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Overview
EarlyCheck™ is a new web-based
program that provides lenders with access to Fannie Mae Loan
Quality Initiative (LQI) delivery data checks at any point in the
lender's business process. The goal is to help lenders identify
potential problems prior to loan delivery.
The initial offering of EarlyCheck has these access options:
- Support for loans prior to closing:
weekend of September 25, 2010, two new EarlyCheck access options
were implemented.
- An integration solution that can be
directly integrated with a lender's LOS
- A Web-based user
interface
- Support for loans in post-closing through
the pre-delivery stage: effective with the July 26, 2010 Loan
Delivery Release Notes, lenders ccess EarlyCheck data checks via
the Loan Delivery system.
EarlyCheck has its own web page at
eFannie.com that contains all the information needed to get
started, including Registration, Release Notification, Additional
Services, Resources, Training and Education, and Support.
The Early Check facility responds in real-time, and Fannie claims
it offers loan-level results in a user-friendly report or data
file. Findings contain messages that highlight the issues that need
to be resolved (i.e., failed checks), the corresponding delivery
severities, and key result data (including key calculated values
and the standardized property address for the subject
property).
For DU loans, the findings also show a comparison of the input
loan data with the data used in the most recent DU submission, as
well as key DU Underwriting Findings information.
There is also a new management reporting capability that assists
lenders in monitoring usage of the EarlyCheck access options for
loans prior to closing and help identify recurring potential
eligibility and/or data quality issues that may need to be
addressed.
We have been keeping you up to date on Fannie's LQI
developments, guidelines, and requirements.
For more information
and documentation, please visit eFannie's LQI web
page.
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Highlights
Identify
Potential Data Issues
- Helps
identify potential data issues early in the loan process, when they
can be remedied more effectively through:
-
- Fewer
delivery stops and corresponding financial and operational
impacts;
- Less
manual error resolution during the delivery process and
post-purchase;
- Reduced
funding/pooling delays resulting from delivery issues.
Process
Points Access
- At
any point in their processes prior to delivery:
-
- Underwriting
- Prior
to loan closing
- Prior
to funding correspondent loans
- During
post-closing and secondary marketing process
Supports Various Underwriting
Methodologies
- Manually underwritten loans
Checks
- DU Compare (comparison of input loan application data with the
data used in the most recent DU submission)
- Other basic eligibility and data integrity checks.
The initial release does not
include:
- Product eligibility checks (loan terms, mortgage insurance
coverage, Etc.)
- Customer contract and commitment pricing checks
Access Options
- Via the Loan Delivery system to support loans in the
post-closing stage. Users can import a Fannie Mae 2000-character
delivery file, run the checks, and view or download the
results.
- EarlyCheck access options to
support loans prior to loan closing include:
-
- An integration option that can be
directly integrated with a lender's LOS via a DU-like integration
solution (i.e., it takes a 1003 flat file or MISMO AUS 2.3.1 file
as input and returns viewable results and/or a result data
file).
- A Web-based user interface that
enables a user to import loan data in a 1003 flat file format
(which can be exported from most loan origination systems) or the
MISMO AUS 2.3.1 file format, run the checks, and view the
results.
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Visit
Library for Issuance
EarlyCheck™ FAQs, July 29, 2910
EarlyCheck™ Release Notification, July 29, 2010
Loan Delivery Release Notes, July 26, 2010
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Lenders Compliance
Group is the first full-service, mortgage risk
management firm in the country, specializing exclusively in
mortgage compliance and offering a full suite of hands-on and
automated services in residential mortgage
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We are pioneers in outsourcing solutions for mortgage compliance.
This communication is sent to our valued clients and colleagues,
who regularly receive our Advisory Bulletins, Mortgage Compliance Updates,
and Compliance
Alerts.
These publications are free to subscribers. Information contained
herein is not intended to be and is not a source of legal
advice.
� 2007-2010 Lenders Compliance Group, Inc. All Rights
Reserved.
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