Chapter 22: Mortgage
IN THIS LESSON
30% of new debts occur within 14 days of closing.
What is it?
Undisclosed debt is defined as any loan or liability that exists at the time the borrower closes on the subject loan and is not disclosed by the borrower during origination. Undisclosed debt impacts every industry, but borrower misrepresentation is one of the most costly risks associated with mortgage origination. Keep your origination process on track by avoiding last-minute surprises and boosting your underwriting efficiency with Equifax's Undisclosed Debt Monitoring (UDM).
UDM is an “always-on” solution.
Our platform is “always-on,” sending alerts on any loan or liability added between application and closing to give mortgage originators visibility on potential risks related to the loans within the pipeline.
UDM can help you:
Reduce repurchase risk and improve loan quality by identifying any loan or liability added between application and closing.
Streamlines underwriting and improves employee productivity by focusing only on loan files that need to be reviewed for undisclosed debt.
Compete effectively in the marketplace by being aware of mortgage inquiries on your loan pipeline.
Avoid last-minute surprises at loan closing via daily alerts for new debts, inquiries, and other changes to the borrower’s credit file.
Improve the confidence level of investors, mortgage insurers, and regulators in your mortgage underwriting practices.
