IRVINE, CA--(Marketwired - Nov 15, 2013) - LoanScoreCard™, provider of automated underwriting engines and compliance solutions, has been reviewed by Wells Fargo and provides the data needed to complete their pre-purchase points and fees review. The LoanScoreCard QM Findings Report can now be submitted to Wells Fargo in lieu of its Fee Details Form.
"We are honored to be the first acceptable vendor alternative," said Allen Meigide, director of operations at LoanScoreCard. "We were the first QM solution on the market, and our customers will be pleased with the time saved in leveraging our QM Findings on loans delivered to Wells Fargo."
"The LoanScoreCard QM Findings is quick and user friendly. The findings clearly outline how a loan complies with QM requirements," said Chirag Amin, Buffalo operations & underwriting manager at Premium Mortgage. "With an ever-so-quickly changing environment, these findings help streamline our process and efficiency to the upcoming mortgage environment we all will be facing."
LoanScoreCard has rendered more than 35,000 QM Findings Reports to date and is available to users of major Loan Origination Systems. It can also be directly accessed via browser at LoanScoreCard.com or integrated into any proprietary system through web services. Brokers, lenders, wholesalers and investors stand to benefit from having a LoanScoreCard QM Findings in every file.
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.
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