Release Notes - Byte Classic 4.800

Version 4.831

Fixed Printing in Word 2003. Printing a Word document from Byte no longer causes the document to lose track of it's data source.

Updated Calculations on the New 1008. The Interested Party Contributions now calculates based on the lesser of the appraised value or the purchase price.

Updated the VA Loan Summary Sheet (26-0826). Updated the form to display new Race and Ethnicity fields.

Added Fax Number to the 1003. The fax number now prints on the bottom of page 3 of the 1003.

Updated HUD Form 92564 - For Your Protection: Get a Home Inspection. The new form is dated 12/03.

Updated the Blank 1003's. The 2004 version of the 1003 loan application now prints when you choose to print a blank 1003.

Added Interface to New Century. New Century is a non-prime lender that gives you loan approvals in as little as 12 seconds. Visit www.NewCentury.com or call 877.996.5626 to become a New Century approved broker.

Updated IRS Form 4506T - Request for Transcript of Tax Return. The new version is dated January 2004.

Updated the IRS Form 1098. Fixed several type-o's and reformatted the form so that the borrower's address shows through on window envelopes.

Removed older Equifax, Credco, Experian, and TransUnion credit interfaces. These older interface can be turned back on by checking the appropriate box under Customize/Utilities >> Default Misc >> Other. The Equifax and Credco interfaces are replaced by newer versions.

Fixed Date of Birth Issue on Credit Screens. Under certain circumstances the borrower's date of birth could be inadvertently deleted on the old Credco interface, the old Experian interface and the TransUnion interface.

Version 4.800

Updated the 1003 Uniform Residential Loan Application.

Updated the 1008 Uniform Underwriting and Transmittal Summary.

Updated the HMDA report.

USA PATRIOT Act: Added a Verification of Identification form to assist in compliance with the USA PATRIOT Act. The Verification of Identification fields can either be printed on page 4 of the 1003, or a separate form can be printed. To print the fields on page 4 check the box labeled "Print Verification of Identification information on page 4". You may need to scroll down to see that field. This setting applies to all loan files, not just the current one. To print the stand-alone form go to Loan App / Processing >> Verification of Identification.

Updated the Fannie Mae export. Starting on January 1, 2004, submissions to Fannie Mae via DO on the Web, DU on the Web and SBA will be in the Fannie Mae 3.2 file format. Submissions prior to January 1, 2004 will be in the Fannie Mae 3.0 file format. The 3.2 data file contains the updated 1003 fields.

Updated the Freddie Mac Loan Prospector interface. Starting on January 1, 2004, submissions to Loan Prospector will be in the Freddie Mac 2.1 file format. Submissions prior to January 1, 2004 will be in the Freddie Mac 2.0 file format. The 2.1 data file contains the updated 1003 fields.

Updated the Export Fannie Mae File option under Communications >> Lenders and Communications >> Mortgage Insurance. The new screen allows you to choose the Fannie Mae file version (3.0 or 3.2).

Added the HELOC credit limit to the subordinate financing screen. Go to Loan App / Processing >> 1003 Application Page 3, then click the assist button next to the subordinate financing field.

Added the ability to specify whether prepaid MI payments will be credited or refunded. See Good Faith / Compliance >> Prepaids and look for the field labeled "Prepaid MI will be..." If you choose Credited the prepaid MI will be credited toward the final MI payments. If you choose Refunded the prepaid MI will be refunded to the borrower after the final MI payment has been made. This option affects how payments are applied on the amortization schedule and therefore affects the APR. To set the default value for this field on new loan files click the assist button next to the field.

Changed FmHA to USDA Rural on all forms.

Updated the Texas Extension of Credit Notice.

Corrected the rounding on Line 17 of the VA Interest Rate Reduction Worksheet.

Added a 15 year interest only loan program.

Fixed the example on the old ARM disclosure. This disclosure will be removed from a future version of Byte and should not be used.

Fixed the math for calculating the lock expiration date. For example if the a 30 day lock starting on Sept 9, 2003 should expire on Oct 8, 2003, not on Oct 9.

The Fannie Mae and Freddie Mac default screens now let you enter a default FHA Originator ID and default FHA Sponser ID.

The Fannie Mae interface now supports the Repayment Type field and Monthly MCC field.