""CoreLogic Credco"":http://www.credco.com, a Poway, California, provider of merged credit reporting solutions to the mortgage industry, recently introduced FinalCheck, an automated,[IMAGE]
fully ""decisionable"" suite of prefunding risk evaluation products that instantly verify credit, application, and fraud data in an easy-to-read report for lenders.
According to a statement from the company, FinalCheck is designed to help lenders satisfy GSE requirements, reduce repurchase risk, and increase loan delivery confidence. Credco contends that there currently isn't an effective and timely way to verify information just before funding, but FinalCheck allows lenders to instantly perform a ""final check.""
FinalCheck consists of three data verification products: CreditCheck, AppCheck, and FraudCheck. CreditCheck performs a ""gap"" analysis on credit information between pre-approval and prefunding. AppCheck searches against proprietary CoreLogic loan application databases and the[COLUMN_BREAK]
Mortgage Electronic Registration System (MERS) for undisclosed loans. FraudCheck verifies that the borrower or loan participants are not on a HUD or other investor exclusionary list.
""According to the Mortgage Bankers Association's 2011 origination forecasts, we estimate that 672,000 applicants will have their debt-to-income increase by more than 3 percent between pre-qualification and pre-funding, making those loans a candidate for rejection or a buyback,"" said John Bauer, SVP of credit and transportation services for CoreLogic Credco.
Bauer continued, ""Additionally, 765,000 loan applicants will have a debt-to-income (DTI) that exceeds 45 percent at pre-funding, putting those loans at risk as well. The FinalCheck suite of products plays a critical, proactive role in monitoring debt-to-income ratios and other loan risk factors that could surface just prior to loan submission.""
The FinalCheck suite of products is powered by nd Merge, the Credco proprietary merge technology platform that powers ENCORE and other advanced data reporting solutions for the mortgage industry.
""The introduction of the FinalCheck suite is in direct response to recent changes in GSE prefunding requirements,"" Bauer said. ""As new industry requirements arise, we will continue to develop and add new products to the FinalCheck suite to help lenders minimize prefunding risk and deliver quality mortgage loans.""
CoreLogic Credco is a division of ""CoreLogic"":http://www.corelogic.com, a provider of consumer, financial, and property information, analytics, and services based in Santa Ana, California.