Wells Fargo, one of the largest providers of mortgage loans in the U.S., has reviewed LoanScoreCard Inc.'s QM (qualified mortgage) Findings Report and determined that it provides the data needed to complete pre-purchase points and fees review.
This means LoanScoreCard QM Findings Report can now be submitted to Wells Fargo in lieu of the bank's Fee Details Form, LoanScoreCard reports.
‘We are honored to be the first acceptable vendor alternative,’ says Allen Meigide, director of operations at LoanScoreCard, in a release. ‘We were the first QM solution on the market, and our customers will be pleased with the time saved in leveraging our QM Findings on loans delivered to Wells Fargo.’
According to the company, LoanScoreCard has rendered more than 35,000 QM findings reports to date. Not only is the service easily integrated with the leading loan origination systems, the data can also be directly accessed via browser at LoanScoreCard.com or integrated into any proprietary system through Web services.
LoanScoreCard made news in October when it announced that it had partnered with QuestSoft to expand availability of LoanScoreCard's QM Findings Report through integration with QuestSoft's Compliance EAGLE solution.
