Byte Software Modification Tool Integrates Fraud Detection

Posted by Orb Staff on May 11, 2009 No Comments
Categories : Mortgage Servicing

oftware, a division of CBCInnovis, has released the BytePro Loan Modification Edition, which provides servicers with an all-in-one software tool for processing modifications under the U.S. Treasury's Home Affordable Modification Program (HMP). The tool enables 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 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. Real estate settlement services and fraud detection from CBCInnovis are integrated into the software, which can also be used to order credit reports and property valuations. The BytePro Loan Modification Edition is based on the BytePro loan origination platform, and it offers 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. Byte Software's general manager, Joe Herb, says the company's decades of experience in loan origination, combined with the integration of CBCInnovis services, allowed for the quick creation of a modification solution. "Processing a loan modification is remarkably similar to originating a new mortgage loan,’ states Herb. ‘Both involve gathering application information from borrowers, ordering real estate settlement services, producing loan documents and performing complicated financial calculations." SOURCE: Byte S

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