Software Verifies FHA Borrower's Ability to Repay
Kroll Factual Data released a new software product that provides an additional layer of verification for correspondent lenders of Federal Housing Administration (FHA)-insured loans. Under new FHA guidelines, brokers won’t be required to receive independent FHA approval for origination eligibility. Brokers will instead be required to originate through an FHA-approved lender, leaving the liability of underwriting quality control and borrower’s ability to repay a broker-originated loan in the hands of the lender. Kroll's Independent Verification software can verify a borrower’s ability to repay a loan, in addition to other customizable verifications and risk assessment analytics a lender requires. Loveland, Colo.-based Kroll Factual Data is a mortgage lender business information provider and a unit of risk-consulting company Kroll, a subsidiary of Marsh & McLennan Companies (MMC). Write to Austin Kilgore.