By utilizing the Risk and Retention Alerts we offer through Experian, lenders receive immediate notification of bankruptcy, collections, or late payments.
(PRWEB) January 10, 2013
Data Facts, Inc., a leading provider of banking & mortgage solutions, now offers Risk & Retention Alerts for Mortgage Underwriting through Experian. In early 2010, Fannie Mae announced their Loan Quality Initiative (LQI), which provides policy, processes and technology enhancements to help lenders deliver mortgage loans that meet Fannie Mae’s underwriting and eligibility guidelines and thus mitigate repurchase risk.
A major component within the LQI relates to the need for Risk and Retention Alerts, the undisclosed liability policy. Effective June 1, 2010, this policy requires lenders to establish that the borrower has the willingness and ability to repay the debt prior to the closing date. It is the lender’s responsibility to have adequate business processes in place to support compliance with Fannie Mae’s requirements. Fannie Mae recommends in relation to this policy that lenders consider credit reporting monitoring services between the time of the loan application and closing.
“By utilizing the Risk and Retention Alerts we offer through Experian, lenders receive immediate notification of bankruptcy, collections, or late payments,” explains Julie Wink, Executive Vice President of Data Facts. “Risk and Retention Alerts provide lenders with a convenient and simple alternative to identify new debt and liabilities, prior to the closing of a loan, as well as a way to identify derogatory and other risky credit behavior quickly, thus mitigating re-purchase risk.”
Through a longstanding partnership, Data Facts is able to leverage Experian’s unique File One relational database, where daily alerts provide data within 48 hours of being reported to file. Daily delivery of new updates allow for immediate action on the most critical account events, while event-based alerts pinpoint credit activity for appropriate up-sell, cross-sell, risk or retention strategies.
About Data Facts
For over 23 years, Data Facts has provided business and consumer information that can be trusted and relied on to make sound lending, hiring and other business decisions. Our best of breed technology delivers information quickly, accurately and securely. The Data Facts Clear to Close package includes appraisal solutions, tax return verifications, social security verifications, flood certifications, and fraud solutions to ensure that lenders close more loans, faster and easier than ever. Those wanting more information about Data Facts should visit http://www.datafacts.com. Subscribe to our blog at http://datafactsmortgage.wordpress.com/ and follow us on Twitter @DFmtgsolutions.
Experian leverages state of the art technology and over 30 years’ experience in data management to offer unprecedented insight into customers. Experian brings together industry best practices that balance customer convenience with privacy protection, and is committed to mitigating risk and increasing confidence in lending decisions.
Susan McCullah, Product & Development Manager
Data Facts, Inc.