Loan Review Report (LRR)
Factual Data’s Loan Review Report (LRR) provides a valuable independent verification tool that allows lenders to quickly identify the presence of undisclosed liabilities. Incorporating the LRR into pre-closing procedures helps mortgage lenders reduce risk and comply with guidelines established in the LQI.
Loan Review Report (LRR) is designed specifically to address the need to detect undisclosed liabilities just prior to loan closing, provides new credit data to highlight an applicant’s new credit inquiries and debts, recently filed public records, along with a MERS report. Loan Review Report (LRR) provides an instant analysis of current liabilities and accesses credit data and other sources to offer an instant, flexible, easy-to-use report that summarizes changes in applicant liabilities, including:
Pre-closing quality control
The Loan Review Report (LRR) features a comparison to the initial Factual Data credit report, or a look-back period of 30, 60 or 90 days for original credit reports from other sources. Tradeline and new inquiry research is available to clear or validate potential changes in liabilities. The report can be customized to accommodate client preferences for viewing percentage and dollar amount changes for individual tradeline balances.