IRVINE, July 1, 2014 – LoanScorecardTM, provider of automated underwriting engines and compliance solutions, has reached a unique milestone. To date, LoanScorecard has generated over 1,000,000 QM Findings Reports for more than 3,000 active clients since going live August, 2013.
LoanScorecard was poised and ready when the CFPB issued their January 10 new residential mortgage rules. "Our QM engine was already generating tangible, easy-to-read reports. LoanScorecard takes the guesswork out of QM compliance, providing not only a comprehensive report but also the retainable evidence now required," Allen Meigide, director of operations at LoanScorecard, explained.
Hosted in the Microsoft Azure cloud, 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, regulatory audit, or mortgage asset sale.
In addition to offering QM Findings Report, LoanScorecard provides automated underwriting for FHA loans that help aid underwriters with their loan analysis. LoanScorecard's newest product, Custom AUS, delivers a fully customizable Findings Report branded with your company's name and logo with a detailed underwriting analysis reflective of your portfolio program guidelines.
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