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Credit Plus Expands Undisclosed Debt Verifications Service

NationalMortgageProfessional.com
Jan 10, 2014

Credit Plus Inc. has announced that it has expanded its Undisclosed Debt Verifications service and is now offering updates from all three repositories. Credit Plus is the first in the industry to offer debt verification updates from every bureau. Undisclosed Debt Verifications provide real-time monitoring into applicant credit activity from the initial credit file pull through closing. “Credit Plus prides itself on being at the forefront of the industry, delivering solutions that enable lenders to make sound lending decisions," said Greg Holmes, national director of sales and marketing at Credit Plus. "Undisclosed Debt Verifications from all three bureaus, provide lenders with the information they need to help ensure they are in compliance with GSE requirements." Lenders can choose to receive Undisclosed Debt Verifications from one, two or all three bureaus. These Verifications provide comprehensive information about new tradelines, inquiries, secondary reissues, bankruptcies, judgments, liens, collections, late payments, and more. By utilizing three-bureau Undisclosed Debt Verifications, lenders can move forward with closings confident that they have a clear picture of each applicant’s financial standing. The government-sponsored enterprises (GSEs) are now electronically validating 100 percent of the loans they purchase, performing reviews within 120 days. In order to meet GSE requirements, lenders must verify that an applicant hasn’t incurred new debt or liability prior to closing. Applicants who have obtained additional credit prior to closing must be re-qualified if their debt-to-income ratio has changed by more than three percent.
Published
Jan 10, 2014