Business, Free News Articles, Software

Mortgage lenders are now able to use FormFree AccountChek to satisfy Freddie Mac’s reverification of employment requirement

ATHENS, Ga. -- FormFree® today announced that its AccountChek® digital asset verification service supports a new enhancement to Freddie Mac's Loan Product Advisor® (LPASM) asset and income modeler (AIM) solution that makes assessment of borrower employment easier, faster, less expensive and more fraud-resistant.

Under Freddie Mac Single-Family Seller/Servicer Guide requirements, with limited exceptions, mortgage lenders must verify each borrower's employment during the initial loan application, then again within 10 days of the loan's closing date. The verification, done prior to closing, is officially known as the 10-day Pre-Closing Verification or "10-day PCV."

To fulfill the Freddie Mac 10-day PCV requirement, lenders have historically had to furnish a verbal, email or written verification of employment (VOE) or pay a third-party service provider for an electronic VOE report. Now, with the latest enhancement to AIM, lenders can automatically satisfy the 10-day PCV requirement using account or payroll data using FormFree's AccountChek.

Automation of the 10-day PCV using account data is available to all Freddie Mac clients effective June 1. Freddie Mac describes the service as "an improved way to assess borrower employment" that offers superior speed, cost and fraud resistance compared to alternatives.

"Verifying a loan applicant's employment in the runup to the loan closing protects lenders, investors and borrowers alike. But the process can be time-consuming and expensive, and it's only gotten worse with so many Americans working remotely," said FormFree Chief Customer Officer Christy Moss. "The Work Number is expensive. Manual employment verification is time-consuming. Using direct-source asset data to fulfill the 10-day PCV is an economical and efficient solution, and it couldn't come at a better time for an industry that is losing sleep over razor-thin margins."

AccountChek streamlines the mortgage process by empowering borrowers to share their asset and payroll data electronically in an underwriter-friendly format lenders can use to assess asset, income, and employment in seconds. By leveraging a business-applicable refresh period, lenders that use AccountChek for a loan applicant's initial employment verification will be able to generate the VOE report within 10 days of closing.

For more information, visit https://formfree.com/pre-closing-verification.

About FormFree:

As the industry's go-to provider for direct-source VOA and VOI/E data, FormFree® helps lenders understand credit risk like never before. Our patented AccountChek® and Passport® products open doors to more inclusive credit decisioning by revealing each customer's true ability to pay (ATP®). We have completed over $3 trillion in loan verifications that help lenders lower operating costs while improving the borrower experience. For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn.

Related link: https://www.formfree.com/

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Business, Free News Articles, Regional Events

Loan Quality Expert Duane Gilkison to Speak at ACES ENGAGE

DENVER, Colo. -- ACES Quality Management® (ACES), the leading provider of enterprise quality management and control software for the financial services industry, has added Duane Gilkison, senior director of loan quality at Fannie Mae, to its speaker line-up for the upcoming ACES ENGAGE conference, taking place at the historic Broadmoor Hotel in Colorado Springs, May 23 - 25, 2022. Gilkison will speak on manufacturing quality and quality control best practices.

Gilkison has more than twenty years of banking and compliance experience. Before joining Fannie Mae, Gilkison worked at PNC Financial Services Group for more than a decade, starting as vice president of operations manager and eventually becoming senior vice president of credit risk. During his tenure at PNC, Gilkison was responsible for all operational areas of credit risk management, leading credit policy, origination quality control, servicing quality control, home equity quality control and audit management teams.

"Given the potential effects of inflation and the purchase-driven mortgage market on loan quality, Duane Gilkison's robust credit risk and loan quality compliance expertise make him an important and welcomed addition to the ACES ENGAGE agenda," ACES CEO Trevor Gauthier said. "Lenders of all stripes must be prepared to shore up their defenses to protect against fraud and defects, and with ACES ENGAGE, we want every attendee to leave with a deeper understanding of proactive quality assurance and compliance and feeling well-equipped to adjust their strategies in the pursuit of maintaining compliance, protecting loan quality and mitigating risk."

ACES ENGAGE will offer a mix of general session presentations, panel discussions and social activities. Attendees have the opportunity to learn from industry experts and thought leaders, network and leave with the knowledge necessary to increase efficiencies, improve productivity and further quality at their organizations.

