To help your business meet Fannie Mae guidelines surrounding their Loan Quality Initiative, CoreLogic Credco offers FinalCheck – a suite of fully decisionable, Fair Credit Reporting Act (FCRA) compliant prefunding risk evaluation products.
FinalCheck helps you avoid loan buy-backs with three powerful prefunding compliance solutions: CreditCheck, AppCheck, and FraudCheck. Instantly identify new credit tradelines, discover undisclosed loans, and screen against exclusionary lists. Pulling a FinalCheck report just prior to loan funding will help you meet Fannie Mae guidelines surrounding LQI.
Three Powerful Tools to Help Meet Fannie Mae Guidelines
Collects, organizes and compares any changes in tradelines, inquiries, balances, alerts and other credit profile factors that could surface between the initial prequalifying credit report and prefunding.
Identifies undisclosed applications, concurrent loans, and related fraud schemes by checking all real estate data against the CoreLogic proprietary loan application database and the Mortgage Electronic Registration System (MERS) loan registry.
Screens borrowers and businesses against the Housing and Urban Development - General Services Administration (HUD-GSA), Housing and Urban Development - Limited Denial of Participation (HUD-LDP) and other exclusionary lists to help ensure investor acceptance of your loan submissions.