Integrations

Summary:
Expand LendingWise’s CRA (Credit Reporting Agency) integration hub by integrating with Xactus to provide tri-merge credit reports, soft pulls, background checks, flood zone determinations, and Automated Valuation Models (AVMs).

Description:
Adding Xactus to LendingWise’s vendor integration hub will provide users with a versatile set of tools for borrower evaluation and property due diligence. Xactus is a leading provider of real estate data and credit services, making it an excellent addition to the LendingWise platform.

Key Features of the Integration:

Tri-Merge Credit Reports:

Provide detailed tri-merge credit reports (Experian, Equifax, TransUnion) for borrower assessments.
Automatically integrate borrower credit details into loan applications.
Soft Credit Pulls:

Enable soft credit inquiries to assess borrower creditworthiness without impacting credit scores.
Useful for pre-approvals and initial borrower evaluations.
Background Checks:

Include comprehensive borrower background checks to ensure compliance and reduce risk.
Verify criminal records, public filings, or financial judgments.
Flood Zone Determinations:

Provide flood zone information for properties based on FEMA maps and other authoritative sources.
Flag high-risk properties for lender awareness.
Automated Valuation Models (AVM):

Offer instant property valuations to streamline underwriting.
Use AVMs for initial property assessments, reducing reliance on full appraisals early in the process.
Streamlined Workflow:

Integrate Xactus results directly into LendingWise borrower profiles and loan files for easy access and review.
Automate ordering of reports based on triggers like loan application submissions or borrower pre-approvals.
Flexible Ordering Options:

Allow users to order Xactus services individually or bundle them based on their workflow needs.
Provide cost transparency and options to pass through fees to borrowers.
Compliance and Data Security:

Ensure integration meets FCRA and GLBA requirements for secure handling of borrower data.
Maintain full audit trails for compliance.
Why This Is Valuable:

Efficiency: Consolidates essential borrower and property checks within LendingWise, saving time and reducing manual processes.
Enhanced Underwriting: Improves decision-making by providing comprehensive data on borrowers and properties.
Flexibility: Offers a wide range of services to meet diverse lender needs across different loan types and geographies.
Scalability: Supports high-volume loan processing with automated workflows and real-time results.
Competitive Advantage: Adds value to LendingWise by offering a one-stop hub for credit, property, and compliance data.