Register to attend ACES ENGAGE and learn more at https://www.acesquality.com/aces-engage-2022

About ACES Quality Management:

ACES Quality Management is the leading provider of enterprise quality management and control software for the financial services industry. The nation's most prominent lenders, servicers and financial institutions rely on ACES Quality Management & Control Software® to improve audit throughput and quality while controlling costs, including:

* 3 of the top 5 and more than 50% of the top 50 independent mortgage lenders;

* 7 of the top 10 loan servicers;

* 11 of the top 30 banks; and

* 1 of the top 3 credit unions in the USA.

Unlike other quality control platforms, only ACES delivers Flexible Audit Technology, which gives independent mortgage lenders and financial institutions the ability to easily manage and customize ACES to meet their business needs without having to rely on IT or other outside resources. Using a customer-centric approach, ACES clients get responsive support and access to our experts to maximize their investment. For more information, visit https://www.acesquality.com/ or call 1-800-858-1598.

Related link: https://www.acesquality.com/

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Business, Free News Articles, Software

MCT Integrates with the Fannie Mae Connect Whole Loan Purchase Advice Seller API

SAN DIEGO, Calif. -- MCT's award-winning capital markets platform, MCTlive!, is now integrated with the Fannie Mae Connect™ Whole Loan Purchase Advice Seller API. This API connection allows MCT Mark-to-Market and Hedge Accounting Reports to be updated with Fannie Mae purchase data instantly, instead of waiting to run reports through a Loan Origination System (LOS). The integration also allows MCTlive's Loan Commitment Tracker to automatically draw down outstanding commitments as loans are purchased by Fannie Mae.

"We thank Fannie Mae for again providing leadership in API system to system communication in capital markets. As the largest purchaser of whole loans in the MCT lender client base, integrating to the Fannie Mae Connect Whole Loan Purchase Advice Seller API completes a large step in MCT's roadmap for automating and independently verifying performance reporting," said Phil Rasori, COO of MCT. "By removing manual data entry into the LOS the connection to this API will provide more accurate and timely 'Held For Sale' reporting."

MCT is in the process of working with many whole loan buyers to automate the delivery of their purchase advices into MCTlive! MCT can be contacted to start the process of automating purchase advices for whole loan buyers or sellers.

About MCT:

Founded in 2001, Mortgage Capital Trading, Inc. (MCT) has grown from a boutique mortgage pipeline hedging firm into the industry's leading provider of fully-integrated capital markets services and technology. MCT offers an array of best-in-class services and software covering mortgage pipeline hedging, best execution loan sales, outsourced lock desk solutions, MSR portfolio valuations, business intelligence analytics, mark to market services, and an award-winning comprehensive capital markets software platform called MCTlive! MCT supports independent mortgage bankers, depositories, credit unions, warehouse lenders, and correspondent investors of all sizes. Headquartered in San Diego, California, MCT also has offices in Philadelphia, Santa Rosa, Los Angeles and Dallas. MCT is well known for its team of capital markets experts and senior traders who continue to provide the boutique-style hands-on engagement clients love.

For more information, visit https://mct-trading.com/ or call (619) 543-5111.

RELATED LINKS:

https://mct-trading.com/solutions/mortgage-hedging/mctlive/

https://mct-trading.com/contact/

Related link: https://mct-trading.com/

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Business, Free News Articles, Software

FormFree applauds new Fannie Mae positive rent payment history enhancement to Desktop Underwriter as major advancement in homeownership access

ATHENS, Ga. -- ormFree® Founder and CEO Brent Chandler today released a statement commending Fannie Mae's efforts to remove barriers to homeownership by adding a positive rent payment history feature to Desktop Underwriter® (DU®).

The feature, which went into effect September 18, is designed to expand sustainable homeownership - particularly for renters with limited credit history. The feature is anticipated to benefit prospective homebuyers and mortgage lenders alike by increasing the number of applicants who receive an Approve/Eligible recommendation in DU.

"According to Fannie Mae research, factoring in first-time homebuyers' history of consistent rent payments is one significant difference between the lender qualifying and not qualifying applicants for a mortgage," said Steve Pawlowski, senior vice president of Fannie Mae Single-Family Products and Solutions. "Digital technology enables us to pull the data necessary to unlock more homeownership opportunities for qualified renters. Enhancements to Desktop Underwriter such as this one are a step toward making meaningful change."

Using verification of asset (VOA) reports supplied by authorized report suppliers like FormFree, DU automatically identifies recurring rent payments and takes them into consideration when assessing credit eligibility for certain, qualified first-time homebuyers. Only positive rent payment history is considered; DU does not evaluate late or missing rent payments or count them against a borrower.

