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Special Reports
Origination Technology
Piggybacks Get Special Treatment in BytePro
By Brad Finkelstein
In the year since Byte Software rolled out its latest version of its loan origination
system, BytePro, the most popular feature among originators has been the ability to put piggyback loans into a
single file.
Byte general manager Joe Herb said BytePro is based on .Net technology (created
by Microsoft), it uses XML to store data and is MISMO-compliant. Approximately three-quarters of the program's
users are mortgage brokers with the rest being banks and credit unions.
By having both of the loans stored in the same file, he explained if, for example,
the loan amount on the second mortgage is changed, there is information in the first mortgage loan that needs to
be updated as well. "Byte synchronizes those in real time, so there is no double entry of data. With most
LOS, that first and second mortgage would be stored as two separate loan files. Once you have those two separate
loan files, there is no way to synchronize the data back and forth in other LOS," he said.
Another unique feature is its closing documents module. Instead of having to outsource
this function, the users can do it themselves. The module is available for a one-time fee (instead of having to
pay for the service on a per-loan basis). However, BytePro does have interfaces with a number of document prep
companies so those that wish to outsource can continue to do so.
Most of the users have reacted very positively to the update, but Mr. Herb admitted
there are always some who have some reservations to change. BytePro is "a major upgrade" with a different
user interface, he said, one with more of a modern Windows look and feel.
Byte still supports its previous version, now called Byte Classic, but he noted
while there is no need for users to upgrade, the company is encouraging them to do so to get the latest benefits
and features from the software.
The company designed the new version based upon some of the requests it received
from users and what they were looking for. This included the piggyback loan feature, he said. Another client request
was the ability to have alerts on loan files. With these, the user can be notified if certain events are about
to happen, such as the lock expiring.
Byte is working on a SQL Server version of BytePro. "A lot of our customers
have grown over the last couple of years and are looking for a SQL Server version to get the scalability and robust
security that it offers," Mr. Herb said. SQL Server is a product from Microsoft. "It is a great way to
get your data centralized into a central database."
The company is also looking into to creating a hosted version of BytePro, where
users are able to use a Web browser from any location with Internet access and get into the files remotely. Security
is one of advantages, because by not having the files on a laptop, if it is stolen, the thief cannot access the
consumer's information.
As for being MISMO-compliant, Mr. Herb said the company designed the database
structure "from the ground up to mount very well to the MISMO data standards." Other software designed
before the standards were announced have mapping issues, he said. "While BytePro doesn't store data in a native
MISMO format, we are able to generate very clean, very accurate MISMO files." This allowed the company to
create interface files to other service providers.
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