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PreCloseCredit 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
  • Compares balance/payment totals with percentage variance
Inquiry Verifications
 
  • Highlights new credit inquiries
  • Displays 'industry type' for each inquiry
  • Links to two options for inquiry verifications
  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 PreCloseCredit to match your FNMA 'LQI' best practices.


 

 

Product Sheet
Report Sample