Garden Grove, Calif.-based Informative Research says it has developed a solution to meet Fannie Mae's Loan Quality Initiative (LQI) requirements, which take effect June 1.
The LQI is designed to promote loan delivery data that is fully reflective of the terms of a mortgage, including the requirement to evaluate all debts of the borrower up to the closing of the loan, and to review and evaluate the ‘inquiries’ section of the credit report.
Informative Research's PreCloseCredit offers a comparison summary report that shows changes from the initial credit report, the company explains. The summary specifically addresses all of the LQI ‘undisclosed liability’ requirements, including changes in balances and payments, any new credit activity, inquiry tracking and recent changes in credit quality.
SOURCE: Informative Research