Byte Software Announces Software for the Home Affordability Modification Program
Technology assists servicers in processing loan modifications according to Fannie Mae, Freddie Mac and Treasury guidelines.
Kirkland, WA (PRWEB) May 11, 2009 -- Byte Software, an innovative leader in secure and affordable software for banks, credit unions and mortgage brokers, announces the release of the BytePro Loan Modification Edition, providing servicers with an all-in-one software tool for processing modifications under the Treasury's Home Affordable Modification Program (HMP).
The BytePro Loan Modification Edition allows servicers to process HMP modifications from initial borrower contact through completion of the modification. It automatically calculates the interest rate, term, and balance of the modified loan in accordance with Treasury mandates, and it produces all the documents that must be executed by the borrower and servicer. For loans that do not qualify for the HMP program, the software provides the ability to modify loans according to the lender's own parameters.
The HMP program was announced by the Obama Administration on February 18, 2009 and is expected to help between 3 and 4 million borrowers by reducing their monthly mortgage payments to affordable levels. All servicers of Fannie Mae and Freddie Mac mortgages are required to offer loan modifications under the program. Servicers of non-Fannie Mae and non-Freddie Mac loans can also participate and receive incentive payments from the Treasury.
Byte Software is a division of CBCInnovis, whose real estate settlement services are seamlessly integrated into the software. The software can be used to order credit reports, property valuations, fraud detection reports, and title services. CBCInnovis is one of only six authorized resellers of Freddie Mac's HVE® valuation tool, which is required for all Freddie Mac loan modifications. The software also integrates seamlessly with CBCInnovis' DataVerify fraud detection tool, which can help reduce fraud by verifying the borrower's income and confirming that the borrower lives in the property.
Byte Software's flagship loan origination software, BytePro, has been used by thousands of loan originators since its initial release in 2005. The BytePro Loan Modification Edition is based on that proven platform, and offers advanced features such as SQL data storage, audit tracking, validation rules, and electronic document management. Extensive customization features are available, including the ability to build custom screens, documents and reports.
"Processing a loan modification is remarkably similar to originating a new mortgage loan," stated Joe Herb, Byte Software's general manager. "Both involve gathering application information from borrowers, ordering real estate settlement services, producing loan documents, and performing complicated financial calculations. Our decades of experience in loan origination combined with the seamless integration of CBCInnovis services allowed us to quickly create a full featured modification solution."
About Byte Software
Byte Software, founded in 1985 by mortgage professionals, is a leading provider of mortgage software solutions for banks, brokers and credit unions. Byte Software products streamline the processes used by originators and processors, allowing them to focus on generating business and increasing revenues. Byte Software is a wholly-owned subsidiary of CBCInnovis, a leading provider of real estate settlement services and fraud prevention solutions. To learn more about Byte Software visit http://www.bytesoftware.com or call 800.695.1008.
About CBCInnovis
CBCInnovis, part of a privately-held family of companies established in 1948, provides risk management solutions to customers in the business, government and not-for-profit sectors throughout the United States. Headquartered in Columbus Ohio, CBCInnovis provides solutions such as credit reports, property information services, receivables management, fraud detection, employment and resident screening, and loan application processing software services. Visit http://www.cbcinnovis.com.
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