affordable Modification Program, U.S. Treasury. loss mitigation, BytePro
Byte Software has announced the release of the BytePro Loan
Modification Edition, providing servicers with an all-in-one
software tool for processing modifications under the Treasury's
Home Affordable Modification Program (HMP).
The BytePro Loan Modification Edition allows servicers to
process HMP modifications from initial borrower contact through
completion of the modification. It automatically calculates the
interest rate, term, and balance of the modified loan in accordance
with Treasury mandates, and it produces all the documents that must
be executed by the borrower and servicer. For loans that do not
qualify for the HMP program, the software provides the ability to
modify loans according to the lender's own parameters.
The HMP program was announced by the Obama Administration on
Feb. 18, 2009 and is expected to help between 3 and 4 million
borrowers by reducing their monthly mortgage payments to affordable
levels. All servicers of Fannie Mae and Freddie Mac mortgages are
required to offer loan modifications under the program. Servicers
of non-Fannie Mae and non- Freddie Mac loans can also participate
and receive incentive payments from the Treasury. Byte Software is
a division of CBCInnovis, whose real estate settlement services are
seamlessly integrated into the software. The software can be used
to order credit reports, property valuations, fraud detection
reports, and title services. CBCInnovis is one of only six
authorized resellers of Freddie Mac's HVE valuation tool, which is
required for all Freddie Mac loan modifications. The software also
integrates seamlessly with CBCInnovis' DataVerify fraud detection
tool, which can help reduce fraud by verifying the borrower's
income and confirming that the borrower lives in the property.
Byte Software's flagship loan origination software, BytePro, has
been used by thousands of loan originators since its initial
release in 2005. The BytePro Loan Modification Edition is based on
that proven platform, and offers advanced features such as SQL data
storage, audit tracking, validation rules, and electronic document
management. Extensive customization features are available,
including the ability to build custom screens, documents and
reports.
"Processing a loan modification is remarkably similar to
originating a new mortgage loan," stated Joe Herb, Byte Software's
general manager. "Both involve gathering application information
from borrowers, ordering real estate settlement services, producing
loan documents, and performing complicated financial calculations.
Our decades of experience in loan origination combined with the
seamless integration of CBCInnovis services allowed us to quickly
create a full featured modification solution."
For more information, visit www.bytesoftware.com.
