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With unease overshadowing the mortgage market due to forbearance concerns, the industry is adopting an innovative new solution to prevent the losses associated with undisclosed debt and quickly identify potential borrowers who may be in forbearance or have requested a loan modification with creditors.

By further developing MortgageWatch Undisclosed Debt Monitoring, Experian has the ability to trigger on Special Comment Codes reported on all trade types including Mortgage, Auto, HELOC, BankCard, Revolving, Installment etc.

New available triggers: 

  • Account in forbearance
    A data furnisher has reported that the consumer's account is now in forbearance
  • Affected by natural or declared disaster
    A data furnisher has reported that the consumer has been affected by a natural disaster or declared disaster
  • Principal differed/interest only
    A data furnisher has reported that the consumer's payment to account is for interest only and does not include payment to principal.

MortgageWatch offers a simple, yet unique way to identify borrowers who may be in forbearance, help lower loss severity rates, reduce reserve requirements and restore long-term confidence in the mortgage origination process.

Additionally, MortgageWatch keeps your closings on track by continuously monitoring borrower files for new forbearance and/or increased credit activity during the quiet between the original credit file pull and loan closing. 

Proceed with confidence - gain more visibility into borrower activity

There's a blind spot or "quiet period" that occurs during the mortgage origination process - the time between the original credit file pull and the closing of the loan. Nearly 14 percent of all mortgage borrowers, including those with solid credit scores and debt-to-income (DTI) ratios, apply for at least one new trade line during this period. In addition, instances of consumer forbearance requests has dramatically increased recently due to Covid19.

Don't get blindsided

Undisclosed Debt Monitoring continuously monitors borrower files during the quiet period, providing daily alerts to lenders, mortgage insurers and investors about activity that may represent potential risk associated with mortgage loans in their pipelines.

  • Streamline Underwriting
    Streamline underwriting and quality control efforts with fresh insight into credit activity and tradelines in forbearance, allowing you to indentify high-risk loans more efficiently.
  • Reduce Costs
    Reduce costs associated with process bottlenecks and closing disruptions.
  • Improve the Borrower Experience
    Improve the borrower experience by proactively addressing and resolving potential issues prior to closing.
  • Facilitate Compliance
    Facilitate compliance with industry standards for loan approval that address verification requirements such as identifying undisclosed liabilities and accounts in forbearance.

 

Forbearance Alerts PDF

To learn more about our Credit Reporting, Verification Services, Compliance Services and Property & Valuation Services, call us any time between 8:30 AM and 8:00 PM ET. Our expert, FCRA-certified staff will be standing by to answer your questions and deliver immediate assistance and the best experience available in the industry.

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