SOURCE: LoanScoreCard

LoanScoreCard

November 25, 2013 14:54 ET

LoanScoreCard Provides QM Solution to Plaza Home Mortgage, Inc.

IRVINE, CA--(Marketwired - Nov 25, 2013) - LoanScoreCard™, provider of automated underwriting engines and compliance solutions, has been adopted by Plaza Home Mortgage Inc. as the QM assessment tool used in their wholesale and correspondent channels.

Plaza's originators will be able to run LoanScoreCard QM Findings prior to submitting the loan, incorporating Plaza's live pricing, LO compensation plan and starting adjusted rate. This leading implementation of QM saves time for both the originator and the wholesaler who no longer have to spend valuable resources on non-qualified loans while assuring them 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.

"We are excited to introduce the LoanScoreCard QM Findings Report through our loan origination system," said Julie Manson, Plaza's senior vice president of risk management. "A simple upload or entry of fees will allow our clients to evaluate whether the points and fees pass the QM test. This resource will help our brokers and correspondents confidently originate loans in this ever-changing environment."

"We are very pleased that Plaza Home Mortgage, one of the top mortgage wholesale lenders in the nation, has selected the LoanScoreCard QM solution for utilization into their lending technology platform. The challenge for lenders goes beyond the need to ensure their loans are QM," said Allen Meigide, director of operations at LoanScoreCard. "They must also retain evidence of compliance for three years. The QM Findings Report meets that challenge and more, with detailed analysis and transparent documentation for confident underwriting."

To learn more about LoanScoreCard or schedule a free demonstration of this revolutionary QM solution, email QM@loanscorecard.com or call 800.617.0892. 

About LoanScoreCard

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 Plaza Home Mortgage

Plaza Home Mortgage, Inc. is a privately-owned, full-service Whole and Correspondent Mortgage Lender founded in 2000. Headquartered in San Diego, California, Plaza maintains Operations Centers and employs staff nationwide. The company offers a variety of simple, affordable financing options designed to meet the needs of the majority of brokers, correspondent partners, and borrowers, such as Conventional Fixed rate, Conventional ARM, FHA, VA, Reverse Mortgages and non-conforming loans. Plaza is dedicated to building quality, long-term relationships with its customers by offering comprehensive programs and exceptional customer support. For more information, visit plazahomemortgage.com.

Contact Information

  • Contact:
    Marketing Communications
    Jack Holliday
    +1 214.252.5656