PreClose Credit 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.
- 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
- 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.