Early Warning Now Does Mortgage Loans

Posted by Patrick Barnard on February 16, 2016 No Comments
Categories : Residential Mortgage

Fraud prevention solutions provider Early Warning has added automated verification of assets and income for home loans to its existing verification platform.

That means mortgage lenders can now use Early Warning to search and verify borrower assets and income for both the underwriting and securitization stages of a loan. Verified asset and income information not only simplifies the loan application process for borrowers, who traditionally have carried the burden of providing bank statements, but also helps eliminate fraud and enables lenders to achieve better quality control.

This helps lenders meet not only regulatory compliance, but also the requirements of government-sponsored enterprises Fannie Mae and Freddie Mac and investors.

“Lenders are responsible for verifying many data points right before a loan closes or when sold into the secondary market – a process that has proven costly and time consuming,” says Ravi Loganathan, chief market development officer of regulatory solutions for Early Warning, in a release. “Our asset search and verification service for home loans enables this to take place immediately, saving time and money for all involved. It stands up an important utility for the industry under strict member oversight and controls per Early Warning’s consortium operating rules and also includes protections for the consumer under the Fair Credit Reporting Act.”

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