Undisclosed Debt Monitoring is a proprietary platform that monitors a borrower's credit files daily throughout the loan closing process. Lenders, mortgage insurers and investors receive alerts about activity that might represent potential risk associated with loans in their pipelines.
More visibility into borrower activity may reveal misrepresentation or undisclosed debt. With this solution, lenders can better mitigate risk and streamline underwriting efforts.
How it Works
Reduce fraud and risk
Reduce repurchase risk and improve loan quality by identifying any new debt incurred by the borrower from application to closing.
Improve confidence of investors, GSEs, and regulators
Improve the confidence level of investors, mortgage insurers and regulators in your mortgage underwriting practices.
Avoid surprises at closing
Avoid last minute surprises at loan closing via daily alerts for new debts, inquiries, debt and other changes to the borrower’s credit file.
Streamline underwriting processes
Improve underwriting efficiency by focusing only on loan files that need to be reviewed for undisclosed debt.
Compete in the marketplace
Compete effectively in the marketplace by being aware of mortgage inquiries on your loan pipeline.
Minimize loan fallout
Minimize loan fallout by working closely with borrowers with recent inquiries.
An "Always On" Solution for Lenders
We understand that lenders need more transparency into the credit activity of borrowers after the initial credit pull and before closing. Our digital platform is “always on" -- which means we continuously monitor your borrower files and provide daily alerts about activity that may represent potential risk.
Frequently Ask Questions
The standard monitoring period is 120 days.
You will receive a population file daily. The remaining files, alerts, Public Record & Collections (PRC) alerts, errors and summaries are only generated if there is information to report.
Equifax will provide a summary file that includes activity for all borrowers leaving the population at that time. Note: PRC alerts are not on the summary file.
New inquiries (all three credit reporting agencies available), tradelines, collections, certain key public records, balance changes, scheduled payments, new late payments, tradeline bankruptcy, and tradeline collections
Flat file, comma separated, tab delimited and STS Mismo formats are available. Reports are available in PDF format.