SOURCE: LoanScoreCard

LoanScoreCard

December 04, 2013 10:01 ET

United Fidelity Funding Corp Rolls Out LoanScoreCard QM Findings

IRVINE, CA--(Marketwired - Dec 4, 2013) - LoanScoreCard™, provider of automated underwriting engines and compliance solutions, has been adopted by United Fidelity Funding Corp's (UFF) as the QM solution in their wholesale mortgage banking channel.

UFF brokers can now determine whether a file is considered a Qualified Mortgage, with a secondary determination for either Safe Harbor or Rebuttable Presumption based on UFF's loan-level pricing and starting adjusted rate for the selected loan product. For lender-paid compensation the broker's current LO compensation plan is applied as well. The QM points and fees cap can be verified, including the discount points eligible for exclusion, all before the loan is submitted to UFF, saving both the broker and the wholesaler from spending time on non-qualifying loans.

UFF's technology is comprised of a number of different leading Web-based solutions that seamlessly integrate with one another to establish companywide efficacy. The LoanScoreCard QM engine is the latest addition providing a detailed Findings Report to document the file giving brokers and lenders assurance that their loans are QM.

"It's very well thought out. From everything I see and hear, it makes sense and it's logical. The ability to integrate the product into other systems is one of the biggest benefits," said Kevin Marconi, chief operating officer of United Fidelity Funding. "I personally judge these things on how well they work with others, and this could become not just a tool but a standard by which other QM tools are measured."

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 United Fidelity Funding Corp

Founded in 2008 and based in Kansas City, Missouri, United Fidelity Funding Corp. is a national wholesale and retail mortgage banker that uses the latest Web-based loan management and decisioning tools to offer its partner network full visibility into the status of loans at any given time in an effort to deliver next-level service. United Fidelity Funding is focused on ensuring it delivers reliable and accurate communication. Paperless loan files, from submission to funding, ensure good, easy communication. This ensures smooth, quick closings. The company offers training on any of its loan programs or its Web-based loan management tools by contacting your account executive. For more information, visit uffmortgage.com or call 866-760-0600.

Contact Information

  • Contact:
    Marketing Communications
    Jack Holliday
    +1 214.252.5656