Mortgage Cadence, LLC, Denver, a leading provider of Enterprise Lending Solutions (ELS), Loss Mitigation Technology and Document Services for the financial services industry, announces the direct integration with EarlyCheck in support of Fannie Mae’s Loan Quality Initiative (LQI). EarlyCheck provides users with access to Fannie Mae’s data checks at any point in the lender’s business process. Validating critical data prior to delivering a loan to Fannie Mae provides increased certainty for the lender and ultimately reduces funding and pooling delays after submission.
To promote improved loan delivery data, Fannie Mae launched the Loan Quality Initiative (LQI). In order to better assist lenders with the new guidelines, EarlyCheck was developed to ensure that delivered loans meet standard and negotiated terms with fewer delivery stops. EarlyCheck helps lenders identify data issues early on in the loan process, eliminating delivery stops by Fannie Mae. This service also offers multiple data checks including DU findings validation, identity checks, property and occupancy checks as well as eligibility and calculation verification.
“Mortgage Cadence has always been, and continues to be, incredibly proactive in providing our clients with solutions that not only adapt to, but take advantage of, industry change,” stated Chuck Kimball, executive vice president of product management for Mortgage Cadence. “We are offering a direct integration with EarlyCheck to allow our clients to easily and quickly validate data to eliminate errors before submitting a loan to Fannie Mae. We will continue to stay abreast of industry changes and advance our solutions accordingly in order to provide our clients with the competitive advantages they need in this ever-changing market.”
Through this seamless integration, lenders are able to submit a loan to EarlyCheck, retrieve the data file and analyze the results all without leaving Mortgage Cadence Orchestrator. In the initial release, results from EarlyCheck can also be used to drive workflow and initiate correspondence to assist lenders with error resolution. By providing this direct integration with EarlyCheck, Mortgage Cadence continues to offer its customers integrated tools that allow them to efficiently manage the entire lending process within one enterprise platform. Mortgage Cadence will continue to progress with the ever-evolving lending industry in order to be the last open lending and financial services platform its clients will ever need.