Verifying more borrower credit data helps bolster lending best practices Salisbury, Md., August 31, 2010 ?
Credit Plus, Inc., a leader in the credit information industry since 1928, announced today that it is offering a suite of products to help lenders comply with the more stringent selling requirements that Freddie Mac announced in its August 16 bulletin. ?Making the mortgage process easier for lenders is our focus at Credit Plus. New requirements and rules are constantly being introduced, which is why we are so vigilant about developing tools that keep lenders compliant. Our suite of products assists lenders with pre-closing and post-closing initiatives,? said Greg Holmes, National Director of Sales and Marketing
for Credit Plus. A key provision of the updates announced in Freddie Mac?s Bulletin 2010-19, which apply to mortgages with settlement dates on or after December 1, 2010, revises requirements for inquiries on a borrower's credit report. Lenders now will be required to look into the borrower's credit report inquiries made in the previous 120 days, rather than the 90 days previously required. If the borrower was granted additional credit, the lender will be required to obtain verification of the debt, and include the debt in qualifying the borrower. This revised requirement will apply to all loans, not only manually underwritten loans. Credit Plus is offering a number of tools to assist lenders with quality control. These services may be purchased alone or bundled together:
- Mortgage professionals can easily compare a credit report pulled at closing to the report pulled at origination with a COMPARE report. Delivered in 10 seconds, it includes a quick reference summary section, general information comparison, credit score comparison, credit score factor comparison, trade line comparison, public record comparison, inquiries comparison and information sources comparison.