Kroll Factual Data, Inc. (“Kroll Factual Data”), a leading provider of independent verification services to mortgage lenders, banks, credit unions and property management firms, and Ellie Mae, Inc., a leading provider of enterprise-level, on-demand automated solutions for the residential mortgage industry, announced today the addition of several Kroll Factual Data product integrations into Encompass360 ®, Ellie Mae’s end-to-end residential mortgage management software solution. Kroll Factual Data’s Loan Review Report (LRR), a product specifically designed to help clients comply with Fannie Mae’s Loan Quality Initiative (LQI), became available February 7. Future Kroll Factual Data releases, all planned for the first half of 2013, will include Third Party Verifications and Risk Mitigation services. Kroll Factual Data Bureau Express Credit Reports and Flood Determination Reports are already integrated with Encompass360.
A primary focus of Fannie Mae’s LQI is to stem the influx of repurchase demands by capturing critical loan data earlier in the lending process and validating it before, during and immediately after loan delivery. Kroll Factual Data’s Loan Review Report is designed to simplify the process of identifying undisclosed liabilities, helping lenders comply with the guidelines established in the LQI and mitigate the risk of buy-back requests. As an independent verification tool, Loan Review Report is an efficient and cost-effective solution that includes a credit report, updated tradeline balances and a Mortgage Electronic Registration System (MERS) search.
“What is important to Kroll Factual Data is providing valuable solutions to the industries we support. Partnering with Ellie Mae and integrating our services like the Loan Review Report within Encompass360 will be very beneficial to our mutual customers, and we are very proud of this partnership,” said Damon Littlejohn, Director Channels and Alliances at Kroll Factual Data. “With the heightened scrutiny from investors on the completeness and accuracy of information underlying loan decisions, having Loan Review Report available within Encompass360 is especially timely for lenders concerned with mitigating this risk.”
Focused on the residential mortgage industry, Ellie Mae is a leading provider of enterprise-level, on-demand automated solutions. “Kroll Factual Data’s customer-centric approach fits nicely with our commitment to delivering the best technology and services to automate and streamline the mortgage lending process,” said Richard Roof, senior vice president of business development at Ellie Mae. “Integrating additional Kroll Factual Data loan quality solutions to Encompass360 will be a great benefit to the more than 73,000 mortgage professionals at the thousands of banks, mortgage companies and credit unions that utilize Ellie Mae technology.”