LoanLogics Unveils Action Plan Reporting in Latest LoanHD® Release
New version of loan quality management platform lets lenders create, monitor and report on the results of action plans as required by Fannie Mae and Freddie Mac
March 2, 2017 — Trevose, PA — LoanLogics, a recognized technology leader in loan quality management and performance analytics, today announced the release of Version 2.13 of its LoanHD® Loan Quality Management platform, which now enables lenders to create, monitor and report on the results of action plans required by Fannie Mae and Freddie Mac. The LoanHD® new Action Plan Reporting tool enables a lender to create specific action plans based on the frequency and sources of defects. Defects can then be easily monitored and plans tracked to see the results of your corrective actions.
When combining this feature with the speed and accuracy the LoanHD platform delivers through advanced automation, lenders can now get results much faster than they could with any other commercial solution. This also means that the lender can implement changes to processes and procedures more quickly, thus minimizing risk exposure.
According to Fannie Mae’s seller’s guide, lenders are responsible for creating quality control reports that evaluate and monitor their origination processes and identify issues that need to be addressed to reduce defect rates and improve loan quality. After identifing these issues, lenders are required to establish an action plan that includes corrective actions and a time frame for implementation. Freddie Mac has similar requirements.
“Right now, lenders are trying to create these beautiful looking reports, but the GSEs want more than that — they want lenders to demonstrate what they are actually doing to affect change and to monitor the results,” LoanLogics CEO Brian Fitzpatrick said. “LoanHD® makes compliance with these requirements easy, so that lenders can focus their efforts on actually improving loan quality, not creating reports. While other providers offer loan quality reporting tools, no other technology addresses Fannie Mae’s action plan requirements as thoroughly as LoanHD®.”
Currently, most lenders are producing QC reports on a quarterly basis that identify the top defects in their loans and what is causing them. By automating and simplifying the process of creating and monitoring action plans, LoanHD® saves lenders days and even weeks versus doing it on their own.
“Quality control is not just about reporting—it’s about finding the issues and correcting them,” said LoanLogics Director of Loan Quality Solutions Dave O’Malley. “Regulators are adament that lenders be able to demonstrate whether their action plans actually work. With LoanHD®, lenders create any number of action plans, monitor them with a single mouse click, and instantly find out how effective they are. There is nothing on the market like it.”
LoanLogics was founded 12 years ago to improve the transparency and accuracy of the mortgage process and improve the quality of loans. LoanLogics serves the needs of residential mortgage lenders, servicers, insurers, and investors that want to improve loan quality, performance, and reliability throughout the loan lifecycle. It develops advanced solutions that help clients validate compliance, improve profitability, and manage risk during the manufacture, sale, and servicing of loan assets. Achieving these goals was the motivation in the development of the industry’s first Enterprise Loan Quality and Performance Analytics Platform. To learn more, visit www.LoanLogics.com.