Byte Enterprises and LoanUPDATE.com Unite to Create First Online LOS.SEATTLE--(BUSINESS WIRE)--Nov. 23, 1999-- Byte (BinarY TablE) The common unit of computer storage from desktop computer to mainframe. It is made up of eight binary digits (bits). A ninth bit may be used in the memory circuits as a parity bit for error checking. Enterprises and LoanUPDATE.com today announced a strategic partnership that will integrate the loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. features of Byte's TQSPlus product with LoanUPDATE.com's borrower management and communications tools to create the mortgage industry's first online loan origination system (LOS), called ByteUPDATE. ByteUPDATE seamlessly transfers information from LoanUPDATE to Byte and vice versa VICE VERSA. On the contrary; on opposite sides. , allowing new applications to be accepted from the web, downloaded directly into the Byte system and uploaded to the Internet to automatically create borrower web pages that are continuously updated from the initial application through to closing based on information entered into Byte. "What's long been missing from mortgage processing systems is a simple way for mortgage professionals to use technology to more efficiently manage their customer relationships," said Dale Eisenhart, president of Byte Enterprises. "Byte has entered this relationship with LoanUPDATE.com to be the first mortgage software provider to close this gap." In addition to Byte's existing features for point-of-sale and laptop Same as laptop computer. laptop - portable computer origination, loan processing, tracking, reporting and closing, as well as interfaces to Fannie Mae's MornetPlus and Freddie Mac's Loan Prospector, ByteUPDATE will include efficient tools for customer acquisition, management and retention. Specifically, the upgraded product will include LoanUPDATE technology to offer: -- An "Internet Office" where every mortgage professional has the ability to take applications online through their own personal and customized web page; -- The ability to integrate the Internet Office into existing company web sites, extending the investments already made in those sites; -- Pipeline summaries for the current month, upcoming month and previous month; -- A "Today's Business Today's Business is a show on CNBC that aired in the early morning, 5 to 7AM ET timeslot, hosted by Liz Claman and Bob Sellers, and it was replaced by Wake Up Call on Feb 4, 2002. " web page that automatically generates daily "to do" lists, summarizes loans in process, and creates an online "file" for every borrower; -- Tools to better manage leads and submit new loans to wholesale systems; -- Online messaging functions that keep records of all email communication; and -- Customer retention features such as online closing statements and automatic email reminders for refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. opportunities and approaching balloon payments The final installment of a loan to be paid in an amount that is disproportionately larger than the regular installment. When a loan is made, repayment of the principal, which is the amount of the loan, plus the interest that is owed on it, is divided into installments due at . The integrated product will also create web pages that allow borrowers to check their real-time loan status 24 hours a day, reducing the amount of time mortgage professionals spend on the phone providing status updates. "Upon receiving the upgrade, mortgage companies can -- at the touch of a button -- automatically publish secure web sites where all of their existing customers can see the loan process, check status and communicate with their mortgage professional," said Dave Sperline, president of LoanUPDATE.com. "What's more, the borrower's personal web account is continuously updated as new information is added to the Byte system, creating automatic customer notification at certain steps in the loan process without any additional work. "Best of all, ByteUPDATE requires no programming or file management," Sperline added. "Anyone who knows how to use a mouse can use this system." ByteUPDATE is expected to be available in mid-December. For a limited time, the price is set at $30 per user. There is no additional license fee for the Byte LOS features. And, to make it easier for users of other LOS software to benefit from this technology, ByteUPDATE offers the ability to download account data directly from other systems. "Byte is so easy to use that training is minimal and conversion can be complete in about 45 minutes," Eisenhart said. Headquartered in Seattle, Byte Enterprises is one of the nation's largest providers of lending software and solutions for the mortgage industry. With an installed user base of more than 6,400, Byte's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , TQSPlus(TM), formerly The Qualifier qual·i·fi·er n. 1. One that qualifies, especially one that has or fulfills all appropriate qualifications, as for a position, office, or task. 2. Series, provides comprehensive processing for mortgage origination, underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. and closing to mortgage bankers Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. , brokers and financial institutions nationwide. Founded in 1986, Byte customers include National Bank of Arizona, Commercial Mortgage Corporation of California, NationsBanc Mortgage of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , and National City Mortgage. LoanUPDATE.com is the first vertical solution offered by NetUPDATE.com, a software developer and Internet application service provider (ASP) headquartered in Bellevue, Wash. Founded in 1998, NetUPDATE develops commerce platforms that provide Internet customer relationship management tools to facilitate commerce online as well as offline. LoanUPDATE.com was designed specifically for the mortgage industry to help companies compete on the Internet and enhance the production of each mortgage professional. |
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