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Premier Plus vs. RMCR
To make a cost-effective decision whether
to upgrade a Premier to a Premier Plus or to a full RMCR,
two simple questions should be asked:
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Does
this loan require a RMCR for funding? |
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After
analyzing the Premier, has it been determined that more
than three items must be verified in order for the consumer
to qualify for the loan? |
If the answer to either of these questions
is yes, it is more cost-effective to upgrade immediately
to an RMCR. If the answer is no, a Premier Plus is the right
solution for you.
The Premier Plus is the right choice for
lenders who fund using 3-bureau in-files, or for a lender
with a consumer whose report needs a few verifications,
but is already close to qualifying based on the information
supplied by the Premier.
When should a Premier Plus not be used
in the place of an upgrade to an RMCR?
There are situations where the Premier
Plus might not provide enough information to make the funding
decision. For example, if the data returned on the Premier
contains several discrepancies from the information submitted
by the borrower, it is likely that more than three verifications
will be needed. Upgrading to a RMCR is necessary.
In some cases, the borrower may pay off
balances to qualify for a loan. If the transactions where
recent, the tradelines may not have been updated by the
repositories. Several verifications may be needed to determine
the consume's ability to qualify. It is more cost-effective
and time efficient to upgrade to a full RMCR from the outset.
If you still have questions, we are available
to assist you. Contact
our sales staff for assistance in identifying the appropriate
solutions today.
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