Undisclosed Debt Verifications
Did you know more than 22% of undisclosed debt is obtained by applicants within 10 days of closing?
Undisclosed debt is the leading cause of mortgage fraud and represents a large portion of lender repurchase demands. Fannie Mae’s Loan Quality Initiative guidelines “recommends 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 into borrower credit activity initiated during the “quiet period” – from the initial credit file pull through loan closing.
Minimize risk and loan buybacks
We are the first in the industry to offer Undisclosed Debt Verifications from all three credit bureaus. They deliver peace of mind that you are in compliance with GSE requirements, and deliver the data you need.
Obtain real-time monitoring of:
· New tradelines
· New inquiries
· New secondary reissues
· New bankruptcies, judgments, liens
· New collections
· New late payments (30-60-90-120 days)
· Payment and balance changes on existing tradelines
Contact us to request a product demo or pricing information on Undisclosed Debt Verifications from your Regional Account Executive.
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