United Fidelity Funding Corp. (UFF) is the latest lender to benefit from LoanScoreCard's qualified mortgage (QM) solution.
Now that UFF has deployed the Web-based solution in its wholesale mortgage banking channel, brokers can more readily determine whether a file is considered a qualified mortgage, as per the Consumer Financial Protection Bureau's new rules going into effect in January.
What's more, brokers can easily make a secondary determination for either safe harbor or rebuttable presumption, based on UFF's loan-level pricing and starting adjusted rate for the selected loan product.
For lender-paid compensation, the broker's current loan officer compensation plan is applied as well.
In addition, the QM points and fees cap can be verified, including the discount points eligible for exclusion, all before the loan is submitted to UFF, saving both the broker and the wholesaler from spending time on non-qualifying loans, LoanScoreCard claims in a press release.
