Undisclosed Debt Monitoring and Liability Solutions

DataVerify specializes in helping mortgage lenders uncover applicants’ debts and liabilities. With Undisclosed Debt Monitoring powered by a DataVerify affiliate and other liability exposing tools, lenders gain the potential to reduce risk, save time, and develop a better applicant experience.

Service Provided by a DataVerify affiliate.

The Dangers of Undisclosed Debt and Liabilities

When an applicant fails to disclose debt and/or other liabilities, it can have serious implications when it comes time to close a mortgage loan. Without a complete financial picture, underwriters may have a difficult time assessing an applicant’s ability to repay the loan. Undisclosed liabilities lead to inaccurate debt-to-income ratios, and may even increase the likelihood of loan repurchase or default.

For applicants, it’s important to have a clear understanding of purchasing power and expected rates and terms. Without a comprehensive account of their liabilities, it’s not possible to provide this information accurately.

Undisclosed Debt and Liability Solutions

DataVerify Offers Tools to Help Uncover Hidden Debt

The DataVerify DRIVE^® platform can help lenders access data related to undisclosed debts and liabilities for a more comprehensive depiction of the factors involved in the requested loan:

New Debt/Inquiries

Widely used to help ensure loans meet internal and GSE standards, Undisclosed Debt Monitoring can also help with identifying new tradelines and/or inquiries throughout the loan manufacturing process and may assist in mitigating loan repurchase risk

Undisclosed Real Estate

Uncovering an applicant’s full real estate holdings can help mitigate the risks of loan repurchase

Undisclosed Foreclosure History

Take a closer look at the applicant’s past to validate if a foreclosure occurred that may affect the loan approval

Undisclosed Bankruptcies

Reveal potential past bankruptcy filings that could have negative implications for access to credit, limit collateral, or require special legal and regulatory consideration

Undisclosed Liens and Judgments

Identify potential undisclosed lien and/or judgment information on the applicant(s)

Utilize Workflow Automation to Deploy Undisclosed Debt Monitoring

It’s important to keep an eye out for changes that could potentially derail a mortgage loan — and automation can make it easier. UDM can be configured to activate automatically as a step in your underwriting and processing workflow. When the applicant meets necessary internal standards and regulatory qualifications, the DataVerify DRIVE platform can automatically activate UDM until the close of the loan.

Our team of undisclosed debt and liability specialists is prepared to assess your needs through a helpful consultation. Take advantage of a free trial or receive a product demonstration.

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