It's not always quiet during the quiet period, and it’s important to hear about potential issues prior to mortgage closing.
The average borrower who opens a new trade line does it just 28 days before closing.
Undisclosed debt remains one of the largest challenges for investors with a delegated correspondent channel.
As concerns over loan repurchases linger in the mortgage market, the industry is seeking innovative solutions to prevent the origination of stated liability loans and minimize losses associated with undisclosed debt.
Now mortgage businesses can proactively reduce repurchase risk and keep closings on track with help from Equifax Undisclosed Debt Solutions. You can continuously monitor borrower files and lender loans for increased risk such as new credit activity or excessive debt-to-income during the quiet period—the time between the original credit file pull and loan closing—which helps you:
As the pioneering provider of Undisclosed Debt Monitoring, the industry’s original undisclosed debt tool, Equifax is now trusted by nearly half of the nation’s top 50 lenders. From originators to investors, more mortgage businesses rely on Equifax to help them protect against undisclosed risk and restore long-term confidence in the mortgage origination process.
Equifax is the ONLY provider that can: