Release Notes - Byte Classic 5.800
Byte Classic 5.801
Removed Loan Details from the Request for Appraisal form in accordance with the Home Valuation Code of Conduct (HVCC) requirements. Sales Price/Value, Loan Amount, Occupancy and Purpose of Loan were removed from the Loan Details section. The Mortgage Applied For item remains.
If you prefer to include those loan details on the form, go to Customize/Utilities > Default Printing > Other > and check 'Include loan information on the request for appraisal'.
Byte Classic 5.800
Revised the VA Loan Summary (26-0286). The new VA Loan Summary form is required beginning May 1, 2009. Look for these differences:
- Wording and item modifications in section 14 'Loan Code'
- New section 15 'Prior Loan Type'
- All sections after section 15 renumbered
- Updated form date at the bottom left of each page - Nov 2008
The form date on the superceded form is Aug 2006.
You can view the updated 26-0286 form on the VA website.
Changed maximum LTV for FHA Cash Out Refinances to 85%. The new lower LTV is effective for files assigned case file numbers on or after April 1, 2009. This change affects the maximum base loan amount for files with an existing loan more than a year old. Files with original loans less than a year old remain at 85% maximum LTV. To view the maximum loan amount calculation for an FHA cash out refinance, click the assist button to the right of 'Base Loan' on the Loan Programs screen, and then 'Cash back'.
See Mortgagee letter 09-08 for more information on FHA cash out refinance changes.
Revised wording on the FHA/VA Addendum (HUD 92900-A) edit screen. On the FHA/VA Addendum 92900-A edit screen (Underwriting > HUD/VA Addendum 92900/26-1802a > Edit Page 1), lines 12a 'Amount of Monthly Premium' and line 12b 'Term of Monthly Premium' now display the monthly mortgage insurance amount and term instead of the annual amount and term.
Updated the FHA Informed Choice Disclosure. Added the ability to import the current FHA loan's upfront mortgage insurance premium (MIP) rate to the informed choice edit screen and disclosure. A new MIP rate field, 'Based on an upfront MIP rate of ____% ' , was added to the informed disclosure screen below the existing left column comparison data.
On the informed choice screen (Good Faith/Compliance>FHA Informed Choice Disclosure), click the 'Fill from current loan' button to copy the MIP percentage from the current loan to the new rate field. You may also enter the MIP rate directly.
The displayed MIP rate will print on the disclosure as the second note below the comparison table.
New and updated default sets will include the new MIP rate.
The right column in the comparison table (conventional loan data) will not be affected.
Revised the mortgage payment example on the second page of the ARM Disclosure. (Good Faith/Compliance > ARM Disclosure > Print > ARM Disclosure Page 2) In the 'How Your Payment Can Change Continued' section at the top of the document, the last line of the example was changed so that the payment used as the multiplier (based on a $10,000 balance) now reflects the initial interest rate rather than the maximum interest rate.
Corrected LTV calculation on the FHA Transmittal (92900-LT). Corrected the LTV calculation to be based on the lower of the sales price or appraisal, instead of on the appraisal only.
Increased the font size for the borrower information included on the 4506-T 'Request for Transcript of Tax Return'.
Added 203(k) and 203(k)/251 Arm loan programs for FHA purchase or refinance of condominiums.
See the HUD FHA 'Frequently Asked Questions' for reference.
