CoreLogic Integrates Fannie Mae LQI Compliance Suite with Ellie Mae Encompass Mortgage Management Solution
Email Dan Smith
April 11, 2011, Santa Ana, Calif. –
—FinalCheck now available to help lenders comply with GSE requirements and avoid loan buy-backs—
CoreLogic® (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic Credco, the nation’s number one provider of merged credit reports, has integrated FinalCheck into the Ellie Mae® Encompass360® mortgage management solution. FinalCheck, an automated Fannie Mae® Loan Quality Initiative (LQI) compliance suite, instantly verifies credit, application and fraud data in an easy-to-read report, helping lenders uncover undisclosed debt and mitigate repurchase risk to avoid loan buy-backs prior to loan submission.
The FinalCheck suite is composed of three critical data verification products: CreditCheck, AppCheck and FraudCheck. CreditCheck performs a “gap” analysis on credit information between pre-approval and prefunding; AppCheck searches against the CoreLogic Fraud Consortium Database, a proprietary 90 million loan application database, and the Mortgage Electronic Registration System (MERS) for undisclosed loans; and FraudCheck verifies that neither the borrower or loan participants are on a Department of Housing and Urban Development (HUD) or other investor exclusionary list. The result is a powerful reporting tool that provides lenders critical insight on any potential prefunding risk indicators before submitting the loan to the GSE.
“FinalCheck plays a critical, proactive role in monitoring debt-to-income ratios and other loan risk factors that could surface just prior to loan submission,” said John Bauer, senior vice president of Credit and Transportation Services for CoreLogic Credco. “Generated in seconds, FinalCheck allows mortgage professionals to make fast, LQI-compliant lending decisions that help avoid loan buy-backs and increase loan delivery confidence.”
The FinalCheck prefunding suite is the latest to join other CoreLogic products that are currently integrated in Encompass360, which includes the company’s popular Instant Merge credit report, Flood Services, LoanSafe® Fraud Manager, and 4506-T Direct income verification services.
“This latest product integration significantly enhances our continued partnership with Ellie Mae,” continued Bauer. “By expanding our product offering via Encompass360, it helps us provide our mutual customers convenient, single-source access to advanced data solutions that help streamline the loan origination process.”
CoreLogic Credco provides one out of every two credit reports to the mortgage industry. For more information about CoreLogic Credco FinalCheck, visit www.credco.com/FCPrefund or call (877) 858-8704.
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 nation’s largest consumer and business databases, CoreLogic Credco leads the mortgage, automotive, bankruptcy, 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. CoreLogic Credco provides one out of every two credit reports to the mortgage industry. 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 recognized 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 2010 revenues of $1.6 billion. For more information visit www.corelogic.com.
CoreLogic, Credco and LoanSafe Fraud Manager are all registered trademarks of CoreLogic. Instant Merge, 4506-T Direct, FinalCheck, CreditCheck, AppCheck and FraudCheck are trademarks of CoreLogic.
Ellie Mae® and Encompass360® are registered trademarks of Ellie Mae, Inc. All rights reserved. Products, services and programs are subject to change without notice.