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Credit Plus, Inc. Introduces Real-Time Undisclosed Debt Verifications from All Three Credit Bureaus

January 09, 2014

 

Valuable tool offers protection against loan buybacks and helps meet LQI requirements

 

Salisbury, Md., January 9, 2014 – Credit Plus, a leader in the mortgage information industry since 1928, announces that it has expanded its Undisclosed Debt Verifications service and is now offering updates from all three repositories. Credit Plus is the first in the industry to offer debt verification updates from every bureau. Undisclosed Debt Verifications provide real-time monitoring into applicant credit activity from the initial credit file pull through closing.

“Credit Plus prides itself on being at the forefront of the industry, delivering solutions that enable lenders to make sound lending decisions. Undisclosed Debt Verifications from all three bureaus, provide lenders with the information they need to help ensure they are in compliance with GSE requirements,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus.

Lenders can choose to receive Undisclosed Debt Verifications from one, two or all three bureaus. These Verifications provide comprehensive information about new tradelines, inquiries, secondary reissues, bankruptcies, judgments, liens, collections, late payments, and more. By utilizing three-bureau Undisclosed Debt Verifications, lenders can move forward with closings confident that they have a clear picture of each applicant’s financial standing.

Reduces risk for costly loan buybacks and meets GSE requirements

The GSEs are now electronically validating 100 percent of the loans they purchase, performing reviews within 120 days. In order to meet GSE requirements, lenders must verify that an applicant hasn’t incurred new debt or liability prior to closing. Applicants who have obtained additional credit prior to closing must be re-qualified if their debt-to-income ratio has changed by more than three percent.

For more information about Undisclosed Debt Verifications from Credit Plus, visithttps://www.creditplus.com/undisclosed-debt-verificationscall (800) 258-3488 or

e-mailbeyondbundled@creditplus.com.

 

About Credit Plus, Inc.

Credit Plus, Inc. provides Intelligent Insight to mortgage professionals so they can make smart lending decisions. Headquartered in Salisbury, Md., the company’s products and information services line is more than 160 products strong, and includes credit reports, scoring tools, Tax Return Verifications, fraud prevention tools, Undisclosed Debt Verifications, flood reports, appraisals, and more. Its expertise in the mortgage industry enables it to quickly assess current and future needs, and provide new solutions for a rapidly changing environment. Credit Plus moves mortgage professionals forward.

 

For more information, please call Credit Plus at 800-258-3488, email beyondbundled@creditplus.com or visit the company’s website at www.creditplus.com. 

 

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