CoreLogic Credco Introduces Complete, Fully-Compliant Suite of Loan Quality Initiative Solutions
Email Dan Smith
June 14, 2010, Poway, Calif. –
—Solutions Fully Satisfy Fannie Mae Program Requirements and Help Mortgage Lenders Protect Against Loan Buy-backs—
CoreLogic Credco, the nation’s leading provider of merged credit reporting solutions to the mortgage industry and a division of CoreLogic (NYSE: CLGX), a leading provider of consumer, financial and property information, analytics and services, today announced the introduction of Instant Merge LQ and ENCORE LQ, part of Credco’s complete suite of flexible, fully compliant Fannie Mae Loan Quality Initiative (LQI) solutions. Instant Merge LQ and ENCORE LQ were created to help lenders satisfy requirements under the new Fannie Mae LQI, an initiative designed to help lenders avoid loan buy-backs. LQI, which went into effect June 1, 2010, requires lenders to proactively verify identity and disclose the status of all borrower debts immediately prior to pre-funding of the loan, including open and closed tradelines, public records filings or any new inquiries on the credit file.
Lenders can choose from two products with dynamic options that can satisfy any specific LQI requirement, or perform as a robust “all-in-one” solution. Credco’s Instant Merge LQ is a fast, convenient solution for lenders to satisfy critical prefunding credit refreshes, while ENCORE LQ delivers a complete turn-key solution that meets the full range of Fannie Mae’s LQI requirements, including credit, identity verification, property data, occupancy status, and exclusionary list screening. Both generate a data-rich, streamlined reporting solution for fast and efficient underwriter review.
Additionally as part of the LQI, effective July 1, 2010, Fannie Mae’s Desktop Underwriter® platform will produce an error message on any loan submitted with a Social Security Number (SSN) warning or other related flag. It is estimated that more than 25 percent of all loans submitted to Fannie Mae could be affected. Credco’s LQI suite includes a solution that enables lenders to verify SSNs directly through the Social Security Administration in order to clear false warnings, avoid underwriting delays and mitigate repurchase risk.
“We’re pleased to offer an expansive suite of LQI-focused solutions to support Fannie Mae’s initiative aimed at improving the lender’s ability to deliver mortgage loans that meet their underwriting and eligibility guidelines,” said John Bauer, executive vice president of business development for CoreLogic Credco. “Instant Merge LQ and ENCORE LQ allow lenders to fully satisfy any or all of the requirements as needed, quickly and easily.”
Features of the LQI Suite include:
- Instant Merge LQ: This solution satisfies the credit-only LQI prefunding requirement, combining credit data from one, two or all three national credit bureaus into a single, easy-to-read report format. Instant Merge LQ verifies whether or not applicants have obtained new credit liabilities since initial application and also identifies new inquiries and retrieves creditor contact information.
- ENCORE LQ: This comprehensive turn-key solution satisfies multiple LQI prefunding requirements, including credit and property data, borrower identity verification, occupancy status and more. ENCORE LQ identifies new credit liabilities and inquiries since the initial application; provides an early screening in the origination stage to monitor additional participants as the loan progresses; and checks against MERS, OFAC, and HUD’s GSA and LDP exclusionary lists.
- through the Social Security Administration (SSA). ProScan SSN provides convenient, 24/7 online access to SSN verification and instantly confirms whether or not the SSN information provided matches the data on file with the SSA.
For more information about CoreLogic Credco’s complete suite of LQI Solutions, visit www.credco.com or call (800) 255-0792.
About CoreLogic Credco
Tracing its history over 50 years, CoreLogic Credco is the nation’s number one provider of merged and specialized credit reports, processing over 90 million credit and related transactions annually. With access to one of the world’s largest consumer and business databases, CoreLogic Credco leads the mortgage; automotive; bankruptcy; merchant services; recreational vehicle; marine and other specialty credit and retail markets with a broad range of advanced business information solutions designed to reduce risk and improve business performance. For more information visit www.credco.com.
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built the largest U.S. real estate, mortgage application, fraud, and loan performance databases and is a leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. Formerly the information solutions group of The First American Corporation, CoreLogic began trading under the ticker CLGX on the NYSE on June 2, 2010. The company, headquartered in Santa Ana, Calif., has more than 10,000 employees globally with 2009 revenues of $2 billion. For more information visit www.corelogic.com.
CoreLogic, Credco and Instant Merge are registered trademarks of CoreLogic, Inc. ProScan and ENCORE are trademarks of CoreLogic, Inc.