Byte Software, a provider of mortgage software for banks, credit unions, mortgage bankers and mortgage brokers has announced that BytePro Version 5.0 to be released during the fourth quarter of 2010. This new version focuses on back-office mortgage banking features with support for underwriting, secondary marketing, closing, funding and shipping.
In addition, BytePro 5.0 contains new automation features, the revised Truth-in-Lending (TIL) disclosure, enhanced document management capabilities and new service providers. BytePro's new mortgage banking features enable mortgage lenders to sell loans on the secondary market via mandatory or "best efforts" commitments. The new lock desk allows originators to request locks for approval by secondary marketing. All lock desk activity is automatically logged, providing a history of accepted locks, rejected locks, re-locks and lock extensions. The new secondary marketing screen tracks buy-side and sell-side pricing, net margins, and final pricing from the purchase advice. Additional screens are provided for funding, closing and shipping.
“BytePro has always been a powerful tool for mortgage originators," said Joe Herb, Byte’s general manager. "Our latest 5.0 release takes a significant step forward, enabling mortgage lenders to use BytePro as an end-to-end mortgage lending solution for the entire process from origination through investor delivery. It manages the workflow of the back office allowing lenders to track, monitor, report and set business rules to meet their unique business requirements.”
BytePro provides administrators with powerful customization capabilities, including custom fields, custom screens and custom documents. BytePro 5.0 extends these capabilities with the introduction of macros, which allow an administrator to perform full fledged automation of the software with easy to implement scripts. Macros can be used to set values of loan fields based on any criteria. Macros can also be used to send automated e-mails, display messages and perform other actions. Such automation previously required extensive programming expertise; with the addition of macros, automation can be easily implemented by a software administrator.
BytePro 5.0 also contains the revised Truth-in-Lending disclosure (TIL) that is federally-mandated for all loans originated on or after Jan. 30, 2011. BytePro 5.0 allows mortgage companies to continue to use the old TIL prior to Jan. 30, 2011 and roll out the new TIL when they are ready.
Electronic document management in BytePro has been enhanced in version 5.0 with the ability to automatically store documents every time they are printed, saved as a PDF or e-mailed. This auditing feature allows management to determine not only which disclosures were provided to borrowers, but also the exact contents of those disclosures.
BytePro 5.0 contains many new service providers: Advantage Credit Bureau (credit reporting), Corvisa LLC (appraisal services), DataVerify (4506-T tax return verification), LSSI - Lender Support Systems Inc. (document preparation) and MortgageConnect (title services).
In addition, two existing interfaces have been updated: the CBC Flood interface now imports HMDA census tract information, and the MRG document preparation interface now links to MRG's compliance center for updates and state-specific regulatory changes.
For more information, visit www.bytesoftware.com.