CoreLogic Credco Rolls Out LQI Solutions

Posted by Orb Staff on June 15, 2010 No Comments
Categories : Residential Mortgage

gic Credco, a provider of merged credit reporting solutions, has added Instant Merge LQ and ENCORE LQ to its suite of Fannie Mae Loan Quality Initiative (LQI) solutions. Instant Merge LQ and ENCORE LQ were created to help lenders satisfy requirements under the new Fannie Mae LQI, an initiative designed to help lenders avoid loan buybacks. LQI, which went into effect June 1, requires lenders to proactively verify identity and disclose the status of all borrower debts immediately prior to pre-funding of the loan, including open and closed tradelines, public records filings or any new inquiries on the credit file. Instant Merge LQ helps lenders to satisfy critical pre-funding credit refreshes, while ENCORE LQ delivers a turnkey solution that meets the full range of Fannie Mae's LQI requirements, including credit, identity verification, property data, occupancy status and exclusionary list screening, Credco says. Both generate a streamlined reporting solution for underwriter review. Additionally as part of the LQI, effective July 1, Fannie Mae's Desktop Underwriter platform will produce an error message on any loan submitted with a Social Security Number (SSN) warning or other related flag. Credco's LQI suite includes a solution that enables lenders to verify SSNs directly through the Social Security Administration in order to clear false warnings, avoid underwriting delays and mitigate repurchase risk. SOURCE: [link=http://credco.com/company.aspx?mid=1006&cid=2970]Credco

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