Release Notes - Byte Classic 4.900

Updated the Fannie Mae Interface
When submitting a second home or investment loan to Fannie Mae, Byte now automatically transmits a new liability to Fannie Mae representing the value of insurance, taxes and maintenance on owner occupied residences as listed in the REO schedule.

If you do not wish Byte to create the liability automatically, you can instruct it not to. Simply uncheck the box labeled "On second homes and investment properties, automatically create a liability representing the amount of taxes on the borrower's current residence." This option can be found on the Defaults screen under DU on the Web, DO on the Web or DU via SBA.

The extra liability will never be created when exporting a Fannie Mae file from the Lender screen (Communications >> Lenders) or the Mortgage Insurance screen (Communications >> Mortgage Insurance).

Updated VA Funding Fee table. The VA Funding Fee table in Byte now more accurately reflects the VA funding fee categories.

Added Flood Disaster Protection Act of 1973. This new form is listed on the Disclosures menu.

Updated the FHA maximum mortgage calculation on cash-out mortgages.

Updated the HUD/VA Addendum, form 92900-A. The new version is dated April 2004.

Added a form titled "Notice of Intent to Apply for Joint Credit". The new form is listed under the "Loan App / Processing" menu.

Updated the IRS 4506-T form. Added the ability to automatically fill line #5 with the company name.

Added forms to Print All. Added the following forms to the Print All screen: amortization schedule, aggregate escrow forms, HUD 1, HUD 1A, and 4506-T. Print All can be accessed via Files >> Print All.

Added a new method for printing Word Docs. In some cases Microsoft Word documents do not print correctly, particularly if the document is protected. Byte now has the option to print Word Docs using the "Shell Execute" method. You can switch to Shell Execute by going to Customize / Utilities >> Default Printing. Select the "Other" tab and click on the box labeled "Use Shell Execute to print Word docs".

Updated the Appraisal Request form. The updated form has a slightly larger font and includes the borrower's "other" phone and email address.

Added FHA Hybrid ARMs to Fannie Mae.

Updated the HMDA screen. Updated the FFIEC web site URL. Added an NA option for both the "Date Application Received" and "Subject Property State".

Added new fields to management reports. Added escrow closing number and email addresses for many of the parties.

Updated the GFE on interest only loans. The caption for the first mortgage amount under the proposed payment section now reads "First Mortgage (Interest Only)" if the loan is an interest only loan. Likewise, if the subordinate financing is interest only, the other financing caption reads "Other Financing (Interest Only)".

Updated Escrow Closing Date. The escrow closing date on the parties screen is now the same date as the scheduled closing date on the status screen.

Corrected the 1008 Transmittal. On an investment property, the qualifying rate is now used to calculate the cash flow on the subject property.

Corrected the ARM disclosure for interest only loans. The example on page 2 of the ARM disclosure no longer includes any principal payment on interest only loans.

Corrected "Num Lock" problem on Windows XP. Byte no longer toggles the Num Lock key when opening page 4 of the 1003 on Windows XP.

Corrected the verified assets field on the 1008. The verified assets now include the assets of all cosigners.

Corrected rounding errors on the HUD 1 And HUD 1A. In rare situations rounding errors could occur that caused totals to be off by one penny.