Fannie Mae has introduced new rules with their Loan Quality Initiative ( LQI) that go into effect on June 1, 2010. Fannie Mae is requiring that lenders verify that all the borrower's debts have been disclosed at the time of closing. This requires that the lender pull one or more infiles immediately prior to closing.

MergePower offers a solution to this requirement by building on our Attribute Pro product to create the Undisclosed Liability module. It compares prior credit with current credit to locate any new negative changes in trades, public records and inquiries within the consumer's file.

Simply send the original consumer credit report (either in any repository format or MISMO xml) along with which repositories to pull. After pulling the requested repositories, it then creates a standard MISMO response along with an embedded image report displaying all negative variations.

MergePower also offers a solution whereby the customer sends in a date and the names of the repositories to pull. After pulling the requested repositories, we'll create a report that contains any derogatory changes that occurred since the date that was sent. The report also contains any new tradelines, public records and inquiries created since the date that was sent.

Below is a sample image of a report processed through MergePower's Unidisclosed Liability module indicating negative variations across several segments of the original credit report.

For more information, please contact MergePower Inc at UndisclosedLiabilities@MergePower.com