Kroll Factual Data Inc., a provider of risk mitigation and independent verification services to the mortgage industry, and Mortgage Builder Software Inc., a provider of loan origination and loan servicing software systems, have entered into a technology partnership.
Under the agreement, several Kroll Factual Data products have been integrated into Mortgage Builder's systems. Kroll Factual Data's Loan Review Report (LRR), a product designed to help clients comply with Fannie Mae's Loan Quality Initiative (LQI), will become available through Mortgage Builder in June. Additional services to be integrated this year will include third-party verifications and risk mitigation services. Kroll Factual Data Bureau Express credit reports and flood determination reports are already integrated with Mortgage Builder, the companies note.
The LQI focuses on stopping the surge of repurchase demands by capturing critical loan data earlier in the lending process and validating it before, during and immediately after loan delivery. According to the companies, Kroll Factual Data's LRR simplifies the process of identifying undisclosed liabilities, helping lenders comply with the guidelines established in the LQI and mitigate the risk of buy-back requests.
"With the heightened scrutiny from investors on the accuracy and completeness of information supporting loan decisions, having Loan Review Report available within Mortgage Builder is timely for lenders concerned with mitigating this risk," says Damon Littlejohn, director of channels and alliances at Kroll Factual Data.