Market Analysis: Looking For Quality

*Looking For Quality*
**By Tony Garritano**

***There’s a lot of talk about quality control. But how do you ensure quality? Technology can help. For example, PROGRESS in Lending has learned that 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’s national building permit database. Here’s how it works:

****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’ 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 LOS offers timesaving 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.

****Joe Herb, General Manager of Byte Software, noted, “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.”