Release Notes - Byte Classic 5.200

Version 5.220

  • Fixed printing problems with the 1003 using large fonts.

  • Added “Special Notice for Balloon Mortgages” on page 4 of the 1003 when the loan has a balloon feature. For more information see www.efanniemae.com/sf/formsdocs/forms/1003.jsp.

  • Fixed printing problems with the Borrower’s Certification and Authorization.

  • Added the ability to specify multiple credit reference numbers when submitting to Loan Prospector via the System to System interface.

  • Updated IRS form 4506-T. The new form is dated November 2005.

  • Updated the TX Mortgage Broker Disclosure. (Minor text changes on page 3)

  • Changed the name of the Experian credit interface to CBA.

  • Updated the blank 1003 forms to the latest version of the 1003 (Files >> Print Blank Forms)

  • Added the ability to update the list of Fannie Mae credit providers from the Fannie Mae web site. Go to Communications >> Fannie Mae Services on the Web >> DO on the Web >> Defaults >> Credit Agency >> Edit List >> Update.

Version 5.200

 
  • Updated the Fannie Mae 1003 and 1008 forms. The new 1003 may be used immediately, and it is required for all loans with an application date of January 1, 2006 or later. The new 1008 may also be used immediately and is required for all loans with a delivery date of November 1, 2005 or later. For more information see Fannie Mae guide announcement 05-05.

  • Removed all older versions of the 1003 and 1008.

  • Updated Fannie Mae "DO on the Web" and "DU on the Web" interfaces. The interfaces now use Fannie Mae's Direct Web Post technology which replaces their EmbeddedDX technology. The new interfaces allow you to set up your credit vendor login and password on the Byte default screen instead of typing them each time you submit. Fannie Mae's Direct Web Post technology is not currently supporting the "Browse Casefile" feature. For more information on these changes see http://www.efanniemae.com/sf/technology/support/integration/retirement.jsp.

  • Removed support for Fannie Mae's SBA technology. If you were using SBA you may wish to switch to XIS.

  • Updated the FHA HUD 92051 Compliance Inspection Report. The form's OMB expiration date is 12/31/2007.

  • Updated the Statement of Credit Denial. The updated form has the ability to list all three credit repositories in Part II: "Disclosure of use of information obtained from an outside source".

  • Enhanced the Borrower's Certification and Authorization. The new version allows you to edit any of the wording on the form.
  • Updated Byte to accommodate new rules regarding up-front MIP (UFMIP) on FHA condos and 203K's. Effective December 27, 2005, FHA will begin charging UFMIP on condos and 203K's. Byte has an "assist feature" that automatically calculates the UFMIP on FHA loans. In this updated version of Byte, the assist feature will calculate UFMIP on FHA condos and 203K loans if the system clock date on the computer is December 27, 2005 or later. If you need to enter UFMIP on an FHA condo or 203K loan before December 27th you can calculate the value manually and enter it into the "Loan with MIP/FF" field on the Byte Loan Programs screen. For more information see Mortgagee Letter 2005-38.