FullCircle® Overview
FullCircle® Web-Pro is a Web-Based quality control automation software system for mortgage banks that fund loans (or are seeking to fund loans) through mortgage investors. These Investors may include various government entities (FHA, VA), government-approved entities (Fannie Mae, Freddie Mac), and private investors (larger financial institutions or individuals). In order to use these sources of funding, the investors require that mortgage banks conduct quality control reviews of a percentage (typically 10%) of these loans within 90 days of the origination of the loan. FullCircle® is ideally used for the Quality Control department of mortgage banks and by firms to which the quality control function is outsourced.
Compliance and Risk Management
Since loan reviews are mandatory and require timely review, the FullCircle® Q C Software allows lenders to streamline the quality control review, reducing the time to complete reviews by as much as 50%.
FullCircle® also facilitates multiple types of loan reviews. These include, but are not limited to:
· pre-funding reviews (LQI)
· post-closing reviews
· compliance with Truth-in-Lending & other consumer protection laws
· compliance with rules established by banking regulators
· internal assessment of the quality of mortgage production
· marketing effectiveness
· profitability by type of loan product.
FullCircle® also enables the timely detection of instances of fraud and Identity theft, statistical assessments for Early Payment
Default predictions, and evaluation of portfolios loans for sale or purchase.
Efficiency
The FullCircle® system automates the process of conducting quality control reviews for loans that have been issued or denied. It enables the importation of loan information via a formatted file created by extracting information obtained during the loan origination process and stored in the mortgage bank’s LOS (Loan Origination System). It also allows loan information to be entered manually.
This information, or “aspects” of the loan, includes all qualifying information for each borrower, all property information including property evaluation method, and all information regarding each individual (internal and external) who participated in the loan origination process. In addition, the system recalculates all numeric and statistical information to ensure accuracy of all financial aspects of the loan.
Functionality
All loans brought into the system are stored in a master loan pool, from which the desired quantity of loans can be extracted using FullCircle’s® Automated Loan Selection Wizard (ALS) which enables unbiased selection of loans using random, stratified random, discretionary and/or criteria-based, automated loan selection. ALS takes just seconds to accurately select all of the desired loans. The loan data is then organized into workable loan pools for individual audits.
For quality control purposes, the FullCircle® system enables rapid and complete “re-processing” of each loan in the audit for the purpose of determining the quality and accuracy of the origination of the loan, from borrower application to loan approval or denial. The system automatically re-processes the loan, issuing re-verification documents confirming original verification information, which established the borrower’s qualifications for being granted a loan. FullCircle® also automates requests for credit reports and securely receives and stores credit reports directly into the system.
FullCircle® facilitates the “re-underwriting” (review) of individual loans by a Quality Control Department Reviewer, utilizing built-in checklists with customized (and user-customizable) rule sets appropriate to the type of Audit being conducted. Lastly, FullCircle® provides industry-standard report templates, as well as a customizable report writing tool, and enables Audit Findings to flow automatically into easy-to-comprehend Audit Findings Reports. Audit Findings Reports may be saved to PDF, HTML or RTF files and may be transmitted via secure Intranet and Internet transmission to all appropriate parties.
Expandability
In order to provide maximum efficiency, one FullCircle® system can provide 100 or more independent tiers, or customer levels, each having its own unique loan pools, Audits, Checklists, Address Books and Reports so that different types of loan reviews may be conducted concurrently. Each FullCircle® tier enables an unlimited number of concurrent Audits and advance planning capabilities with real-time production tracking of each system function as well as individual users/workstations. These features make FullCircle® Web-Pro ideally suited for Mortgage Outsourcing Companies.
Security
FullCircle® Web-Pro has the highest level of built-in security and multiple data-protection mechanisms including single-click system lock-down and permissions-driven user access.
Ease of Installation
FullCircle® Web-Pro is now a web-based application, but the original FullCircle® may be installed on a server at the client office. FullCircle® Web-Pro allows access via a password protected user enabling an unlimited number of simultaneous users to work from anywhere there is an internet connection with access 24/7.
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