- April 24, 2014
- Posted by: Joel Firestone (G-Net Consulting)
- Category: Press Releases
Evergreen, Colo., April 24, 2014 – Advantage Credit is excited to announce that they can now offer their Undisclosed Debt Notification (UDN) service from all three credit bureaus. This service is designed to monitor a borrower’s credit profile throughout the entire closing process helping to ensure a smooth closing.
Fannie Mae has updated the policy related to undisclosed liabilities which makes the UDN system from Advantage Credit even more essential. The update, announcement SEL-2010-01, Selling Guide Updates for the Loan Quality Initiative, “required lenders to determine that all debts of the borrower incurred or closed up to and concurrent with the closing of the subject mortgage are disclosed on the final loan application and included in the qualification for the subject mortgage loan.”
Undisclosed Debt Notification is an invaluable tool in complying with the Fannie Mae policy as well as preventing those last minute surprises on a borrower’s credit profile before closing a loan. Now, with the ability to provide these notifications from all three bureaus no credit dings will slip through to hinder the closing process. “We are really excited to be able to provide such a vital service with the enhancement of information from three credit bureaus instead of just one,” said Jim Kaiser, vice president of sales for Advantage Credit, Inc., “improving closing ratios is something we pride ourselves on, so enabling our customers to monitor credit during the loan process will allow them to deal with any credit issues a lot earlier, which will help keep them on track to close the loan in a timely manner.”
When turned on, the Undisclosed Debt Notification service will be available for up to 120 days with a 60 day look back period to see if anything has changed in the borrower’s credit profile. This service coupled with Advantage Credit’s Refresh Report, which is pulled the day before closing, will help safeguard against any last minute issues.
About Advantage Credit Inc.
Advantage Credit Inc. is a national leading provider of mortgage and banking solutions, background and tenant screening and business credit solutions with corporate offices in Evergreen, Colorado. Advantage Credit Inc. has a proud 20-year history of providing superior customer service while leveraging the most advanced credit technologies for leading mortgage companies, banks and credit unions nationwide. For more information on Advantage Credit Inc., please visit www.advcredit.com