IRVINE, January 27, 2014– LoanScorecardTM, a provider of automated underwriting engines and compliance solutions, has QM-readied the Freedom Mortgage Wholesale Division. By extending Freedom's Wholesale website capabilities, brokers now have access to a QM assessment tool that provides accuracy and improved efficiency while saving time for both the originator and the wholesaler.
Freedom Mortgage has more than 4,000 brokers and is ranked among the top five mortgage wholesale lenders in the country. Their associates are now able to run LoanScorecard's QM Findings Report prior to submitting a loan. Running the QM solution up front eliminates the need to spend valuable time and resources on non-qualified loans while assuring the originator that their loans meet QM guidelines.
LoanScorecard's QM solution offers quantifiable Findings Reports that determine 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.
"It's an invaluable tool that allows our brokers to run the Points and Fees Test on our website. This software enables our brokers to validate the loan prior to submission and provides a platform for a comprehensive loan review with Freedom Mortgage" said Mike Patterson, senior vice president at Freedom Mortgage.
"We are excited to welcome Freedom Mortgage, one of the top wholesale lenders in the U.S. – to the growing network of organizations that have selected LoanScorecard as its QM solution provider," Allen Meigide, director of operations at LoanScorecard, explained. "LoanScorecard's QM Findings Report takes the guesswork out of QM compliance, providing not only a comprehensive report but also the retainable evidence now required."
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.
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