Fannie Mae Loan Quality Initiative
If you're wondering how to best meet these new requirements, and what choices you have to effectively address them, along with the accompanying recommendations, you're not alone.
Fannie Mae has made it clear that the Loan Quality Initiative is intended to stop the wave of repurchase demands by ensuring that loan delivery data is complete, accurate, and fully reflective of the terms of the mortgage. What is also clear is that Kroll Factual Data has solutions to help you meet the new guidelines in a quick, cost-effective manner while avoiding unnecessary borrower fallout.
Pre-qualification
Pre-closing
- Loan Review Report, a specially formatted report to simplify the process of identifying undisclosed liabilities just prior to close, which includes:
- Credit data (one to three bureaus) to identify undisclosed mortgages and other liabilities, recent inquiries, new tradelines, and new public records within a timeframe specified by client
- Updated tradeline balances and derogatory tradelines within a timeframe specified by client
- MERS search by borrower and property
- Tradeline and recent inquiry research to clear or validate potential changes in liabilities can also be requested
Post-closing quality control