Lenders using FormFree's AccountChek® VOA reports in conjunction with Desktop Underwriter have already begun taking advantage of positive rent payment history without disrupting current workflows.

"Back in 2015, FormFree identified rent payments as highly relevant to determining a consumer's ability to pay," said Chandler. "In the years since, we've independently developed and honed algorithms that can isolate rent payments in direct-source checking account data with great veracity. We applaud Fannie Mae for embracing this kind of technology as a tool for helping break the cycle of systemic racism that widens homeownership, wealth and quality-of-life gaps."

As a longtime authorized report supplier for the DU validation service, FormFree has an extended history of providing asset data for lenders to verify borrower eligibility. FormFree has also enhanced AccountChek with proprietary features that may not be available in competing VOA solutions. For instance, lenders do not have to order a 12-month AccountChek VOA report to supply 12 months of rent payment history to DU; instead, this feature is available with AccountChek reports of any length, including 30-, 60-, 90- and 180-day reports.

In addition, AccountChek has safeguards in place to ensure the collection of 12-month rent payment history does not unnecessarily expose lenders to non-rent transactions, such as large gift deposits, that occurred more than 90 days but less than 12 months in the past.

For more information about positive rent payment history, visit https://www.fanniemae.com/positive-rent-payments.

Current AccountChek customers who have questions about taking advantage of this feature should contact their FormFree account representative.

About FormFree®

FormFree® is a market-leading fintech company whose revolutionary products AccountChek® and Passport® make for a more inclusive credit decisioning landscape by enabling lenders to understand people's true ability to pay (ATP®). Our vision is to leverage source data and data-driven intelligence to usher in a new era of transparent, fair and liquid credit markets. To date, thousands of U.S. lenders and brokers have ordered millions of FormFree's patented verification reports representing trillions of dollars in loan verifications. FormFree delights borrowers and lenders with a paperless experience, dramatically reduces origination timelines and offers automated analysis and standardized delivery to lenders and investors using a secure ReIssueKey®.

For more information, visit https://www.formfree.com/ or follow FormFree on LinkedIn at https://www.linkedin.com/company/formfree/.

Related link: https://www.formfree.com/

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Business, Free News Articles, Software

SimpleNexus is certified as eClosing solution provider by Fannie Mae and Freddie Mac

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider. The designation affirms that SimpleNexus' Nexus Closing™ eMortgage solution meets both GSEs' technical requirements for eClosing, eNote and eVault functionality and has been tested for compatibility with the GSEs' respective eNote delivery systems.

eMortages are faster, offer improved data quality and can be cheaper to execute than traditional mortgages. Now, approved Fannie Mae and Freddie Mac Seller/Servicers desiring to deliver eMortgages to Fannie Mae and Freddie Mac can use Nexus Closing to create and submit eMortgages to both GSEs. Lenders that work with a pre-tested eMortgage vendor like SimpleNexus can expedite the GSE approval process to deliver eMortgages.

"Nexus Closing gives lenders the flexibility to make the closing experience as digital as they want," said SimpleNexus CEO Cathleen Schreiner Gates. "In addition to giving borrowers more time to review and understand closing documents, Nexus Closing offers lenders substantial ROI with improved operational efficiency, increased data integrity and faster delivery of loans to the secondary market."

Nexus Closing™ provides borrowers a memorably modern closing experience as part of an end-to-end, single-sign-on homebuying experience that increases repeat and referral business. The solution comes with integrated remote online notarization (RON) and eSigning, automatic generation of a tamper-sealed eNote document and delivery of the eNote into a secure eVault for delivery to the MERS® eRegistry.

To view Fannie Mae's complete eClosing Technology Service Provider List, visit: https://singlefamily.fanniemae.com/applications-technology/eclosings-emortgages

To view Freddie Mac's Reviewed Vendor List for eMortgage, visit: https://sf.freddiemac.com/working-with-us/electronic-loan-documents/reviewed-vendor-list

For more information about Nexus Closing™ eMortgage, visit: https://www.simplenexus.com/emortgage/

About SimpleNexus, LLC:

SimpleNexus is a homeownership platform transforming the mortgage experience and connecting borrowers, loan officers, real estate agents and settlement service providers throughout the homebuying process. The platforms' native mobile toolset enables lenders to originate, process and close home loans from anywhere with increased efficiency and convenience. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals, sign disclosures and execute eClosings - all on the go. SimpleNexus provides borrowers with a single sign-on experience from home search to the application, document upload, eClose and beyond for a more streamlined homeownership journey.

