Thursday, October 19, 2017 1:58:04 PM
By Brandon Ivey ... bivey@imfpubs.com
Freddie Mac faced criticism last week from consumer advocates for the way the government-sponsored enterprise’s automated underwriting system handles certain functions involving merged credit reports and Equifax.
A story in The New York Times detailed how Freddie allowed Equifax to act as a “gatekeeper” for certain borrower credit information in Loan Quality Advisor. LQA is a risk and eligibility assessment tool that evaluates loan data to help lenders determine if a loan is eligible for sale to Freddie.
According to the story, Equifax has barred certain credit-reporting firms from providing credit information in LQA. And Fannie Mae was praised for having a more open automated underwriting system that allows credit-information providers to participate at multiple levels.
Equifax didn’t respond to requests for comment regarding the issue. However, officials at Freddie said the claims regarding the GSE and Equifax lacked context.
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