Lender Processing Services Inc. (LPS) has announced the launch of the Loan Quality Gateway (LQ Gateway), powered by RealEC, designed to address the industry's need for a comprehensive platform to support loan quality programs. The LQ Gateway offers a proven, scalable technology platform that enables both efficiency and compliance with all investor, lender and service provider loan quality requirements. Built upon RealEC's market-leading technology, the LQ Gateway is an open platform in which all parties can leverage the foundation and capabilities of a 24/7 data exchange that is already connected to a majority of the industry's service and solution providers.
The LQ Gateway components provide the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs. It is integrated with data validation products as well as value-added tools such as appraisal evaluation, AVMs and a variety of settlement services products to reduce errors and streamline processes. In addition, the LQ Gateway will have the capability to deliver both collateral and loan delivery datasets to meet the GSEs' requirements.
"Underwriting high-quality mortgage loans that meet the unique requirements of each investor and comply with all regulatory provisions is essential to the recovery of the housing market and to ensuring that homeowners obtain mortgage loans that are a good fit for their circumstances," said Dan Sogorka, president of LPS RealEC. "The LQ Gateway offers the benefits of a mature, market-tested solution that enables lenders to strengthen their ability to originate higher quality loans and dramatically reduce repurchase requests."