Product

Undisclosed Debt Monitoring™ (UDM) cloud

Avoid last-minute surprises and boost efficiency in mortgage lending
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Product Overview

Undisclosed debt is any loan or liability that exists at the time of closing of a mortgage loan and is not disclosed by the borrower during origination. It is a painful and costly problem.

When this happens, it can cause a laundry list of problems for lenders and borrowers alike:
● Impacted loan pipelines and bottom lines
● Disrupted processes and closings
● Blocked path to homeownership

Equifax created an “always-on” solution for Undisclosed Debt. UDM is a solution that monitors for and alerts on loan or liability activity happening between mortgage application and closing — even when you’re not.

How UDM Can Help:

Reduce repurchase 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.
Streamline underwriting processes
Improve underwriting efficiency by focusing only on loan files that need to be reviewed for undisclosed debt.
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.
Minimize loan fallout
Minimize loan fallout by working closely with borrowers earlier in the process on recent inquiries.
Compete in the marketplace
Compete effectively in the marketplace by being aware of mortgage inquiries on your loan pipeline.

Data Makes a Difference

10%
of consumers originating a mortgage open additional loans during the mortgage processing period
44.3%
of inquiries happen during the first 14 days of the mortgage origination process
24/7
monitoring with 2x the coverage with alerts from TransUnion

Avoid Last Minute Surprises

Picture this! Your borrower buys a new car during the “quiet period” — the high-risk blind spot that occurs between mortgage origination and closing. This new trade line is considered undisclosed debt, but instead of finding out at the closing table, you receive an alert from Equifax’s UDM and spring into action and prevent:
  •  Sparking costly loan repayment demands
  • Negatively impacting a lender’s GSE scorecard
  • Triggering regulatory action due to non-compliance

Ready to identify debt earlier in the process?

Undisclosed Debt Monitoring from Equifax works behind the scenes to help keep you protected from mortgage lending risk.

Related Products

Undisclosed Debt Pre-Close and Compare Reports
Identify potential credit liabilities with a tri-bureau view into a borrower's undisclosed debt

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