Byte Software and BuildFax have announced a partnership to provide building permit data to mortgage professionals, allowing mortgage industry professionals the ability to quickly verify property improvements through an interface between Byte Software’s loan origination system (LOS) and BuildFax’s national building permit database. The integration to Byte Software allows lenders to access BuildFax’ breakthrough property intelligence, which delivers the additional layer of documentation needed to enhance loan quality, reduce transactional risk, and approve loans with greater confidence. Byte Software’s LOS offers time-saving automation of these due diligence efforts.
BuildFax provides insight into pending and completed property improvements and condition not found in tax assessor data. This information can be highly beneficial to lenders as they work to validate loan value. More than 400 lenders already use BuildFax data in their loan approval and quality control (QC) processes. The government-sponsored enterprises (GSEs) acknowledge permit data as a trusted source for independent, third-party verification of property improvements and condition. In addition, the access Byte Software provides to the BuildFax database enables lenders to easily comply with emerging Uniform Appraisal Dataset (UAD) requirements.
“We are pleased to partner with BuildFax to offer our clients access to this incredibly rich dataset,” said Joe Herb, general manager of Byte Software. “The interface will help lenders complete these essential validations quickly, enhancing underwriting and improving their customer’s experience.”
