Mortgage lenders using LoanLogics‘ LoanHD loan quality management platform now have a simpler path to validate data before delivery to Fannie Mae.
That’s because the software firm has enhanced its LoanHD platform with a seamless interface to Fannie Mae’s EarlyCheck application.
The integration enables automated checks to validate data prior to loan delivery.
Lenders can run EarlyCheck during the audit process, view the warnings and edits in the response, and correct loan data errors in the loan file.
This new integration helps to assure all loan data is accurate and complete when delivered to Fannie Mae, LoanLogics says in a release.
The integration allows a single-click delivery of the relevant file information to Fannie Mae via LoanLogics’ AppQ Network. The results are delivered back in real time, allowing immediate feedback to the auditor.
EarlyCheck may be run as many times as necessary and the entire history of results are visible from within the audit platform.
Don Smith, LoanHD product manager, says “by automating quality control checks” lenders can “improve loan quality, ensure data accuracy, and reduce the amount of time and money spent in the process.”
The LoanHD platform includes a LoanFacts tool, which displays the accuracy of all data elements in loan files destined to be sold to Fannie Mae. This unique feature provides underwriters with a direct link to the underlying data within loan documents that automatically validates every datapoint across all documents in the loan file against a single reference document.