Byte Software, a software provider for banks, credit unions, and mortgage brokers, released version 3.0 of BytePro, its flagship loan origination software, last week. According to the company, the new version contains automatic calculations for Federal Housing Authority (FHA) risk-based premiums, a customizable dashboard, new partner interfaces, and enhanced validation rules.
BytePro version 3.0 is compliant with recent FHA changes and eliminates the need for loan officers to manually figure mortgage insurance premiums. The software automatically calculates the correct FHA upfront premiums based on the Department of Housing and Urban Development’s (HUD’s) new risk-based rules, taking into account the borrower’s credit score and the loan-to-value ratio (LTV). In addition, version 3.0 contains the new FHA loan transmittal form (92900-LT), which is required for all FHA loans beginning October 1.

“With the introduction of risk-based premiums, HUD has added a significant layer of complexity to the FHA origination process,” said Joe Herb, general manager of Byte Software. “Version 3.0 virtually eliminates the impact to end-users by performing the necessary calculations automatically and transparently. Combined with existing tools to calculate the FHA maximum mortgage amount, these new calculations keep Byte Software at the front of the pack when it comes to originating FHA loans.”
The product’s newly customizable dashboard displays grids of data, charts and graphs, as well as Web sites, and can be customized on a user-by-user basis, allowing managers and software users access to pipeline and other loan information that is essential to their duties and responsibilities.
BytePro 3.0 features a dozen new interfaces, including connections to DataVerify, Genworth Mortgage Insurance, and 10 new credit reporting agencies. It also includes support for ByteLink, a newly introduced partner program that allows industry partners to quickly build and deploy new interfaces to the software’s platform.
In addition, in the enterprise edition of the software, validation rules can be applied to documents, screens, and loan status changes. Warnings, as well as error messages that require resolution before continuing have also been incorporated.