Do you know what your borrowers are up to?
Don’t get caught off guard by learning about detrimental borrower activity too late in the loan process, and avoid last minute processing fire drills and delayed or even cancelled closings. With Undisclosed Debt Monitoring, you receive updates regarding your borrower’s new inquiries or debts when they happen allowing your processors to manage potential problems before they become big problems.
UDM helps you meet LQI recommendations by providing three alert types on your borrowers currently engaged in the loan process with you.
- New tradelines – Borrower opened a new line of credit impacting previously calculated debt to income ratios
- Consumer initiated inquiries – Was a new line of credit established, but not showing on the credit report?
- Secondary re-issue inquiry – Is your borrower shopping or could fraud be involved in other third party involvement?
Gain the knowledge early or in process when you can still account for this activity, or cancel the loan saving money by reducing processing costs associated with the lengthy underwriting process.
UDM manages risk and improves customer relations by allowing you to be proactive versus reactive, eliminating late in the loan emergencies that require borrower scrambling.
Eliminate bottle necks and loan extensions, and call your Partners sales representative today and get UDM for all of your prequalified loans.
Monitoring Summary
| Monitoring Start Date | Scheduled Monitor End Date | Actual Monitoring End Date |
|---|---|---|
| 06/13/2013 | 09/11/2013 |
Alert Count
| Total Alerts | Tradelines | Inquiries | Secondary Use |
|---|---|---|---|
| 1 | 0 | 1 | 0 |
Alerts
| Alert Type | Alert Date | Firm Name | Industry Type | Secondary Reissue | Date Reissued | Credit Limit ($) | Balance ($) | Scheduled Payment ($) |
|---|---|---|---|---|---|---|---|---|
| 1 | 07/13/2013 | NATIONAL BANK OF COM | BB | N | $0 | $0 | $0 |
