Solutions to help lenders comply with Fannie Mae’s new Loan Quality Initiative – Effective June 1, 2010

SSN and Taxpayer Identification Number (ITIN) Verification
Disclosure of New or Undisclosed Liabilities

SSN and Taxpayer Identification Number (ITIN) Verification
Due to incomplete or inaccurate SSN and ITINs, loan repurchases have been increasing over the last three years. To mitigate repurchase risk, Fannie Mae’s Loan Quality Initiative will be requiring lenders to take steps to verify the accuracy of the borrower’s SSN and ITIN.

In response to these new requirements, SettlementOne is providing lenders with a fully automated and simple-to-use solution available from their platform to help lenders remain in compliance.

Service Benefits:

To learn more about our SSN verification solution and complying with the Loan Quality Initiative, contact SettlementOne.

Disclosure of New or Undisclosed Liabilities
Fannie Mae’s Loan Quality Initiative directs lenders to actively evaluate any actions that may affect a borrower’s ability to repay a loan, including any undisclosed liabilities. Such liabilities may include new inquiries, new tradelines, late payments, or an increase in debt. If lenders find that additional credit was obtained through a refreshed credit report, a verification of that debt must be provided and the borrower must be re-qualified with the monthly payment.

To further mitigate repurchase risk, SettlementOne has developed a new solution that will allow lenders to seamlessly comply with Fannie Mae’s new changes without affecting your operational efficiency.

Service Benefits:

To learn more about our Comparative Analysis Report solution and complying with the Loan Quality Initiative, contact SettlementOne.