Company News
April 11, 2011
CoreLogic Integrates Fannie Mae® LQI Compliance Suite with Ellie Mae® Encompass360® Mortgage Management Solution
FinalCheck now available to help lenders comply with GSE requirements and avoid loan buy-backs
SANTA ANA, Calif., April 11, 2011 – CoreLogic (NYSE: CLGX), a leading provider of information, analytics and business services, today announced that CoreLogic Credco, the nation’s number one provider of merged credit reports, has integrated FinalCheck in the Ellie Mae® Encompass360® mortgage management solution. FinalCheck, an automated Fannie Mae Loan Quality Initiative (LQI) compliance suite, instantly verifies credit, application and fraud data in an easy-to-read report, helping lenders uncover undisclosed debt and mitigate repurchase risk to avoid loan buy-backs prior to loan submission.
The FinalCheck suite is composed of three critical data verification products: CreditCheck, AppCheck and FraudCheck. CreditCheck performs a "gap" analysis on credit information between pre-approval and prefunding; AppCheck searches against the CoreLogic Fraud Consortium Database, a proprietary 90 million loan application database, and the Mortgage Electronic Registration System (MERS) for undisclosed loans; and FraudCheck verifies that neither the borrower or loan participants are on a Department of Housing and Urban Development (HUD) or other investor exclusionary list. The result is a powerful reporting tool that provides lenders critical insight on any potential prefunding risk indicators before submitting the loan to the GSE.
"FinalCheck plays a critical, proactive role in monitoring debt-to-income ratios and other loan risk factors that could surface just prior to loan submission," said John Bauer, senior vice president of Credit and Transportation Services for CoreLogic Credco. "Generated in seconds, FinalCheck allows mortgage professionals to make fast, LQI-compliant lending decisions that help avoid loan buy-backs and increase loan delivery confidence."
The FinalCheck prefunding suite is the latest to join other CoreLogic products that are currently integrated in Encompass360, which includes the company’s popular Instant Merge credit report, Flood Services, LoanSafe® Fraud Manager, and 4506-T Direct income verification services.
"This latest product integration significantly enhances our continued partnership with Ellie Mae," continued Bauer. "By expanding our product offering via Encompass360, it helps us provide our mutual customers convenient, single-source access to advanced data solutions that help streamline the loan origination process."
CoreLogic Credco provides one out of every two credit reports to the mortgage industry. For more information about CoreLogic Credco FinalCheck, visit www.credco.com/FCPrefund or call (877) 858-8704.
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