Learn more at: https://www.simplenexus.com/

Twitter: @SimpleNexus #digitalmortgage #mortgageindustry #mortgagelending #eMortgage #eClosing

Related link: https://simplenexus.com/

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Business, Free News Articles, Software

SimpleNexus is certified as eClosing solution provider by Fannie Mae and Freddie Mac

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, is now a Fannie Mae- and Freddie Mac-reviewed eClosing solution provider. The designation affirms that SimpleNexus' Nexus Closing™ eMortgage solution meets both GSEs' technical requirements for eClosing, eNote and eVault functionality and has been tested for compatibility with the GSEs' respective eNote delivery systems.

eMortages are faster, offer improved data quality and can be cheaper to execute than traditional mortgages. Now, approved Fannie Mae and Freddie Mac Seller/Servicers desiring to deliver eMortgages to Fannie Mae and Freddie Mac can use Nexus Closing to create and submit eMortgages to both GSEs. Lenders that work with a pre-tested eMortgage vendor like SimpleNexus can expedite the GSE approval process to deliver eMortgages.

"Nexus Closing gives lenders the flexibility to make the closing experience as digital as they want," said SimpleNexus CEO Cathleen Schreiner Gates. "In addition to giving borrowers more time to review and understand closing documents, Nexus Closing offers lenders substantial ROI with improved operational efficiency, increased data integrity and faster delivery of loans to the secondary market."

Nexus Closing™ provides borrowers a memorably modern closing experience as part of an end-to-end, single-sign-on homebuying experience that increases repeat and referral business. The solution comes with integrated remote online notarization (RON) and eSigning, automatic generation of a tamper-sealed eNote document and delivery of the eNote into a secure eVault for delivery to the MERS® eRegistry.

To view Fannie Mae's complete eClosing Technology Service Provider List, visit: https://singlefamily.fanniemae.com/applications-technology/eclosings-emortgages

To view Freddie Mac's Reviewed Vendor List for eMortgage, visit: https://sf.freddiemac.com/working-with-us/electronic-loan-documents/reviewed-vendor-list

For more information about Nexus Closing™ eMortgage, visit: https://www.simplenexus.com/emortgage/

About SimpleNexus, LLC:

SimpleNexus is a homeownership platform transforming the mortgage experience and connecting borrowers, loan officers, real estate agents and settlement service providers throughout the homebuying process. The platforms' native mobile toolset enables lenders to originate, process and close home loans from anywhere with increased efficiency and convenience. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals, sign disclosures and execute eClosings - all on the go. SimpleNexus provides borrowers with a single sign-on experience from home search to the application, document upload, eClose and beyond for a more streamlined homeownership journey.

Learn more at: https://www.simplenexus.com/

Twitter: @SimpleNexus #digitalmortgage #mortgageindustry #mortgagelending #eMortgage #eClosing

Related link: https://simplenexus.com/

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Business, Free News Articles, Software

SimpleNexus Unveils Sweeping Product Enhancements Aimed at Boosting Mortgage Lender Productivity

LEHI, Utah -- SimpleNexus (https://simplenexus.com/), developer of the leading digital mortgage platform for loan officers, borrowers and real estate agents, today announced the immediate availability of new capabilities designed to enhance mortgage originator productivity.

The product enhancements, unveiled earlier this month from the stage of SimpleNexus' annual user conference in Snowbird, Utah, include the following additions to SimpleNexus' mobile and web applications:

* On-the-Go Price Locking via Optimal Blue
Loan originators can now lock in an interest rate from Optimal Blue at any time, from any device. The ability to quickly lock in a loan interest rate is especially critical to helping loan originators reduce fallout for applicants with tight debt-to-income ratios.

* URLA Readiness
SimpleNexus has updated its tech stack to support lenders' use of the redesigned Form 1003, also known as the Uniform Residential Loan Application (URLA). URLA support is in live production for users of select loan origination systems, and the SimpleNexus team is prepared to support additional LOSs as they adopt URLA.

* In-app review of DU findings
Loan originators who are licensed to use Fannie Mae's Desktop Underwriter® (DU®) can review their DU findings within the SimpleNexus app.

According to SimpleNexus VP of Product Shane Westra, these and other new features entered live production with SimpleNexus' February 10 product release. Westra also shared the company's plans to release half a dozen additional product enhancements in 2020.

