Version 2.13 of the company’s LoanHD Loan Quality Management platform allows lenders to “to create, monitor and report on the results of action plans required by Fannie Mae and Freddie Mac.”
The new version’s Action Plan Reporting tool also allows lenders to adjust and make decisions depending on the frequency and sources of defects, which can be monitored and tracked to see the effectiveness of corrections applied to them.
"Right now, lenders are trying to create these beautiful looking reports, but the GSEs want more than that—they want lenders to demonstrate what they are actually doing to affect change and to monitor the results," said LoanLogics CEO Brian Fitzpatrick.
"LoanHD makes compliance with these requirements easy, so that lenders can focus their efforts on actually improving loan quality, not creating reports. While other providers offer loan quality reporting tools, no other technology addresses Fannie Mae's action plan requirements as thoroughly as LoanHD."
Fannie Mae requires lenders to make quality control reports on their origination processes and analyze defects in their origination processes. Lenders must then submit their plans to Fannie and correct issues they have identified. Freddie Mac has similar requirements similar.
"Quality control is not just about reporting – it's about finding the issues and correcting them,” said Dave O’Malley, director of loan quality solutions at LoanLogics. “Regulators are adamant that lenders be able to demonstrate whether their action plans actually work. With LoanHD, lenders create any number of action plans, monitor them with a single mouse click, and instantly find out how effective they are. There is nothing on the market like it."
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LoanLogics has upgraded its loan quality management platform, according to a news release.