Release Notes - BytePro 2.2
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 BytePro 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 BytePro version to 2.2
- Go to Defaults > Max Loan Amounts.
- Click the 'Download Max Loan Amount' button.
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 2.2 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 BytePro. See the OCCC website for more information.
Added the California Mortgage Loan Disclosure Statement/GFE for Nontraditional Mortgage Product (RE-885)
This form is intended for nontraditional loans, in which repayment of principal or interest is deferred. This definition includes interest-only and negative amortization products, among others. Guidelines for loans requiring the form's usage are included in Commissioner's Regulation 2842.
Page 4 of the new form contains a sample loan products comparison table. The program performs the table calculations based on data entered on the edit screen. Published instructions for the loan comparison can be found on the CA Dept. of Real Estate website (near the bottom of the list). The CA DRE mortgage loan bulletin contains an informal summary of the form's requirements.
The 885 shares the California 883 edit screens for pages 1 - 3. The 'California 883' is found in the 'State Forms' category in the sidebar. To edit page 4 of the 885, open 'California 885', also in the 'State Forms' category.
Page 4 Comparison table notes:
- The Proposed Loan column (last on the right) uses data from the file's current Good Faith.
- The Option Payment column assumes a 1 month teaser rate with the teaser minimum payment in effect for 5 years (no payment increases). No maximum loan balance recast is calculated - the loan is recast at 60 months.
- The 'Maximum Rate' field is not editable. It is always 5% higher than the initial rate.
The form includes four legal-sized pages. The effective revision date is 01/08.
Updated the California Mortgage Loan Disclosure Statement/GFE (RE-883)
Updated the text to comply with the revision effective 01/08.
Note that a potential negative amortization loan will not populate the loan program table on page 2 of the form. Negative amortization loans should be disclosed on the RE 885 form.
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 amount meets or exceeds $600. Eligible premiums include private or government monthly premiums, and VA or RHs funding (or guarantee) 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 new boxes - box 4 for eligible mortgage insurance premiums, and box 5 for any information you may wish to provide to the borrower (otherwise blank).
There is no 'Fill' button for the Mortgage Insurance Premiums box; the file does not include paid mortgage insurance premium totals.
To edit the form, open a borrower file and click 'IRS 1098' in the sidebar on the left.
Added SQL Server database roles (Enterprise only)
Added a BytePro Enterprise database role to SQL Server. The 'LOSMaintainedStandardUser' role includes permissions that allow the user to perform database operations required by BytePro, but not other more general database permissions. The role does not include permissions necessary to perform database updates or backups.
See the BytePro Enterprise Admin Guide for instructions on adding BytePro users to the 'LOSMaintainedStandardUser' role (Installation > SQL Server Installation).
Added the ability to open the Parties Details Pane separately
Added the ability to open or close the Party detail pane (the additional information screen on the right) as it is needed. By default, the detail pane will not display when the Parties screen first opens. To open the detail pane for a given party, double-click that party in the list on the left. To display the detail pane for a new party, click that party in the list. To close the detail pane, click the 'x' in the top right corner of the pane.
Added a New Credit Partner Interface
Credit Technologies
Added an address lookup for Zillow and Google Maps
Right-click an address field and choose 'Map to Zillow' or 'Map to Google' (for Google Maps) from the context menu to send that address to the website for an automatic lookup.
Added import of the DO/DU Credit Reference Number
The credit reference number will now populate the 'credit ref no.' field on the 'DO/DU on the web' submit screen when new credit requests are made.
Added ability to override zipcode-populated county
Added the ability to override the county field for a property, when the county has been populated by the zipcode database.
Added ability to sort user list
The user list in the 'User' dropdown is now in the same order as displayed in the Security Manager.
Added all borrowers to Parties Summary
Improved the Parties Summary to include any cosigners. To see this print-out, select GoTo > Tracking > Parties, then select Print Preview.
Added 'ARM Qualifying Rate' to LP Feedback Certificate
Updated the Loan Prospector interface to include the new 'ARM Qualifying Rate' on the Feedback Certificate as 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.
Corrected Point Borrower File Import into BytePro
An attempted import would display a 'The output char buffer ..' error. Point files now import into BytePro correctly.
Corrected BytePro Report Export to Excel 97
Corrected errors for a BytePro 'Excel' report type, when opening the exported file in Excel 97.
Corrected VA Form 92900-A to print cosigners
Corrected form VA 92900-A so that cosigner files will print the borrowers listed on the currently selected application.
Added itemized Dollar Amounts to Escrow Disclosure Descriptions
Updated the Aggregate Escrow Initial and Final Disclosure forms 'Description' column to print each item description next to the dollar amount when more than one item is disbursed in a month. For example, instead of 'Mtg. Ins, Haz Ins' the forms would now display 'Mtg. Ins $27.35 Haz Ins $420.00'.
Corrected county field clearing with nine digit Zip
Corrected a problem where entering a nine digit zip code could clear previously selected county information for that address.
Improved Mortgage Commitment Letter Additional Conditions printing
The Mortgage Commitment Letter can print multiple pages if needed for additional conditions or items. If the commitment letter contains conditions that will not fit on the first page, a second page of conditions will be generated. The standard definitions page of the commitment letter will print without change.
To print all pages of the commitment letter, click 'Print' on the Mortgage Commitment Letter screen, 'Select All' and 'Print' bottom right. To preview all pages of the commitment letter, including a second page of conditions (if required) click 'Preview' on the Commitment screen and then 'Next' in the top right of the screen.
