LoanLogics has updated its LoanHD Loan Quality Management platform to make it easy for lenders to run automated checks to validate data prior to loan delivery through Fannie Mae’s EarlyCheck application on loans sold to Fannie Mae.
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As an approved Fannie Mae technology vendor, LoanLogics has built a seamless interface to Fannie Mae’s EarlyCheck application that enables lenders to run EarlyCheck during the audit process, view the warnings and edits in the response, and correct loan data errors in the loan file. This new integration helps to assure all loan data is accurate and complete when delivered to Fannie Mae.
The integration is a single-click delivery of the relevant file information to Fannie Mae via LoanLogics’ AppQ Network
. The results are delivered back in real time, allowing immediate feedback to the auditor. EarlyCheck may be run as many times as necessary and the entire history of results are visible from within the audit platform.
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“Our EarlyCheck integration allows our clients to ensure every loan file has the right data points in the right place before delivery to Fannie Mae,” said Don Smith, LoanHD Product Manager. “Only by automating quality control checks can lenders improve loan quality, ensure data accuracy, and reduce the amount of time and money spent in the process.”
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The LoanHD Loan Quality Management platform includes a LoanFacts tool, which displays the accuracy of all data elements in loan files destined to be sold to Fannie Mae. A unique feature of LoanHD, LoanFacts is a dashboard that provides underwriters with a direct link to the underlying data within loan documents that automatically validates every datapoint across all documents in the loan file against a single reference document.