Good automation is improving the mortgage process each and every day. For example, Chase just recently announced that it 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. Here’s why:
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.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.