IRVINE, CA--(Marketwired - Dec 17, 2013) - In an effort to remain proactive, LoanScoreCard™ has implemented the recently released FHA QM final rule on Safe Harbor in its December 16 update, literally days after the rule's promulgation. LoanScoreCard, provider of automated underwriting engines and compliance solutions, is believed to be the first QM solution firm to provide this important service.
FHA issued its own Safe Harbor definition December 11, 2013.
Safe Harbor Qualified Mortgages will be loans with APRs equal to or less than APOR + 115 basis points (bps) + on-going Mortgage Insurance Premium (MIP). These mortgages offer lenders the greatest legal certainty that they are complying with the Ability-to-Repay standard.
"Our QM engine has rendered more than 53,000 reports since our production release in August, and we're currently generating in excess of 900 QM reports daily. We will continue to rapidly deploy any enhancements necessary to provide the compliance and accuracy that are essential to our clients' success," says Allen Meigide, director of operations for LoanScoreCard.
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.