Aklero Risk Analytics, a provider of automated data and document validity assurance for the mortgage industry, has announced the launch of PreQx designed to perform an automated quality control (QC) check once the file has reached a clear to close status. During this final stage, PreQx performs an automated QC audit using Aklero’s document and data validity platform, Q-Close. The technology automates the vast majority of the manual audit tasks contained in a pre-closing checklist. Moreover, it automates the review and scrutinizes data and original documents for issues that include the borrower’s income, property valuation and the latest credit report.
“Many lenders recognize that repurchase risk is prevalent in today’s market and that, early in the origination process and prior to the closing, lenders require more certainty that their loans meet the investor’s eligibility guidelines,” said Brian K. Fitzpatrick, CEO at Aklero. “Traditional quality control solutions do not adequately address the timeliness and cost efficiency of pre-closing audits. In a pre-closing audit, time is of the essence and the completeness of the audit is paramount. PreQx is the industry’s first automated, document based pre-closing audit solution that solves the time and cost issue while providing our clients with the most effective quality control safety net in the mortgage industry.”
PreQx can be combined with Aklero’s audit services or lenders can use their internal audit teams to review results and complete the audit. In both cases, PreQx removes the majority of manual audit tasks associated with a pre-closing audit and focuses the auditor’s time and attention on the total risk picture of the loan. This enables users to have a more granular review while significantly increasing the effectiveness and productivity of audit resources. Additionally, PreQx focuses on data accuracy by evaluating the data in the documents to the data in the loan origination system (LOS).
To identify issues, Aklero will run the configurable PreQx checklist and provide the results within 24 hours, ensuring that the lender has a complete picture of the borrower’s risk profile before credit is extended—and that’s something no one else in the industry can do. PreQx takes the expense of QC and turns it into a real time risk management resource that has a demonstrable return on investment.