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Release Notification: Undisclosed Liability Module.

Date: 04/10/2010

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 the current repository file. It then creates a standard MISMO response along with an embedded image report displaying all negative variations.
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.


UNDISCLOSED LIABILITIES
CRED REF # 54ABC3D1DATE COMPLETED 2008-09-25REQUESTED BY 
PREPARED FOR BANK ONEDATE ORDERED 2008-08-10FNMA # 4331233
  123 MAIN STREPOSITORIES EFXPRPD BY 
  ATLANTA, GA 30022 PRICELOAN TYPE 
  LOAN # 5655556342301  
APPLICANT INFO
APPLICANT RON  TESTCASE CO-APPLICANT LINDA  TESTCASE 
SSN # XXX-XX-1987 SSN # XXX-XX-3321 
DOB 1960-05-01 DOB 1961-07-07 
MARITAL STATUS  DEPENDENTS  
CURR ADDRESS  321 MONTERO DR, DUNWOODY, GA30222 LENGTH  
PREV ADDRESS  1532 KIMBERLY DR, DUNWOODY, GA30222 LENGTH  
TRADE LINES
D
E
R
O
G		W
H
O
S
E
CREDITORDATE
REPORTED
ECOA		DATE
OPENED
DLA		HIGH
CREDIT
ACCT TYPE		BALANCE
 
TERMS		PAST
DUE		MO
REV		306090STATUS
 
SOURCE
 * B AMEX
5454522111
2008-09 
JointContractu 
2004-01 
2008-06 
 
Revolving 
200000 
M$4000
 
70 
 
 
 
3 
EFX 
 
 COMMENTS:  ACCOUNT CLOSED AT CONSUMER'S REQUEST ; CLOSED OR PAID ACCOUNT/ZERO BALANCE ; MOST RECENT DELINQ CHANGED FROM [2] TO [3] ; STATUS/RATING CHANGED FROM [2] TO [3] ; BALANCE INCREASED FROM [100000] TO [200000] ; PAY PATTERN:   Start       
 
 * B AMEX
5454522111
2008-02 
JointContractu 
2004-01-20 
2008-06 
 
Revolving 
100000 
M$2000
 
70 
 
 
 
2 
EFX 
 
 COMMENTS:  CLOSED OR PAID ACCOUNT/ZERO BALANCE ; OLD MATCHING TRADE ; PAY PATTERN:   Start  2008-01     XCCCCCCCCCCCCCCCCCCCCCCC
 
 * B HOME BANK
40808040
2008-09 
JointContractu 
1998-08 
2008-08 
 
Mortgage 
24047 
M$232
541 
 
01 
00 
03 
8 
EFX 
 
 COMMENTS:  INVOLUNTARY REPOSSESSION ; SECURED ; PAST DUE AMOUNT INCREASED FROM [0] TO [541] ; PAY PATTERN:   Start  2008-08     XXXXXXX443X1XXXXXXXXXXXX
 
 * B HOME BANK
40808040
2008-08 
JointContractu 
1998-08-05 
2008-08-09 
26269 
Mortgage 
24047 
240M$232
0 
43 
01 
00 
03 
8 
EFX 
 
 COMMENTS:  REPOSSESSION ; INVOLUNTARY REPOSSESSION ; SECURED ; OLD MATCHING TRADE ; PAY PATTERN:   Start  2008-08-10     888888X484311CCCCCCCCCCC
 
PUBLIC RECORDS
NAMERECORD TYPESOURCEAMOUNTCOURT - DOCKETDATE FILEDDATE SETTLEDLIABILITYPLAINTIFF
RON  TESTCASE  XXXXX1987TaxLienStateEFX 407 - 1235552008-09
 
CREDIT INQUIRIES
NAMEBORR / COBORRDATEREPOSITORY
US CELLEC012008-09-23  Equifax 454UT12345
 
DISCLAIMER
 
This is a report containing information supplied from the repositiories listed  below. The merge process is automated and the report may contain duplications and/or  omissions. Inquiries regarding any disputed items should be directed to the creditor  reporting the item, or to the appropriate repository service center.
 
Equifax Information Svc. LLC
P.O. Box 740341
Atlanta, GA 30374
800-685-1111
www.equifax.com 		Experian
701 Experian Parkway
P.O. Box 2002
Allen, TX 75013
888-397-3742
www.experian.com/reportaccess 		Trans Union
P.O. Box 4000
Chester, PA 19016
866-887-2673
www.transunion.com
The information is furnished in response to an inquiry for the purpose of evaluating credit risks. It has been obtained from sources deemed reliable, the accuracy of which this organization does not guarantee. The inquirer has agreed to indemnify that reporting bureau for any damage arising from misuse of this information, and this report is furnished in reliance upon that indemnify. It must be held in strict confidence and complies with the provisions of Public Law 91-508, the Fair Credit Reporting Act. Reporting bureau certifies that all Residential Mortgage Credit Reports meet the standards prescribed by FNMA, FHMC, FHA, VA and the Farmers Home Administration.

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