A new loan quality tool promises to help residential lenders improve their quality control and reduce the risk that they will receive repurchase demands.
The launch of Quality Insight was announced Tuesday. The new tool assesses loan data and the accuracy of loan documents.
The new service reportedly evaluates home loan data against lender and investor criteria to identify and track exceptions.
Lender Processing Services Inc. which delivers the tool through its open technology platform, said Quality Insight helps ensure compliance with investor and lender requirements for single-family loan salability.
“The tool provides a universal set of loan evaluation criteria that can be configured by clients to create an easy-to-read overall loan assessment featuring summary data, issues identified and support for remediation and exception processing,” LPS said in the announcement. “The solution’s reliable, consistent feedback helps improve loan quality accuracy and data transparency and eliminates the need for slow, expensive and less reliable manual audit checks.
According to LPS, Quality Insight improves accuracy and quality, simplifies remediation of suspense issues and reduces cycle times through decreased rework.
As a result, the new offering can help cut repurchase risk, reduce costs, save time and improve data integrity, the Jacksonville, Fla.-based service provider said.
