Release Notes - Byte Classic 5.600

Replaced expiring Freddie Mac 'LP on the Internet'  browser interface with 'LoanProspector.com' interface (See the first item under Communications >> Freddie Mac Loan Prospector)

Look for these differences:

  • 'Origination/Processing Point' has become 'Case State'
  • Go to the Credit tab to order merged credit and to enter existing credit reference numbers for your borrowers.
  • Each submission is subjected to two Byte validations.  The first looks primarily for field omissions, and allows you to edit those fields as you go (choose 'Close and fix errors').  The second validation warns you of issues that are specific to Loan Prospector submissions.  You cannot submit without satisfying the first validation routine - the second is for your information.
  • Use the 'Send to your system' function on the Loan Prospector website to return loan and key numbers, credit reports, liabilities to import and findings to your Byte file.  See the Loan Prospector Submissions help topic in Byte for more information on using 'Send to your system'.

Added the following credit interfaces:

  • ACRAnet (choose the correct branch number on the submit screen)
  • Advantage Credit Inc. of Colorado
  • CBY Systems
  • Credit Bureau Services - Fort Lauderdale
  • Credit Link
  • Nationwide Credit
  • Network Credit Services
  • Premium Credit Bureau
  • Universal Credit Services

Retired the Generic X-12 credit interface.

Byte Classic now includes direct interfaces to all major credit reporting agencies, so the Generic X-12 interface has been retired.

If you normally use the Generic X-12 interface please review our complete list of providers on the main credit ordering screen. If your provider is already listed then simply use the direct interface. If your provider is not listed you still have options:

  • Contact your credit reporting agency and ask them to be added as an interface partner.
  • Contact us at support@bytesoftware.com and we will work with your credit reporting agency to get them added.
  • Choose a different credit reporting agency with a direct interface.

Added risk-based premium calculations for FHA loans

Risk-based premiums will affect those FHA loans assigned a case file number on or after July 14, 2008.  This HUD notice details the new rules used to determine the MIP and annual premium percentages.  With the new system, FHA up-front and annual premiums will be based on the loan term, the LTV and the borrowers' credit scores instead of on the flat rates used prior to July 14. 

For files whose case numbers are assigned before July 14, 2008, the old rules for calculating the MIP and annual premium will apply.

On each file, the ‘Case number assigned before July 14, 2008’ checkbox on the ‘Loan with MIP/FF’ popup screen (Loan Programs > assist button to the right of 'Loan with MIP/FF') determines whether flat rate or risk-based calculations are used.
For files created before July 14, 2008, ‘Case number assigned before July 14, 2008’ will be checked by default.  For files created on or after July 14, 2008, it will be automatically un-checked.

Byte Classic will automatically determine the correct upfront MIP on the Loan Programs screen and will update the “Loan With MIP/FF” accordingly. The assist button next to the “Loan With MIP/FF” displays the information used to derive the upfront MIP percentage. For more information see the FAQ: How are FHA risk based premiums implemented? in the Byte Classic knowledge base.

Updated the FHA 203(k) Worksheet

Updated the expiration date to 01/31/2009, and made other minor wording adjustments.

Minor changes to the VA Loan Analysis 26-6393

Debts and Obligations now references line 40, and the date at the bottom of the form is updated to OCT 2005

Updated the VA form VHDA Flexible Alternative Application Disclosure

Updated the Lock In disclosure section on page 1, and added a line to the heading on page 2.

Updated the 4506-T

Updated wording for new version dated January 2008.

Updated the OMB expiration date on the following documents:

  • FHA/VA Addendum
  • FHA MCAW - Purchase Page 1 HUD 92900-PUR (top right only)
  • FHA MCAW - Refi page 1 HUD 92900-WS (top right only)
  • 92900b 'Important Information to Home Buyer'
  • Compliance Inspection Report HUD 92051
  • FHA Analysis of Appraisal

Updated the FL Mortgage Broker Contract

Changed the wording from 'in the range of' to 'a maximum of'.

Updated the CA Consumer Caution Notice

Made minor wording changes.  Note that the URL designated on the document is currently not linked.