Magazine article Mortgage Banking

CoreLogic Integrates Fannie Mae LQI Compliance Suite with Ellie Mae Encompass

Magazine article Mortgage Banking

CoreLogic Integrates Fannie Mae LQI Compliance Suite with Ellie Mae Encompass

Article excerpt

Santa Ana, California--based CoreLogic has announced that CoreLogic Credco, a provider of merged credit reports, has integrated FinalCheck into Pleasanton, California--based Ellie Mae's Encompass360[R] 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 reporting tool that provides lenders critical insight on any potential prefunding risk indicators before submitting the loan to the government sponsored enterprise (GSE). …

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