Lender Processing Services Inc. (LPS) has announced the launch of Quality Insight, a comprehensive loan quality tool that assesses loan data and document accuracy to help ensure compliance with investor and lender requirements for single-family loan salability. Quality Insight is delivered through the LPS Loan Quality Gateway, an open technology platform powered by RealEC that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs through a 24/7 data exchange connected to more than 15,000 of the mortgage industry's service and solution providers.
Quality Insight evaluates loan data against lender and investor criteria, and effectively tracks any exceptions. The tool provides a universal set of loan evaluation criteria that can be configured by clients to create an easy-to-read overall loan assessment featuring summary data, issues identified and support for remediation and exception processing. The solution's reliable, consistent feedback helps improve loan quality accuracy and data transparency and eliminates the need for slow, expensive and less reliable manual audit checks. By improving accuracy and quality, simplifying remediation of suspense issues and reducing cycle times through decreased rework, Quality Insight can help lenders reduce repurchase risk, decrease costs, save time and improve data integrity.
"As a key component in the LPS Loan Quality Gateway's suite of analytical tools, Quality Insight identifies investor and lender compliance issues early in the process, helping lenders gain processing efficiencies by automating the internal quality control review process," said Andy Higginbotham, executive vice president of LPS Loan Quality Origination Solutions.
Offered by RealEC, an LPS subsidiary that powers the LPS Loan Quality Gateway, the new Quality Insight tool further expands the loan origination services and analytic tools now available on the LPS Loan Quality Gateway, including appraisals; automated ordering of mortgage insurance (MI); automated valuation models (AVMs); title insurance; closing services; flood insurance; fee services; verifications of income, employment and identity; fraud prevention tools; and loan quality analytics, including Valuation Insight, an appraisal evaluation tool that quickly identifies the overall quality of an appraisal.
"Quality Insight is the latest in a series of innovative products built on top of RealEC's Exchange," said Dan Sogorka, president of RealEC Technologies. "Our lending clients are able to quickly and efficiently leverage their use of the LPS Loan Quality Gateway to achieve significant lift in efficiency and data quality. We will continue to invest in this suite of solutions to drive loan-level transparency through the mortgage origination and closing process."