Loan Software Firm Updates for RESPA
Mortgage software developer Byte Software released an update to its loan origination software so it will meet next year’s new Real Estate Settlement Procedures Act (RESPA) compliance requirements. The update captures and tracks the fee amounts that are disclosed on the good faith estimate (GFE) when it is first delivered to the borrower, enabling the software to monitor for tolerance violations. The update also includes new RESPA forms. Other new features include an automated process for identifying higher priced mortgages and new maximum mortgage amount calculations for FHA streamlined refinancings. “From tracking tolerance violations to identifying Higher Priced Mortgage Loans, BytePro demonstrates how technology can be employed to help companies comply with recent regulatory changes,” said Byte Software general manager Joe Herb. Write to Austin Kilgore. On December 16, HousingWire and Wolters Kluwer Financial Services will host a Webinar, “RESPA: The Final Lap” from 11 a.m. to noon Central Time.