FHFA New Reps & Warranties Framework
The Federal Housing Finance Agency (FHFA) has released a new framework for representation and warranties on loans sold after the first of next year to "clarify lenders' repurchase exposure and liability and move the focus of quality control reviews from the time a loan defaults to the time the loan is delivered to the GSEs." Only Equifax can deliver the in-depth view of consumer credit, capacity and collateral you will need starting January 2013 for regulator and investor audits.
A mortgage solution that's "always on"
Mortgage lenders need more transparency into the credit activity of borrowers during the underwriting process in order to better mitigate risk and improve underwriting efficiency – and supplemental "static" reports are not the answer. That’s why we’ve developed Undisclosed Debt Monitoring™ – a proprietary platform that monitors the quiet period between the time of the original credit file pull and the closing of the loan. Our platform is "always on" – which means we continuously monitor borrower files and provide daily alerts to lenders, mortgage insurers and investors of activity that may represent potential risk associated with mortgage loans in their pipelines. With this information, you’re better prepared to promptly communicate with borrowers regarding specific activities during the underwriting process.
Access via Leading Loan Origination Systems
Undisclosed Debt Monitoring is being integrated into the industry's leading loan origination systems (LOS), such as Avista's Agile LOS and Interthinx's FraudGUARD. This helps you increase your ability to address compliance requirements with a single platform.
View the Interthinx FraudBYTES clip.
Further mitigate risk with our exclusive Insurance Program
Users of Undisclosed Debt Monitoring can now gain access to an exclusive insurance program offered by Arthur J. Gallagher & Co., one of the world’s largest and leading insurance brokerage and risk management services firms. Now you are able to protect against buyback or repurchase losses associated with undetected liabilities or borrower misrepresentation resulting from hidden debt.
What others in the mortgage industry are saying...
"Our exposure to repurchase demands due to undisclosed consumer debt had increased significantly a couple of years ago when we approached Equifax for a solution. They listened to our problem and created a solution for the industry. We have been using Equifax's Undisclosed Debt Monitoring solution for almost two years and have found it to be a very effective tool to help reduce our repurchase risk. Our operations teams love it because it is constantly working in the background, which helps us to focus only on consumers that do something they shouldn't, not our entire pipeline. Our sales teams like it because we don’t wait until 5 days prior to closing to uncover issues that might blow up a closing."
- Tom Fiddler, Chief Operating Officer
View our video clip
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