One Last Hurdle: Monitoring Undisclosed Debt Post-TRID
Equifax mortgage expert Rosie Biundo discusses the importance of monitoring undisclosed debt after the TRID three-day window in Mortgage Compliance Magazine
As an industry, it’s vital to leverage innovation and technology to request data directly from the source (rather than from the consumer) and allow access to verified and authentic data to all stakeholders in the mortgage transaction throughout the lending process — such as the originator, investor, GSE, mortgage insurer, and servicer.
Solutions are available to the mortgage industry to minimize the risk and losses associated with undisclosed debt and monitoring for new trade lines during the TRID three-day window. In the January issue of Mortgage Compliance Magazine, Rosie Biundo (Equifax Mortgage Services) discusses the originator’s responsibility to make sure that nothing substantial changes before the mortgage closing, such as applicants buying a new car or furniture for their new home. Click here to read the full article.