LoanLogics has announced the release of Version 2.13 of its LoanHD Loan Quality Management platform, which now enables lenders to create, monitor and report on the results of action plans required by Fannie Mae and Freddie Mac. The LoanHD new Action Plan Reporting tool enables a lender to create specific action plans based on the frequency and sources of defects. Defects can then be easily monitored and plans tracked to see the results of your corrective actions.
According to Fannie Mae's seller's guide, lenders are responsible for creating quality control reports that evaluate and monitor their origination processes and identify issues that need to be addressed to reduce defect rates and improve loan quality. After identifying these issues, lenders are required to establish an action plan that includes corrective actions and a time frame for implementation. Freddie Mac has similar requirements.
"Right now, lenders are trying to create these beautiful looking reports, but the GSEs want more than that—they want lenders to demonstrate what they are actually doing to affect change and to monitor the results," LoanLogics CEO Brian Fitzpatrick said. "LoanHD makes compliance with these requirements easy, so that lenders can focus their efforts on actually improving loan quality, not creating reports. While other providers offer loan quality reporting tools, no other technology addresses Fannie Mae's action plan requirements as thoroughly as LoanHD."
LoanLogics Director of Loan Quality Solutions Dave O'Malley said, "Quality control is not just about reporting—it's about finding the issues and correcting them. Regulators are adamant that lenders be able to demonstrate whether their action plans actually work. With LoanHD, lenders create any number of action plans, monitor them with a single mouse click, and instantly find out how effective they are. There is nothing on the market like it."
