Release Notes - Byte Classic 5.700

Added FHA form 92900-LT (FHA Loan Underwriting and Transmittal Summary)

This form replaces both the purchase and refinance versions of the mortgage credit analysis worksheets (the 92900-PUR and the 92900-WS). The 92900-LT can be used immediately, but will be required for all loan applications taken on or after October 1, 2008.

The retiring FHA MCAW forms will remain available within Byte Classic in the Main Menu > Underwriting category. The new 92900-LT form is in the same category.

See HUD Mortgagee letter 2008-15 for more information on the transition.

Updated FHA form 92900-A (Addendum to Uniform Residential Loan Application)

This updated form contains minor revisions.  See the Mortgagee letter 2008-15 (referenced above) for more information on the 92900-A changes.

This form may be used immediately but will be required for all loan applications taken on or after October 1, 2008.

Modified MIP calculations for FHA loans

The risk-based calculation now applies only to those files whose case file number is assigned between July 14, 2008 and September 30, 2008.

  • For files with case numbers assigned prior to 7/14/2008, a flat rate premium of 1.5% applies.
  • For purchases and non-streamlined refinances with case numbers assigned on or after 10/1/2008, a flat rate premium of 1.75% will apply.
  • For streamlined refinances with case number assigned on or after 10/1/2008, a flat rate premium of 1.5% will apply.

To verify the premium calculation and override it if necessary, click the assist button to the right of 'Loan with MIP/FF' on the Loan Programs screen.  The 'Case number assigned' drop down list at the top of the screen determines the correct UFMIP percentage for the file.  The list contains four date ranges:

  • Before 7/14/2008
  • Between 7/14/2008 and 9/30/2008
  • Between 10/1/2008 and 12/31/2008
  • On or After 1/1/2009

The corresponding date range is applied automatically to files created on or within that range.  If needed, select another date range. 

The risk-based premium calculation will be used for the 'Between 7/14/2008 and 9/30/2008' case number assignment date only. 

See Mortgagee letter 2008-22 for more information on changes to FHA UFMIP.

Added FHA Maximum Mortgage Calculations Effective January 1, 2009

For purchase mortgages with case file number assignments on or after January 1, 2009, the following rules will apply:

  • The maximum LTV will be 96.5% of the lesser of the appraised value or adjusted sales price.
  • Closing costs and the UFMIP are not factored into the maximum LTV calculation.

For refinance mortgages with case file number assignments on or after January 1, 2009 (excluding cash back, 203(k), 203(h) and EEM) the following rule applies: 

  • The loan with UFMIP may not exceed 100% of the appraised value.

Click the assist button to the right of 'Base Loan' on the Loan Programs screen to verfiy the correct 'case no assigned' date range for the current file (top of the screen).  Files created on or after January 1, 2009 will automatically select 'On or after 1/1/2009'. If needed, choose another assignment date range manually. 

The 'On or after 1/1/2009' selection calculates the max loan amount in accordance with the guidelines given in mortgagee letter 2008-23.

Added Access to the High, Low and Average Credit Score Screen

Click Borrower (tool bar) > Credit scores.  Click the 'Credit screen - old' button on the bureau credit score screen to access the older screen with high, low and average scores.

Modified the HUD Mortgage Broker Contract - Page 2

Added the following statement at the bottom of the form: [For "Buying Your Home" and other helpful information about RESPA, visit our home page http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm. For other questions, call (800) 569-4287.]

Removed the California 882 and 883 Forms

Due to frequent regulatory changes Byte Classic no longer supports the CA 882 and 883 forms. BytePro 3.1, scheduled for mid-October 2008, will contain the updated CA 883 and 885 forms.