PreClose Credit Report

FNMA Loan Quality Initiative ‘Undisclosed Liabilities’ Report

PreCloseCredit compares current credit data with a borrower’s primary credit report, detecting evidence of undisclosed liabilities in accordance with FNMA’s Loan Quality Initiatives.

Undisclosed Liabilities

  • Detects new liabilities and tradelines by type
  • Includes a comparison of tradeline counts
  • Gives warning on new tradelines

Balances and Payments

  • Compares balances/payments by tradeline type
  • Gives warnings on payment differences

Inquiry Verification’s

  • Highlights new credit inquiries
  • Displays ‘industry type’ for each inquiry
  • Links to two options for inquiry verification’s

Borrower Inquiry Interview

INFORMATIVE RESEARCH contacts the borrower regarding all new credit inquiries on the report, to determine whether the inquiries resulted in a new purchase or liability.

Creditor Inquiry Verification

For each inquiry requested INFORMATIVE RESEARCH will contact the creditor, potentially including the borrower in a 3-way call, to determine whether the inquiry resulted in a new purchase or liability.

Both the Creditor Inquiry Verification and the Borrower Inquiry Interview are delivered in supplement format.

Options: Scores, Summary Only

Credit scores comparison and ‘summary only’ format are optional.

Configure PreClose Credit to match your FNMA ‘LQI’ best practices.

Contact our sales office for assistance in identifying the appropriate solutions today.