Fannie Mae’s Loan Quality Initiative
Fannie Mae uses the Loan Quality Initiative (LQI) to ensure each loan it purchases meets strict underwriting standards. One important standard of the Loan Quality Initiative requires lenders to verify borrowers’ credit one last time before closing, to see if any changes have occurred. Using the LQI report or Loan Quality Cross Check (LQCC) report from Factual Data can help reduce the risk of approving loans that do not conform to Fannie Mae’s requirements.
Compare New and Old Credit Data
Receive a comprehensive report that calls attention to the differences between an initial credit report and what is currently reported.
Receive data including credit summary changes, changed tradelines, changed scores (optional), new tradelines, new public records, and new inquiries.
Request one, two or all three credit bureaus to be included in the LQCC report. For an added cost, reports can be upgraded to add repositories after the initial report has been generated.
Pre-Closing Verification
The LQI report offered by Factual Data can help you meet Fannie Mae® underwriting requirements with confidence.
Use the LQI credit report to expose borrower debt so that you may disclose it in the final loan application.
The LQI report can be delivered with or without FICO scores included.
Get More Information
For decades, credit reports from Factual Data have been relied upon by the mortgage lending community for their accuracy, clarity, and the ease of access through POS, LOS and online ordering platforms. Now, take advantage of our solutions designed to help you meet the requirements of Fannie Mae’s Loan Quality Initiative.
Getting Started
Provide your contact information and a Factual Data representative will be in touch to schedule a no-pressure chat or informative demo session.