Release Notes - Byte Classic 6.0

Notes

A Note About BytePro: While Byte Classic fully supports the new GFE, BytePro contains additional features that may help you comply with the new regulations. These BytePro features include the ability to track the fees that were disclosed on the GFE separately from their actual values, and the ability to document "changed circumstances". For more information review the BytePro 4.1 Release Notes.

HUD’s Official RESPA Web Page: We highly encourage you to become familiar with the FAQ and other documents on HUD’s RESPA Web page.  You may also wish to read the following press release: HUD Announces Restraint In RESPA Enforcement For First Four Months Of New Rule.

Release Notes - Byte Classic 6.003

Revised FHA Upfront Mortgage Insurance Premiums for loan files with case numbers assigned on or after April 5, 2010.    For files with case numbers assigned on or after April 5, 2010, the FHA UFMIP will be 2.25% for purchase, full-credit qualifying refinance, and all streamlined refinance loans. See Mortgagee letter 10-02 for more information. 

New files created on or after April 5 will automatically be flagged with a case number assignment date of April 5 or later, and will use the 2.25% UFMIP. To adjust the case number assigned date, click the assist button to the right of 'Base Loan' or 'Loan with MIP/FF' on the Loan Programs screen.  Choose the correct date range from the 'Case No Assigned' dropdown list. Two case number assignment date ranges were added to the 'case no assignment' date range list: 

  • 'Between 1/1/2009 and 4/4/2010' 
  • 'On or after 4/5/2010'

Added contact name and street address to the 'Company' dropdown on the Shoppable Provider List.  This helps distinguish one provider branch from another.  Providers with identical company names can now be selected separately.

Updated the IRS 4506-T.  The new revision date is January 2010.

Corrected a problem with APR being overdisclosed on loans with upfront MIP on the version of the TIL that is accessed through the 'HUD-1 / Closing Docs' menu. The standard version of the TIL that is accessed through the 'Good Faith/Compliance' menu was unaffected by this problem.

Release Notes - Byte Classic 6.002

Added the HUD-1 and HUD-1A. For more information, please see the help guide.

Added the yield spread premium wording to the Closing Cost Estimate. This wording is identical to the wording that appears on the pre-2010 Good Faith Estimate. It can be edited by going to Good Faith / Compliance > Prepaids and editing the second item in the Additional Items section toward the bottom of the screen. 

Release Notes - Byte Classic 6.001

Additional Page:  Fixed additional page printing for the 2010 GFE.

Email Button:  Restored the Email button to the GFE/TIL Summary Print screen.

Template File with Shoppable Providers:  Fixed problem creating a new file from a template file containing a Shoppable Provider list.

'Item Not Found':  Fixed 'Item Not Found in Collection' error that occurred on the GFE 2010 form.

Release Notes - Byte Classic 6.000

2010 Good Faith Estimate

Added the new GFE that is effective January 1, 2010.

GFE 2010 Screen: The new screen called "GFE 2010" contains the additional fields required for pages 1, 2 and 3 of the new GFE. It is located after the Prepaids screen in the Good Faith / Compliance section.  The screen includes:

  • 'Important Dates' fields (GFE Page 1)
  • 'Summary of Your Loan' contains display and override fields for loan data from the Loan Programs screen.
  • 'Adjusted Origination Charges' fields (GFE Page 2) include YSP field for block 1 (optional) and block 2 and checkbox options. Itemized origination charges from the Closing Cost screen are displayed.
  • 'Your Charges for all other Settlement Services' (GFE Page 2) shows line item costs assigned to each GFE block and the block total cost (click the 'Details' button for the block).
  • 'Tradeoff Table' fields (GFE Page 3).  The first column, which is required by RESPA, calculates automatically based on the current GFE.  If you wish to fill out the second and third columns (not required by RESPA), check 'Show Tradeoff Table' at the bottom left of the screen and fill out the additional column data.

See the  'Additional Information' section below for more on including a yield spread premium in your loans.  The Quick Start Guide in Byte Help also contains more information on completing the new GFE.

Closing Cost Default Sets: Added a 'GFE block' indicator for each line item in each default set  (page 2 of the 2010 GFE groups fees into "GFE blocks" which are numbered 1 through 11).  For each line item in a CC default set, select the GFE block the item should be included with.  The same line item may be assigned to a different block in a different closing cost default set.

Closing Costs Screen: Added a GFE block indicator for lines 1304 and 1305 so that the GFE block can be modified on a loan-by-loan basis. All other GFE blocks are determined by the closing cost default that has been selected.   Note that designating fees as POC or seller paid will not reduce the new GFE totals.  They may affect the Details of Transaction and/or the Itemization of Amount Financed.

GFE Printing Screen: The GFE printing screen (Good Faith / Compliance > Reg Z / Amortization Schedule > Print) contains both the old and new GFEs. The new GFE is selected if the application date on the status screen is blank, or if the current date is on or after January 1, 2010.  The new GFE is the 'GFE Page 1 (and 2 and 3) - 2010' document set.  The old GFE is the 'Good Faith Estimate (pre-2010)'.

Closing Cost Estimate Form: Added a new form titled 'Closing Cost Estimate' which contains the same information that is on the old GFE. This form can be provided to borrowers at prequalification when it is not possible to provide a GFE. It can also be provided in conjunction with the GFE to give a more accurate breakdown of closing costs. It is accessible from the Reg Z printing screen.

Shoppable Provider List: Added this document which must be provided to the borrower with the new GFE. It is analogous to the Required Providers list but contains a list of providers that can be chosen by the borrower for services that the borrower can shop for. 

To edit the Shoppable Provider List:

  • Go to Good Faith/Compliance > Shoppable Provider List.
    Click 'Edit' to the right of each provider to add, and enter information for the provider.  Click the Cardex icon to add any available contact information, and enter the service description. 
  • When the list is complete, click 'Save As Set' at the top of the main edit screen to save the shoppable provider list as a default.  
  • The document can be printed from the Reg Z printing screen.

GFE Acknowledgement Form: Added a new form that the borrower can sign to acknowledge that they received a copy of the new GFE. HUD forbids the inclusion of signature lines on the new GFE. The acknowledgement form can be printed from the Reg Z printing screen.

Additional Changes

1008 Transmittal: Updated the document as required by Fannie Mae beginning January 1, 2010.

FHA Streamlined Refis: Updated the calculations for determining the maximum mortgage amount for FHA streamlined refinance as described in Mortgage Letter 2009-32. 

Features not in this release

Classic 6.000 does not contain (1) the revised 1003 that is effective July 1, 2010, (2) the 2010 version of the HUD-1. Look for the revised 1003 in the first half of 2010. Look for the new HUD-1 in the first weeks of January 2010. The new HUD-1 is available in BytePro today.

Additional Information

Yield Spread Premium

Any compensation paid to the broker by the lender (i.e. yield spread premium or YSP) must be disclosed as a credit to the borrower in GFE block 2 "Your credit or charge (points) for the specific interest rate chosen".

Byte Classic contains two fields for the YSP: "YSP Amount 1 - Shown in Blocks 1 and 2" and "YSP Amount 2 -  Shown in Block 2 Only". Amounts entered in the first field increase the amount shown in block 1 and decrease the amount shown in block 2. Amounts entered in the second field only decrease the amount shown in block 2.

If the broker is keeping the YSP, put it in the first field so it is included in blocks 1 and 2; if the broker is giving the YSP to the borrower then put it in the second field so that it is included in block 2 only. The YSP can be split between the two fields in case the broker is only keeping part of it.

Check the Quick Start and Closing Cost Default topics in Byte Help for more information on completing the new GFE.