IRVINE, March 25, 2014 – LoanScorecardTM, a leading provider of automated underwriting engines and compliance solutions, announced today that Chase will accept the LoanScorecard Abridged Funding Request Form starting April 1, 2014, as indicated in the Chase Correspondent Bulletin issued today. Based on feedback from their correspondents, Chase will accept this in lieu of the longer traditional Chase Funding Request Form for users of the LoanScorecard QM engine.
Correspondents can complete the much shorter Abridged Funding Request Form and include it along with the LoanScorecard QM Findings Report in the closed loan package delivered to Chase – saving significant time for the originating correspondent. This advantage is unique to users of LoanScorecard.
"We're excited to work with Chase one of the top correspondent investors in the U.S. And we're thrilled to have them in our growing network of institutions that accept LoanScorecard QM Findings," Allen Meigide, director of operations at LoanScorecard, said.
Running LoanScorecard up front eliminates the need to spend valuable time and resources on non-qualified loans while assuring the originator their loans meet QM guidelines.
LoanScorecard's QM solution offers quantified Findings Reports that demonstrate whether a file is considered a Qualified Mortgage, with a secondary determination for either Safe Harbor or Rebuttable Presumption for that QM type in a potential Ability-to-Repay violation claim.
Thousands of institutions rely on LoanScorecard for their QM assessment. With roughly 8,000 QM Findings rendered a day, users are able to retain their QM Findings with their loan files to evidence QM compliance.
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