Undisclosed Debt Notification
Monitor a borrower’s credit profile throughout the closing process!
Provides a good insurance policy to assist in potential issues or delays prior to closing; facilitates compliance, prevents buy back-loan repurchase, assists in improving the buyer (consumer) experience and helps to safeguard against last minute credit surprises.
Benefits
- Monitor a borrower’s credit profile for up to 120 days
- Ability to look back between 30-60 days
- Help ensure a surprise free and smooth closing process
- Deal with any credit issues earlier in the closing process
Highlights
- Get notified of any changes on a daily basis on new inquiries, new trade lines, new public records and new collections
- Get notifications from all 3 bureaus
- Detailed report – information is appended on each alert such as balances, credit limit and open date
Available Notifications
- Public Record Bankruptcy
- Tradeline Bankruptcy
- Major Derogatory
- 30/60/90 Day Past Due
- Balance Increase Changes
- Increase in Scheduled Payment
- High Revolving Utilization/Over Credit Limit
- New Trades
- New Credit Inquiries
“The Undisclosed Debt Notifications have been very instrumental with the new construction loan process. It’s helped us identify credit issues within a couple of days of occurrence rather than finding out 45 days away from closing. Our business partners have been pleased to have this service working to provide us crucial credit updates when needed.”
– John Chavez, V.I.P. Mortgage, Inc.