Press Releases

LoanScorecard Delivers New HUD / FHA QM Rule in Record Time

Irvine, California (December 17, 2013) – In an effort to remain proactive, LoanScorecard™ has implemented the recently released FHA QM final rule on Safe Harbor in its December 16 update, literally days after the rule's promulgation. LoanScorecard, provider of automated underwriting engines and compliance solutions, is believed to be the first QM solution firm to provide this important service.

FHA issued its own Safe Harbor definition December 11, 2013.

Safe Harbor Qualified Mortgages will be loans with APRs equal to or less than APOR + 115 basis points (bps) + on-going Mortgage Insurance Premium (MIP). These mortgages offer lenders the greatest legal certainty that they are complying with the Ability-to-Repay standard.

"Our QM engine has rendered more than 53,000 reports since our production release in August, and we're currently generating in excess of 900 QM reports daily. We will continue to rapidly deploy any enhancements necessary to provide the compliance and accuracy that are essential to our clients' success," says Allen Meigide, director of operations for LoanScorecard.