The complexity of credit reporting has increased dramatically. 

Fannie Mae now requires that specific trade lines be consistently
verified and newly introduced credit comments such as “consumer
dispute” and “short sale” be addressed prior to receiving Fannie Mae’s
automated approval. 

Other items such as tracking costs across multiple
branches, accepting consumer credit card payments and real-time tracking
of all credit related orders means your credit reporting process
is a critical component of maximizing workflow efficiency and minimizing
costs.

In order to maximize these efficiencies, reduce costs, and ensure compliance, lenders’

credit reporting capabilities should be able to:

• Identify troublesome comments automatically,
  
• Instantly creating required “Letters of Explanation”,
  
• Ensure individual loan officers are responsible for their own
  charges,
  
• Provide detailed cost accounting dashboards to minimize
  expenses,
  
• Track all open verification and re-scoring orders in real time.

To learn how you can make these credit reporting innovations part of your credit reporting process, click on the link provided below.  

Publisher: Cogent Road
Date: September 2015