Byte Software, a provider of software for banks, credit unions and mortgage brokers, has released version 3.0 of BytePro, its flagship loan origination software. Version 3.0 contains a customizable dashboard, automatic calculations for Federal Housing Administration (FHA) risk-based premiums, the new FHA loan transmittal form (92900-LT), a dozen new partner interfaces and enhanced validation rules.
According to Byte Software, Version 3.0 virtually eliminates the impact to end-users by performing the necessary calculations automatically and transparently, while the customizable dashboard in BytePro 3.0 keeps pipeline and other loan information at the fingertips of managers and other software users.
BytePro version 3.0 is fully compliant with recent FHA changes, the company adds. The software automatically calculates the correct FHA upfront mortgage insurance premiums based on the Department of Housing and Urban Development's (HUD) new risk-based premium rules, which take into account the borrower's credit scores and the loan-to-value ratio. The new calculations eliminate the need for loan officers to manually look up the correct mortgage insurance premium in a table.
Source: Byte Software