Undisclosed Debt Notification Services
Monitoring & notification of consumer credit activity between time of original credit pull and closing
Close more loans by preventing closing-day surprises
Protect loans in underwriting with daily notification of credit changes
Instantly focus Customer Service activities on accounts most requiring your attention
Prevent buy-back risk
Stop closing-table surprises
Know when the competition is attempting to steal your applicant!
Undisclosed Debt Notifications provide email alerts on a daily basis of borrower credit activities including:
New trade lines
New late/delinquent payments
As a CIS client, you control when to activate alerts and what activities you require alerts to address. Based on your readiness to move the loan forward, activate UDN on 1, 2 or all 3 bureaus, per your company set-up and requirements. A look-back period covers the timeframe from the date of the original credit file pull to the date you activate UDN. Undisclosed Debt Notifications fulfill directives from FNMA SEL-2010-11: “…every mortgage loan delivered to Fannie Mae must be underwritten to establish that the borrower has the willingness & ability to repay the debt…Fannie Mae expects lenders to have in place 1) processes to facilitate borrower disclosure of changes in financial circumstances through the origination process and 2) pre-funding quality control processes to increase the likelihood of discovery of material undisclosed debts”
Undisclosed debt notifications also alert you to new inquiries – helping you protect your applicants from being taken away by the competition!