Credit Plus Inc., a Salisbury, Md.-based provider of credit information, is now offering a product suite to help lenders comply with selling requirements announced by Freddie Mac in August.
A provision of the updates announced in Freddie Mac's Bulletin 2010-19, which apply to mortgages with settlement dates on or after Dec. 1, 2010, revises requirements for inquiries on a borrower's credit report. Lenders now will be required to look into the borrower's credit-report inquiries made in the previous 120 days, rather than the 90 days previously required.
If the borrower was granted additional credit, the lender will be required to obtain verification of the debt and include the debt in qualifying the borrower, Credit Plus explains.
Credit Plus says it is offering a number of tools to assist lenders with quality control. The services include a COMPARE report, which lenders can use to compare a credit report pulled at closing to a report pulled at origination. The COMPARE report, which Credit Plus says is delivered in 10 seconds, includes a quick reference summary section, a general information comparison, a credit-score comparison, a credit-score factor comparison, a tradeline comparison, a public record comparison, an inquiries comparison and an information sources comparison.
SOURCE: Credit Plus Inc.