"At SimpleNexus, product development begins with listening to the needs of our users," said SimpleNexus VP of Product Shane Westra. "The response to these new capabilities, designed to help lenders work with ease no matter where they are, has been tremendously positive. Our product roadmap for 2020 will continue to focus on solutions that drive profitability and deliver a consumer-grade experience to all users."

Just last month, SimpleNexus added a dynamic task list feature, which allows lenders to set rules for configuring the documents requested from borrowers ("needs list") on the fly based on borrower responses to loan application questions. For instance, if a borrower is self-employed, the task list will automatically adjust to collect the additional documentation required from self-employed borrowers.

About SimpleNexus, LLC:

SimpleNexus is the digital mortgage platform that enables lenders to originate and process loans from anywhere. The company's best-in-class, easy-to-use app connects loan officers to their borrowers and real estate agents to easily communicate and exchange data in a single location throughout the entire loan life cycle. Loan officers can manage their loan pipelines, order credit, run pricing, send pre-approvals and sign disclosures - all on the go.

Twitter: @SimpleNexus #digitalmortgage #SNUG2020 #domore @FannieMae

Related link: https://simplenexus.com/

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Business, Free News Articles

MQMR: FNMA Updates to Selling Guide Compels Lenders to Conduct Independent Audit Reviews of QC Process Before Year’s End

LOS ANGELES, Calif. -- Mortgage Quality Management and Research, LLC (MQMR) President Michael Steer reminded lenders to conduct an independent audit review of their quality control (QC) process immediately in deference to updates to "Subpart D1, Lender QC Process" of the Fannie Mae Selling Guide.

Among other changes, Fannie Mae made explicit its requirements for independently auditing QC processes, which must be included in seller/servicers' QC plan and implemented by January 1, 2020:

* The lender must have an independent audit process to ensure that its QC process and procedures are followed by the QC staff, and that assessments and conclusions are recorded and consistently applied. The findings must be accurately recorded and consistent with the defects noted in the lender's system of record.

* Results of the QC audit must be distributed to senior management. It must include an affirmative statement that no influence from other business units or bias in the QC conclusions was apparent. Management must distribute the results to the appropriate areas within the organization and an action plan must be established for remediation or changes to policies or processes, if appropriate. The lender must provide a copy of the QC audits and the audit of the QC process to Fannie Mae upon request.

"Regulators have been and are increasingly requiring lenders to build a firewall between the review/audit function and the processes and departments under said review and provide evidence that such a firewall exists. With both monetary and labor resources at a premium, this can be a tall order for a lender to achieve internally," said Steer. "Outsourcing this function to an experienced third party helps ease the financial and personnel burdens of meeting these kinds of changes, especially when given a narrow window for compliance like Fannie Mae has done here."

"Unofficially, we're also hearing that lenders that have not performed an audit of their QC function within the last two years will be cited for this oversight in their next MORA exam so lenders would be well advised to complete this audit as soon as possible," Steer said. "With January 1, 2020 right around the corner, lenders are focusing their efforts today on volume, end-of-year MERS audits, financial audits and 2020 strategic planning. Thus, it makes sense for Fannie Mae seller/servicers to partner with MQMR, the industry leader for internal audit, to perform an audit of the lenders' QC functions to meet these new requirements."

For more information on Fannie Mae's requirements for independent QC process audits, read MQMR's free compliance newsletter, "FAQ: FNMA Update - It's All About the Independence!"

About Mortgage Quality Management and Research, LLC:

MQMR helps its clients climb higher by bridging the gap between risk and compliance through its suite of risk-related services. MQMR provides mortgage compliance consulting throughout the origination process, conducting internal audit risk assessments and ongoing internal audit support, servicing QC and subservicing oversight to master servicers, and filling the void of meeting vendor management oversight requirements. With 2,000+ operational reviews of mortgage companies, subservicers, document custodians, and vendors annually, MQMR prides itself on being the mortgage industry partner of choice for audit, risk and compliance. To learn more, visit mqmresearch.com, subsequentqc.com, and hqvendormanagement.com.

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Alliances and Partnerships, Business, Free News Articles, Software

Veros and IDS Partner on Integrated Solution for Fannie Mae and Freddie Mac UCD Data Submissions

SANTA ANA, Calif. -- Veros Real Estate Solutions (Veros(R)), a leading developer of enterprise risk management, collateral valuation, and predictive analytics services, and mortgage document preparation vendor International Document Services, Inc. (IDS) announced today that they have partnered to provide lenders with a fully integrated automated delivery solution for submitting the Uniform Closing Dataset (UCD) to the Government Sponsored Enterprises (GSEs).

