LPS Introduces New Loan Quality Assessment Tool

Posted by Patrick Barnard on October 23, 2013 No Comments
Categories : Residential Mortgage

Lender Processing Services Inc. (LPS) has launched Quality Insight, a loan quality tool that assesses loan data and document accuracy.

The company says the tool helps ensure compliance with investor and lender requirements for single-family loan salability by providing a set of loan evaluation criteria that can be configured by clients to create an overall loan assessment of summary data, issues identified, and support for remediation and exception processing.

According to LPS, Quality Insight is delivered through the LPS Loan Quality Gateway, an open technology platform powered by RealEC, an LPS subsidiary.

‘As a key component in the LPS Loan Quality Gateway's suite of analytical tools, Quality Insight identifies investor and lender compliance issues early in the process, helping lenders gain processing efficiencies by automating the internal quality-control review process,’ explains Andy Higginbotham, executive vice president of LPS Loan Quality Origination Solutions.

According to LPS, Quality Insight expands the loan origination services and analytic tools on the LPS Loan Quality Gateway, including appraisals; automated ordering of mortgage insurance; automated valuation models; title insurance; closing services; flood insurance; fee services; verifications of income, employment and identity; fraud prevention tools; and loan quality analytics, including Valuation Insight, an appraisal evaluation tool that identifies the overall quality of an appraisal.

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