IRVINE, CA--(Marketwired - Jan 27, 2014) - LoanScoreCard™, provider of automated underwriting engines and compliance solutions, has QM-readied the Freedom Mortgage Wholesale Division. By extending Freedom's Wholesale website capabilities, brokers now have access to a QM assessment tool that provides accuracy and improved efficiency while saving time for both the originator and the wholesaler.
Freedom Mortgage has more than 4,000 brokers and is ranked among the top five mortgage wholesale lenders in the country. Their associates are now able to run LoanScoreCard's QM Findings Report prior to submitting a loan. Running the QM solution up front eliminates the need to spend valuable time and resources on non-qualified loans while assuring the originator that their loans meet QM guidelines.
LoanScoreCard's QM solution offers quantifiable Findings Reports that determine 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.
"It's an invaluable tool that allows our brokers to run the Points and Fees Test on our website. This software enables our brokers to validate the loan prior to submission and provides a platform for a comprehensive loan review with Freedom Mortgage," said Mike Patterson, senior vice president at Freedom Mortgage.
"We are excited to welcome Freedom Mortgage, one of the top wholesale lenders in the U.S. -- to the growing network of organizations that have selected LoanScoreCard as its QM solution provider," Allen Meigide, director of operations at LoanScoreCard, explained. "LoanScoreCard's QM Findings Report takes the guesswork out of QM compliance, providing not only a comprehensive report but also the retainable evidence now required."
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. We are also the first vendor to integrate with FHA TOTAL Scorecard, offering FHA decisions at a fraction of the traditional cost. LoanScoreCard provides easy-to-read Findings Reports that clearly capture 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.
About Freedom Mortgage Corporation
Freedom Mortgage is a national, full-service mortgage banker that provides origination and servicing through retail, wholesale, correspondent and commercial divisions. The company is licensed in all 50 states, Washington DC and Puerto Rico. Freedom Mortgage maintains an "A rating" with the Better Business Bureau and is known for using the most advanced technologies and providing world-class service to its clients, borrowers and partners. The company was founded in 1990 and is headquartered in Mount Laurel, New Jersey. For more information, please visit FreedomMortgage.com.