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The fading yield spread premiums: Trends and opportunity

National Mortgage Professional
May 11, 2009

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
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