Comprehensive Credit Reporting Solutions
Credit Reporting Solutions that are Advancing the Modern Mortgage
Today’s credit reports are snapshots in time. In addition to showing the outstanding balance, credit reports indicate whether a consumer has been paying debt on time or is delinquent on any existing credit accounts (those where a balance can be carried over time or paid off in full, such as credit cards) and installment accounts (those with a set monthly fee that is paid until the account is paid off in full, such as a mortgage or student loan).
Obtain an accurate picture of your applicant’s approach to credit management by utilizing all of Xactus’ credit report products and features.
Incorporate Underwriting Requirements into Credit Report Workflow
With Xactus’ tri-merge credit reports you can have findings highlighted that relate directly to your underwriting requirements through our credit attributes feature. This feature is highly customizable and can be based on tradelines, inquiries, public records, timeframes, account types or summarizing details in the overall bureau file.
Gain Access to Consumer’s Two-Year Approach to Revolving Credit with Trended Data
In addition to that, you can obtain trended credit data information which paints a more accurate picture of a consumer’s approach to credit management over the past two years. Determine if the consumer tends to pay off revolving credit lines each month or carry a balance from month-to-month while making minimum or other payments. See seasonal and sudden changes in revolving credit behavior. Obtain as much or as little detail as you need.
Supplements & Updates
Xactus provides manual credit report updates and supplemental verifications to satisfy underwriting requirements. These changes occur quickly and can be ordered online, via email or over the phone with a live representative.
Protect Yourself Before Closing
Meet Fannie Mae’s Loan Quality Initiative (LQI) Guidelines
Pulling a consumer’s credit report once is not enough. Fannie Mae’s Loan Quality Initiative “recommends that lenders have processes in place to facilitate borrower disclosure of changes in financial circumstances throughout the origination process.”
Xactus offers three ways to ensure you are making the right decision before you approve funding and close the loan:
1. Undisclosed Debt Verifications – Provide real-time monitoring of the consumer’s credit activity from the initial credit file pull through loan closing. We were the first in the industry to offer Undisclosed Debt Verifications from all three credit bureaus. Be notified throughout the loan process of:
- New tradelines
- New inquiries
- New secondary reissues
- New bankruptcies, judgments, liens
- New collections
- New late payments (30-60-90-120 days)
- Payment and balance changes on existing tradelines
2. Credit Report Comparison – Xactus’ compare feature allows you to quickly compare two credit reports –the one pulled during the time of application and another one pulled at the time of closing. The report gives you a quick credit score comparison report that compare credit scores, tradelines, public records, inquiries and information sources.
3. Refresh Report – Before closing, you can perform a soft inquiry and refresh the consumer’s credit report so you can compare it against what was pulled during the application.