CREDIT PLUS, INC. ANNOUNCES SUITE OF PRODUCTS TO MEET (NEW ) FANNIE MAE LOAN QUALITY INITIATIVES Focuses on capturing and verifying loan data to mitigate repurchase risk
Salisbury, Md., May 17, 2010 – Credit Plus, Inc., a leader in the credit information industry since 1928, announced today that it is offering a suite of products to help lenders comply with Fannie Mae’s Loan Quality Initiative (LQI) suggestions and requirements.
“Our focus at Credit Plus remains on developing tools that make the mortgage process easier for lenders. New rules and regulations are constantly being put into place. We work diligently to help keep lenders compliant. Our suite of products assists lenders with pre-closing and post-closing initiatives,” - Greg Holmes, National Director of Sales and Marketing for Credit Plus.
Mortgage lenders must have processes in place as of June 1to meet Fannie Mae’s LQI Lender Letter LL-2010-03. Fannie Mae will implement additional LQI enhancements throughout the year. It has developed these suggestions and requirements with a focus on capturing and verifying critical loan data earlier in the process to reduce repurchase requests to lenders, which have increased dramatically in the past few years.
Credit Plus is offering several tools toassistlenders with quality control. These services may be purchased alone or bundled together
COMPARE report allowing mortgage professionals to easily compare a credit report that was pulled during time of origination versus time of closing. It can be pulled within 10 seconds and features: quick reference summary section, general information comparison, credit score comparison, credit score factor comparison, trade line comparison, public record comparison, inquiries comparison and information sources comparison. » view brochure (includes sample report)
Manual inquiry verification process to determine new account information.
Soft code inquiries are available for post-funding review.
Tax Return Verifications comparing income-related lines of a borrower’s tax return with the same lines on file at the Internal Revenue Service and highlighting any discrepancies.» read more
ID Plus Reports including verification of Social Security number and address. It also includes a summary of fraud and active duty alerts, credit freeze notification and other alerts noted on file. » view brochure (includes sample report)
Validation PlusReportsfeaturing detailed reports to verify an applicant’s Social Security number, address, phone number, employment, liabilities, and property history.
Electronic ordering and delivery of appraisals through Ariston, a Credit Plus, Inc. company. » view brochure
Credit score tools to help accommodate the 620+ credit score requirement going into effect on July 26, 2010.
Please contact Credit Plus for more information about its quality control solutions: call 800-258-3488 or emailbeyondbundled@creditplus.com.
