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Mortgage Builder Software and Kroll Partner on LQI Initiative

NationalMortgageProfessional.com
Oct 26, 2013

Kroll Factual Data Inc. and Mortgage Builder Software Inc. have announced the release of Kroll Factual Data’s Loan Review Report (LRR) into Mortgage Builder systems. LRR, a product specifically designed to help clients comply with Fannie Mae’s Loan Quality Initiative (LQI), is available to Mortgage Builder users without ever having to leave the loan file. In addition, Kroll Factual Data’s Third Party Verifications and Risk Mitigation services will be integrated with Mortgage Builder in the near future and will join previously integrated Bureau Express Credit Reports and Flood Determination Reports. A primary objective of Fannie Mae’s LQI is to reduce the rise of repurchase demands by capturing critical loan data earlier in the lending process and validating it before, during and immediately after loan delivery. Kroll Factual Data’s Loan Review Report simplifies the process of identifying undisclosed liabilities, helping lenders comply with the guidelines established in the LQI and helping mitigate the risk of buy-back requests. Loan Review Report is a cost-effective solution that includes a credit report, updated tradeline balances and a Mortgage Electronic Registration System (MERS) search. “Providing valuable solutions to our partners and the industries we support is a core objective at Kroll Factual Data. Working with Mortgage Builder to integrate our services, like the Loan Review Report, with their system will be very beneficial to our mutual customers,” said Damon Littlejohn, director, Channels and Alliances at Kroll Factual Data. “With the heightened scrutiny from investors on the validity and completeness of information supporting loan decisions, having Loan Review Report available within Mortgage Builder is timely for lenders concerned with mitigating this risk.”
Published
Oct 26, 2013