Byte Software and BuildFax Announce Partnership to Provide Mortgage Industry Professionals with Building Permit Data

by 08 Feb 2012

Integration enables lenders to verify loan quality 

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COLUMBUS, OH (February 7, 2012)  –  Mortgage industry professionals now have the ability to quickly verify property improvements through an interface between Byte Software’s loan origination system (LOS) and BuildFax’ national building permit database. 
Lenders are employing tighter underwriting standards and more closely scrutinizing collateral value in an effort to comply with industry best practices. The integration to Byte Software allows lenders to access BuildFax’ breakthrough property intelligence, which delivers the additional layer of documentation needed to enhance loan quality, reduce transactional risk, and approve loans with greater confidence. Byte Software’s industry-leading LOS offers time-saving automation of these due diligence efforts.
BuildFax provides insight into pending and completed property improvements and condition not found in tax assessor data. This information can be highly beneficial to lenders as they work to validate loan value.  More than 400 lenders already use BuildFax data in their loan approval and quality control processes. The Government Sponsored Enterprises (GSEs) acknowledge permit data as a trusted source for independent, third-party verification of property improvements and condition. In addition, the access Byte Software provides to the BuildFax database enables lenders to easily comply with emerging Uniform Appraisal Dataset (UAD) requirements.
“We are pleased to partner with BuildFax to offer our clients access to this incredibly rich dataset,” said Joe Herb, General Manager of Byte software. “The interface will help lenders complete these essential validations quickly, enhancing underwriting and improving their customer’s experience.” 
“Lenders tell us all the time that building permit data helps them validate that a value-changing improvement was done to the subject property – a major benefit in this market environment,” said Holly Tachovsky, President of BuildFax. “Now I can tell those very same lenders, Byte and
BuildFax have teamed up to make it easier for lenders to access this data by integrating with BytePro. The interface enables lenders to easily validate the property improvements and conditions on every loan. As a result, lenders can confidently say ‘yes’ to more loans, more often.”


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