SALISBURY, Md. (8/2/12)--Credit Plus Inc., a credit information provider, is offering a new mortgage fraud prevention tool called Undisclosed Debt Monitoring powered by Equifax.
Developed to help lenders meet Fannie Mae's Loan Quality Initiative recommendations and check borrower credit activity during the processing of a mortgage, the tool offers users continuous monitoring and daily proactive alerts on potential risks, said Credit Plus.
One of the major benefits of the mortgage fraud prevention tool is pipeline protection, the company said. Loan officers are notified when mortgage inquiries occur on their borrowers' accounts, alerting them to rate shopping, undisclosed mortgage loans and possible fraud. The feature enables lenders to proactively work with borrowers throughout the mortgage process and reduce loan fallout.
Credit Plus customers can continuously monitor borrower credit activity during the "quiet period" between the time of the original credit file pull and the closing of the loan by using Undisclosed Debt Monitoring.