Talk Data To Me | Certified Credit

Mitigating the Impact of Undisclosed Liabilities & Repurchase Demands [Episode 23]

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Evaluating a borrower’s ability to repay their mortgage is crucial for lenders to accurately assess the risk of each mortgage originated. But, this issue not only impacts the lender, but it also impacts Brokers and Non-Delegated Correspondents.

In this episode of Talk Data to Me, we are joined by Jillian Sorensen, Vice President, Account Executive at Flagstar Bank, Nate Clear, National Sales Manager at FirstFunding, Inc., and Paul Robinson, Vice President of Sales at Certified Credit. Throughout the episode we will discuss:

  • Why undisclosed liabilities are one of the leading causes of repurchase and how they impact the borrowers, brokers, lenders, and all mortgage lending professionals.
  • New Loan-Level Price Adjustment (LLPA) Grids from Fannie Mae and the changes you need to know about.
  • Tips for addressing debt and undisclosed liabilities with borrowers before they impact closing.
  • The importance of performing a Credit Refresh before closing.
  • How undisclosed debt monitoring (UDM) helps reduce the risk of closing delays and/or repurchase demands.
  • The impact of a verbal verification of employment; how and when to implement them in your process.
  • Why credit refresh and UDM solutions are critical to the lending process, especially for Brokers and non-delegated correspondents that do not underwrite the loan.

    • Looking for additional resources? Learn more about undisclosed debt and its impacts:

    • Quality Insider From Fannie Mae
    • Fannie Mae New Loan-Level Price Adjustment Grids, effective May 1, 2023.
    • Guidelines for a Verbal VOE that meets GSE requirements.

      • Learn more about our speakers and resources here.

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      Talk Data To Me | Certified CreditBy Certified Credit