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Reports are drawn from the three national
repositories utilized to determine creditworthiness for mortgage loan
origination or refinance.
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Instantaneous web-based credit reports available
via Internet or can be fully integrated into any LOS (Loan Originations
System).
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Reports are in compliance with FNMA, FHLMC, HUD/FHA
and VA underwritting guidelines.
Types of Credit Reports Available
"Residential
Mortgage Credit Report (RMCR)"
Three bureau merged credit report, updated within the last 90 days of reported
date with current employer and resident/landlord information. Includes: real
time web-based reports; easy setup - no software to download; detailed
reporting; easy to read credit report format with flexible sorting options;
integrates and populates liability page of most loan origination systems (LOS);
online customer service for requests and timely delivery.
"Preview Credit Report (Also
know as Prequalification, Infile)"
Choice of one, two or three merged repository credit files. In addition to all
features of RMCR, includes: add/remove bureau; unmerge co-applicant.
"Non-Traditional Credit Report"
Three bureau merged credit report with non-traditional tradelines added (i.e.
utilities, personal notes & credit references). Reports contain current
information, and includes all features of RMCR except credit report format.
"Online Customer Service (Also
known as Supplements)"
Online request and same day delivery of verifications and tradeline updates.
Includes: updates & verifications within 24 hours; online request and
delivery; integrates and populates to the liability page of most LOS's; online
customer notification.
"Score Update (Also known as
Quick Score, Bureau Re-scoring)"
Tradeline verifications and FICO update service. Erroneous tradeline
information manually updated at the repository level; Experian, Trans Union or
Equifax and a new credit report is assessed with new FICO score.
