CoreLogic Credco Adds New Tools to Suite of Fannie Mae LQI Solutions

""CoreLogic Credco"":http://www.credco.com/, a Poway, California-based provider of merged credit reporting solutions to the mortgage industry, recently introduced Instant Merge LQ and ENCORE LQ as part of its complete suite of fully compliant Fannie Mae Loan Quality Initiative (LQI) solutions.

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According to the company, Instant Merge LQ and ENCORE LQ were created to help lenders satisfy requirements under the new ""Fannie Mae LQI"":https://www.efanniemae.com/sf/lqi/index.jsp, which was designed to help lenders avoid loan buy-backs. The initiative, which went into effect June 1, 2010, requires lenders to proactively verify identity and disclose the status of all borrower debts immediately prior to pre-funding of the loan.

Credco said lenders can choose from either of the two new products. Instant Merge LQ is a fast, convenient solution

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for lenders to satisfy critical prefunding credit refreshes, while ENCORE LQ delivers a complete turn-key solution that meets the full range of Fannie Mae's LQI requirements, the company explained. Credco said both products generate a data-rich, streamlined reporting solution for fast and efficient underwriter review.

""We're pleased to offer an expansive suite of LQI-focused solutions to support Fannie Mae's initiative aimed at improving the lender's ability to deliver mortgage loans that meet their underwriting and eligibility guidelines,"" said John Bauer, EVP of business development for CoreLogic Credco. ""Instant Merge LQ and ENCORE LQ allow lenders to fully satisfy any or all of the requirements as needed, quickly, and easily.""

In addition to these new products, Credco's LQI suite includes a solution that enables lenders to verify social security numbers. This will be useful to lenders starting July 1, 2010, when as part of the LQI, Fannie Mae's Desktop Underwriter platform will produce an error message on any loan submitted with a social security number warning or other related flag.

It is estimated that more than 25 percent of all loans submitted to Fannie Mae could be affected. Credco said its ProScan SSN solution verifies social security numbers directly through the Social Security Administration in order to clear false warning, avoid underwriting delays, and mitigate repurchase risk.