Credit Plus Inc. has announced that it is offering a suite of products to help lenders comply with Fannie Mae’s Loan Quality Initiative (LQI) suggestions and requirements. “Our focus at Credit Plus remains on developing tools that make the mortgage process easier for lenders. New rules and regulations are constantly being put into place. We work diligently to help keep lenders compliant. Our suite of products assists lenders with pre-closing and post-closing initiatives."
Mortgage lenders must have processes in place as of June 1 to meet Fannie Mae’s LQI Lender Letter LL-2010-03. Fannie Mae will implement additional LQI enhancements throughout the year. It has developed these suggestions and requirements with a focus on capturing and verifying critical loan data earlier in the process to reduce repurchase requests to lenders, which have increased dramatically in the past few years.
Credit Plus is offering several tools to assist lenders with quality control. These services may be purchased alone or bundled together:
►COMPARE report allowing mortgage professionals to easily compare a credit report that was pulled during time of origination versus time of closing. It can be pulled within 10 seconds and features: quick reference summary section, general information comparison, credit score comparison, credit score factor comparison, trade line comparison, public record comparison, inquiries comparison and information sources comparison.
►Manual inquiry verification process to determine new account information.
►Soft code inquiries are available for post-funding review.
►Tax Return Verifications comparing income-related lines of a borrower’s tax return with the same lines on file at the Internal Revenue Service and highlighting any discrepancies.
►ID Plus Reports including verification of Social Security number and address. It also includes a summary of fraud and active duty alerts, credit freeze notification and other alerts noted on file.
►Validation Plus featuring detailed reports to verify an applicant’s Social Security number, address, phone number, employment, liabilities, and property history.
►Electronic ordering and delivery of appraisals through Ariston, a Credit Plus Inc. company.
►Credit score tools to help accommodate the 620-plus credit score requirement going into effect on July 26, 2010.
For more information, visit www.creditplus.com.