Press Releases

United Fidelity Funding Corp Rolls Out LoanScoreCard QM Findings

Irvine, Calif. (December 4, 2013) — LoanScoreCard®, provider of automated underwriting engines and compliance solutions, has been adopted by United Fidelity Funding Corp's (UFF) as the QM solution in their wholesale mortgage banking channel.

UFF brokers can now determine whether a file is considered a Qualified Mortgage, with a secondary determination for either Safe Harbor or Rebuttable Presumption based on UFF's loan-level pricing and starting adjusted rate for the selected loan product. For lender-paid compensation the broker's current LO compensation plan is applied as well. The QM points and fees cap can be verified, including the discount points eligible for exclusion, all before the loan is submitted to UFF, saving both the broker and the wholesaler from spending time on non-qualifying loans.

UFF's technology is comprised of a number of different leading Web-based solutions that seamlessly integrate with one another to establish companywide efficacy. The LoanScoreCard QM engine is the latest addition providing a detailed Findings Report to document the file giving brokers and lenders assurance that their loans are QM.

"It's very well thought out. From everything I see and hear, it makes sense and it's logical. The ability to integrate the product into other systems is one of the biggest benefits," said Kevin Marconi, chief operating officer of United Fidelity Funding. "I personally judge these things on how well they work with others, and this could become not just a tool but a standard by which other QM tools are measured."

To schedule a free demonstration of this revolutionary QM solution, contact us today!.