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Informative Research reaches agreement with LPS for expanded flood services

National Mortgage Professional
Feb 18, 2009

Interthinx offers FHA allowable fees analysisMortgagePress.comInterthinx, PredProtect, FHA, HUD, Roger Fendelman, HUD-1 settlement statement Interthinx is offering a fully automated analysis within its regulatory compliance solution to provide clients with an additional level of defense from costly Federal Housing Administration (FHA) loan origination mistakes. The analysis provides an easy way to help lenders comply with HUD's fee limitations on FHA loans and reduce overall quality control costs. Interthinx is a leading provider of proven risk mitigation, fraud detection and regulatory compliance tools for the residential mortgage industry. "When excessive fees are found, the PredProtect system automatically alerts loan processing personnel," stated Roger Fendelman, vice president of compliance for Interthinx. "Once the violation has been corrected, the process then resumes quickly and automatically, preventing costly errors before loan funding." The analysis automatically warns users when it identifies tax-service fees and/or loan-origination fees exceeding 1 percent of the loan amount on the HUD-1 settlement statement, in accordance with HUD Mortgagee Letter ML 2006-04. The system can also alert users to violations of the "Tiered Pricing Rule" found in ML 94-16, which limits variations in customary lender fees to no more than 2 percent in a geographic area. "Bottom line, FHA lending now accounts for one-third of loan applications today, and many production teams are inundated with applications and challenged with finding experienced FHA underwriters, many of whom retired years ago," said Stacey Louie, senior vice president of product development for Interthinx. "The vast majority of lenders need all the support they can get with their FHA lending, and the FHA Allowable Fees Analysis in PredProtect not only streamlines processes, but also helps lenders maintain compliance for insurable loans and increase profitability." For more information, visit www.interthinx.com.
Published
Feb 18, 2009
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