Guard Against Mortgage Fraud…with Undisclosed Debt Verifications

Now that the housing market has normalized, mortgage fraud on the rise. Based on Fannie Mae loan reviews completed through the end of January 2017, liabilities increased to 68% in 2016 from 58% in 2015.

Undisclosed debt is the leading cause of mortgage fraud and represents a large portion of lender repurchase demands. In fact, more than 22% of undisclosed debt is obtained by applicants within 10 days of closing. Fannie Mae’s Loan Quality Initiative guidelines recommend that lenders have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process.

Undisclosed Debt Verifications from Credit Plus provide real-time monitoring of borrower credit activity initiated during the “quiet period” – from the initial credit file pull through loan closing. Click here to learn more.

…and FraudPlus

Another way to combat mortgage fraud is through FraudPlus. FraudPlus is a one-stop solution – not a one-size-fits-all program. Our representatives will assist you in selecting the criteria that meets your specific needs and compliance requirements. With FraudPlus, you’ll get exactly the information you need to make informed lending decisions.

  • Three separate reports validate applicant info, property data and participants
  • FraudPlus validates information in an easy-to-read format that clearly spells out areas of caution. You’ll be able to tell at a glance whether your applicant is at risk simply by looking at the summary page for each of our three reports – the Borrower Detail Report, the Property Detail Report, and the Mortgage Participant Detail Report.

For more on these mortgage fraud prevention tools, click here.


icon-searchlogo-credit-plus-inclogo-credit-plusmr-cpplus-orangesocial-linkedinsocial-youtube