IRVINE, December 17, 2013 – In an effort to remain proactive, LoanScorecardTM has implemented the recently released FHA QM final rule on Safe Harbor in its December 16 update, literally days after the rule's promulgation. LoanScorecard, provider of automated underwriting engines and compliance solutions, is believed to be the first QM solution firm to provide this important service. FHA issued its own Safe Harbor definition December 11, 2013. Safe Harbor Qualified Mortgages will be loans with APRs equal to or less than APOR + 115 basis points (bps) + on-going Mortgage Insurance Premium (MIP). These mortgages offer lenders the greatest legal certainty that they are complying with the Ability-to-Repay standard. "Our QM engine has rendered more than 53,000 reports since our production release in August, and we're currently generating in excess of 900 QM reports daily. We will continue to rapidly deploy any enhancements necessary to provide the compliance and accuracy that are essential to our clients' success," says Allen Meigide, director of operations for LoanScorecard.
About LoanScorecard
LoanScorecard is a leading provider of non-agency AUS, loan pricing solutions and borrower point-of-sale designed to meet today's regulatory challenges and capitalize on current market opportunities. LoanScorecard helps institutions address CFPB regulations through its QM Findings, the industry's first qualified mortgage (QM) engine, which has rendered more than 5 million QM findings reports to-date and supports banks and credit unions preparing for the upcoming impacts of CECL.
For more information, visit loanscorecard.com or call 800-617-0892.
For press inquiries, please contact:
Jessica Ruiz-Krout
Campbell Lewis Communications
212.995.8058
jessica@campbelllewis.com
