IRVINE, CA--(Marketwired - Mar 25, 2014) - LoanScoreCard®, a leading provider of automated underwriting engines and compliance solutions, announced today that Chase will accept the LoanScoreCard Abridged Funding Request Form starting April 1, 2014, as indicated in the Chase Correspondent Bulletin issued today. Based on feedback from their correspondents, Chase will accept this in lieu of the longer traditional Chase Funding Request Form for users of the LoanScoreCard QM engine.
Correspondents can complete the much shorter Abridged Funding Request Form and include it along with the LoanScoreCard QM Findings Report in the closed loan package delivered to Chase -- saving significant time for the originating correspondent. This advantage is unique to users of LoanScoreCard.
"We're excited to work with Chase one of the top correspondent investors in the U.S. And we're thrilled to have them in our growing network of institutions that accept LoanScoreCard QM Findings," Allen Meigide, director of operations at LoanScoreCard, said.
Running LoanScoreCard up front eliminates the need to spend valuable time and resources on non-qualified loans while assuring the originator their loans meet QM guidelines.
LoanScoreCard's QM solution offers quantified Findings Reports that demonstrate whether a file is considered a Qualified Mortgage, with a secondary determination for either Safe Harbor or Rebuttable Presumption for that QM type in a potential Ability-to-Repay violation claim.
Thousands of institutions rely on LoanScoreCard for their QM assessment. With roughly 8,000 QM Findings rendered a day, users are able to retain their QM Findings with their loan files to evidence QM compliance.
To learn more about LoanScoreCard or schedule a free demonstration of this revolutionary QM solution, email QM@loanscorecard.com or call 800.617.0892.
LoanScoreCard is a leading provider of automated underwriting and compliance solutions, designed to meet today's regulatory challenges. As the industry's first AUS engine for QM, LoanScoreCard helps financial institutions address new CFPB regulations regarding Ability-to-Repay and Qualified Mortgages. Distinguished as the first vendor to integrate with FHA TOTAL Scorecard, LoanScoreCard offers FHA decisions at a fraction of the traditional cost. Our proprietary AUS engine can also be custom-tailored to capture your own particular underwriting guidelines to ensure that every loan originated adheres to the loan programs you have defined. LoanScoreCard provides easy-to-read Findings Reports that clearly demonstrate how a given loan meets current underwriting and compliance guidelines so that all necessary documentation is retained with the file to support lending decisions in an investor review, regulatory audit or potential claim. For more information, visit LoanScoreCard.com or call 800.617.0892.