Undisclosed Debt Notifications

Undisclosed Debt Notifications – available through CIS with 1, 2 or all 3 bureaus! Monitor applicants credit activities between the time of application and time of closing.

Increase close ratio! Identify borrowers who are rate-shopping. Be alerted to actions that impact debt & utilization ratios.

Receive daily notifications of borrowers’ credit actions. Alerts include new trade lines, credit inquiries, public record activity, collections, accounts reported delinquent and more!

Undisclosed liabilities are directly correlated to high buy-back risk, a concern that caused Fannie Mae to update LQI requirements. "...every mortgage loan delivered to Fannie Mae must be underwritten to establish that the borrower has the willingness & ability to repay the debt...Fannie Mae expects lenders to have in place 1) processes to facilitate borrower disclosure of changes in financial circumstances through the origination process and 2) prefunding quality control processes to increase the likelihood of discovery of material undisclosed debts.

Monitoring undisclosed debt results in a higher pull-through percentage of loans. A study by one of the national credit bureaus revealed the average borrower opens a new trade line 28 days prior to closing. With daily notification on new trade lines & credit inquiries, originators have the ability to reach out to borrowers and discuss purchase decisions to prevent surprises that occur at closing.

Monitoring undisclosed debt improves efficiency in underwriting. Customer service attention is focused on files with risk.

Monitoring undisclosed debt improves risk management, eliminating gaps in documentation validation, fulfilling LQI requirements, strengthening due diligence procedures, reducing errors caused by manual review and creating consistent, thorough quality controls.

Undisclosed debt notifications are activated when you choose. You decide when to turn on the monitoring based on your confidence level the loan will move forward and the borrower’s progress through prequalification thresholds. A look-back period is available to review any changes that have occurred since the original credit report was ordered.

Contact CIS today to learn more about Undisclosed Debt Notifications!

CIS completes integration of their 4506T Tax Transcript Service to Day 1 Certainty from Fannie Mae through Desktop Underwriter.

Validating your applicant is who they claim to be has never been more important!
InstantID: reveals compromised identities.
SSA89: uncovers SSN fraud.
Application Data Validation: authenticates all person & property loan credentials.

RiskView Liens & Judgments contains the public records the bureaus removed from consumer credit reports.

Contact CIS for more information
800.275.7722   info@cisinfo.net