The Veros and IDS partnership creates a fully integrated UCD data file creation solution and submission solution. By offering lenders a single, integrated solution - similar to the Uniform Collateral Data Portal (UCDP) - and combining IDS's UCD XML file creation capability with Veros' Pathway UCD submission system, both Veros and IDS ensure full compliance with the GSEs' June 25, 2018 mandate.

"IDS is widely recognized as a leader in the mortgage document preparation space, and we are pleased to partner with them to provide lenders with a single, integrated solution to ensure compliance with the GSEs' upcoming UCD data submission requirement changes," said Robert Walker, CMB, CMT and Vice President of Sales at Veros.

According to a January 30, 2018 joint announcement made by Fannie Mae and Freddie Mac, warning UCD edits in the GSEs' respective delivery systems related to non-submission or unsuccessful UCD submission will become critical or fatal effective June 25, 2018. In addition to the edits that will turn fatal in the GSEs' delivery systems, the UCD warning edit for embedding the PDF will also convert to fatal, resulting in a "Not Successful" status, as of the June mandate.

Both GSEs are recommending that lenders prepare for the change by submitting "Successful" UCD files prior to delivering their loans, as appropriate. In response to the joint announcement from January, IDS has updated its proprietary idsDoc platform to support the directive and issued a press release on April 11, 2018 urging lenders to begin troubleshooting UCD files that resulted in a "Not Successful" status.

"IDS has been gathering feedback from our clients in an effort to error-proof the UCD submission process before the upcoming changes," added Matthew Mackey, Director of Sales and Marketing at IDS. "Veros' expertise in working with automation and providing the technology powering the UCDP make them an excellent partner not only in this endeavor, but also in our overall goal to make idsDoc as seamless and efficient as possible for our clients."

For more information about the IDS and Veros UCD solution, contact Matthew Mackey at 800-554-1872, ext. 134 or matthew@idsdoc.com.

About Veros Real Estate Solutions:

Mortgage technology innovators since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros' services include automated valuation, fraud and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is also the primary architect and technology provider of the GSEs' Uniform Collateral Data Portal (UCDP) and FHA's Electronic Appraisal Delivery portal (EAD). For more information, visit http://www.veros.com/ or call 866-458-3767.

About IDS, Inc.:

IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include electronic signatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regards to major industry compliance changes. Learn more at: http://info.idsdoc.com/.

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Business, Free News Articles

IDS, Inc. Advises Mortgage Lenders to Address UCD Warnings Prior to June 25 Deadline

SALT LAKE CITY, Utah -- Mortgage document preparation vendor, International Document Services, Inc. (IDS), has announced it is advising all lenders to begin troubleshooting warnings from Fannie Mae and Freddie Mac's Uniform Closing Dataset (UCD) portal regarding missing information in their UCD files. Effective June 25, 2018, the GSEs will fire a fatal edit in their Loan Delivery systems if the UCD status is "Not Successful" or a UCD was not submitted.

"IDS has been monitoring our users' experience with the UCD XML file submission process closely since UCD went into effect last September, and the announcement of the June enforcement date has only enhanced our focus," said IDS Vice President and General Manager Mark Mackey. "Because edit messages can vary from lender to lender, we are encouraging our customers to reach out as quickly as possible and notify us of the edit messages they're receiving so that we can best advise them on the adjustments that need to be made."

While Fannie Mae and Freddie Mac utilize the same XML file format for UCD delivery, lenders may observe differences in the warnings they receive from each, Mackey explains, and should address warnings from each separately.

"The more feedback we receive from our customers on this, the better we're able to address these issues early so that the loan process continues to run smoothly," Mackey added. "In many of the early cases we've seen, data entry errors are the most common trigger, though data mapping issues between loan origination systems and idsDoc may also be a possible trigger. As an added layer of protection, IDS can add audits, notes and/or notifications to idsDoc to help lenders ensure successful submission of their UCD XML files."

About IDS, Inc.:

IDS, a Reynolds and Reynolds company, was founded in 1986 in Salt Lake City, Utah, and is a nationwide provider of mortgage documents and compliance. IDS services include electronic signatures, closing documents, initial disclosures, document fulfillment and integration with leading loan origination systems and eClosing platforms. The IDS flagship doc prep solution, idsDoc, is recognized in the industry for its ability to be customized to meet specific lender needs, particularly in regards to major industry compliance changes. Learn more at: https://info.idsdoc.com/.

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