New ISGN Plug-In Ensures Compliance With Fannie Mae's LQI
ISGN Corporation, a provider of end-to-end technology solutions and services, has announced a MORvision Premium Plug-In integration into Fannie Mae’s EarlyCheck service, as service that automatically provides loan level data checks to assist in identifying and correcting potential data issues early in the loan process and prior to loan delivery. Lenders using the MORvision loan origination system can access Fannie Mae’s EarlyCheck at any point in their business process, including closed loans in the secondary market before final delivery. Fannie Mae’s EarlyCheck service, initiated on Sept. 25, 2010 as part of the GSE’s Loan Quality Initiative (LQI), offers multiple data checks that include: DU Compare (comparison of input loan application data with the data used in the most recent DU submission); Social Security Number checks; occupancy checks; address checks; unit number checks; DTI checks; loan limit checks; checks for required delivery fields; and other basic eligibility and data integrity checks. EarlyCheck provides lenders with real-time, loan level results in formatted user-friendly reports that highlight many loan eligibility issues that need to be corrected. It also helps lenders identify recurring quality issues needing to be addressed that can affect loan eligibility. Fannie Mae’s EarlyCheck service, available through the MORvision Premium Plug-in reduces delivery stops and corresponding financial and operational impacts. It can reduce loan funding and pooling delays caused by uncorrected loan delivery issues. It cuts down on manual resolutions of loan errors during the delivery process and after the loans are sold in the secondary market, saving lenders time and money. “MORvision lenders will realize substantial time savings from the MORvision Premium Plug-In’s direct integration to Fannie Mae’s EarlyCheck service, more than if they tried to access the system on their own,” said Jason Cohen, senior director of product operations at ISGN. “The ability to access it from within MORvision makes it easy for lenders to quickly verify the loan and then act accordingly depending on the EarlyCheck results. EarlyCheck allows lenders to catch discrepancies before they submit a loan to Fannie Mae, so by integrating the service directly, we’re giving our customers the opportunity to speed up and streamline the loan delivery process as well as reduce errors."