Release Notes - Byte Classic 5.500

Added a feature to download FHA and Conventional loan limits

  • Added the ability to download current FHA and conventional maximum loan limits via the internet from within Byte Classic at any time of year. Instead of updating maximum loan limits from a version update, or by typing in new limits, this version includes a download button that will access the current FHA and conventional loan limits online. Downloaded loan limit changes are imported automatically into your defaults.

    To import new FHA and conventional loan limits:

    Update your Classic version to 5.5
    Go to 'Customize/Utilities' > 'Maximum Loan Amounts'.
    Click the 'Download Max Loan Amount' button.

    VA maximum loan limits are not included in the download. To enter VA loan limits manually, go to 'Maximum Loan Amounts' and enter the new loan amount in the VA loan limit section. 

Revised the Texas Extension of Credit Disclosure

  • Revised the Texas extension of Credit Disclosure form. Only the English version of the form has been updated. At the time version 5.500 was released, the Spanish version of the form was not yet available from the Texas Office of Consumer Credit Commissioner, and so has been removed from Byte Classic. See the OCCC website for more information.

Updated IRS form 1098 to include Mortgage Insurance Reporting

  • The IRS 1098 form has been revised for tax year 2007. On the new 1098 form, some mortgage insurance premiums paid or accrued after December 31, 2006 must be reported if the total meets or exceeds $600. Eligible premiums include private or government monthly premiums, and VA or RHA funding fees paid in 2007. See the IRS Instructions for form 1098 for more information on what is required.
    The IRS 1098 form for 2007 includes two additional boxes - box 4 for eligible mortgage insurance premiums, and box 5 for any information you may wish to provide to the borrower (otherwise blank).
    No 'Fill' is provided for the MI premiums box.

Added new Credit Partner Interface

  • Credit Technologies

Added 'ARM Qualifying Rate' to LP Feedback Certificate

  • Updated the Loan Prospector interface to include the new 'ARM Qualifying Rate' on the Feedback Certificate where it is appropriate.

    Loan Prospector describes the new field as follows:

    'For nontraditional ARM's, the rate displayed will be the higher of the note rate or an automatically calculated fully indexed rate for all Initial Interest(SM) ARMs. For traditional ARM's, the rate displayed will be the value entered in the 'ARM Qualifying Rate' field for all mortgages that do not have an interest-only feature.'

    This Loan Prospector release has more information on the new field.