Help your clients reduce risk and comply with LQI requirements with the XpertOnline UDM service. Your clients can access UDM from the client side of XpertOnline, and you can setup and manage your UDM offering in XOP.
Your offering can include UDM services ordered individually per bureau, or you can use the 3-bureau UDM. The advantage of the 3-bureau UDM is that all 3 bureaus are monitored for undisclosed debt to ensure that there are no surprises at closing that would throw off Debt-to-Income ratios and cause loan terms to change and/or require the lender to redisclose.
XpertOnline offers connections to all 3 bureau UDM services today:
- Experian Mortgage Watch
- Equifax Undisclosed Debt Monitoring
- TransUnion Pre-Closing Mortgage Notification (PCMN)
Getting Started
There are a couple things that need to be in place to get started.
1. First, contact your bureau reps to get setup with the ability to offer their UDM service. They all refer to it differently, and will have different setup processes to get your CRA enabled. If you want to offer the 3 bureau UDM, contact all 3 of your bureau reps.
2. The bureaus will usually assign a subscriber code for your CRA, and for your client. We will need to get these codes setup in XOP for you to enable your offering. Contact Bryan Sawyer once you have been assigned codes to get them setup in the background.
3. Get the SharperLending UDM addendum completed and sent back to us (if you haven’t already). Contact Bryan Sawyer with questions.
4. Setup pricing in your product options in XOP (see the next section).
Call or email Bryan Sawyer with any questions, with your completed contract, or with requests to get your subscriber code(s) setup in XOP, at (509) 324-1320, or Bryan.Sawyer@SharperLending.com.
Setup Pricing in XOP
Follow these instructions to setup your UDM pricing on your Product Lists.
1. Login to XOP, then go to the Setup menu and choose Clients.
2. Type in the client name or ID that you want to setup into the Search field, locate the client, then move to the Setup tab, and click the Lookup Product List button.
3. Once you have found your product list, select a product and click the Options button.
4. Scroll down until you find the UDM billing options, and enter a Price and Tax that should be billed per individual that will be monitored.
5. Save your changes. When a user for this client orders this product, and the proper triggers have been setup in the background to make this service available, your client can order UDM services for individual or joint files and be billed the amount you enter here.
Important Notes on Billing
- The pricing that you enter in your Product Options here is per Individual on the UDM bureau request. This price will be doubled on Joint files.
- If you offer checkbox products to your clients, contact us to get your UDM billing setup.
Enabling the UDM Service on Your Products
You have setup your products in XOP so that, whatever UDMs the client is setup for will be ordered at the same time the credit report is ordered. To do this, you can simple enable an additional service on your products in XOP. Follow these instructions to setup your UDM offering this way.
1. Login to XOP, go to the Setup | Clients menu option, and locate the client you want to enable for UDM so that bureau UDM are ordered at the same time the credit report is ordered.
2. Once you have the client located, move to the Setup tab, and click Lookup Product List button, then click OK to open the product list.
3. Find the product you want to modify, and select it from the list.
4. Click the Product Detail button, and when the product options, click the Services option.
5. In the Additional Services list, find the Order UDM service, right click on it, and set it to Selected, then Save your changes.
6. On save, when your clients order this product going forward, any UDM services they have enabled will be ordered at the same time the credit report is ordered. Your clients can access the client side of XpertOnline (either directly from the web site or from the credit report) or their email to check any alerts they receive. Note that the actual PDF file for UDM alerts are attached to all notification emails.
When the UDM order has been placed, the bureaus will instantly start monitoring. If any new or undisclosed debt is identified, XpertOnline will generate an email that will be sent to the user’s email address that placed the credit report order.
If your clients want to additional users to receive UDM alert emails, they can login to the client side of XpertOnline, locate the credit report order with UDM, move to the Supplements tab, and enter the email address of anyone else that should be notified via email if and when the borrower credit file changes (underwriters, loan officers, etc.).
Ordering a UDM Service After the Report is Ordered - XOL Client Side
Once UDM has been enabled, your clients will be able to access it after a credit report has been ordered from the Supplements tab.
They can click the Order UDM button to get the process started.
When your client clicks the Order UDM button, they will be prompted to enter two email address for notification purposes. By default, the first email address will be that of the logged-in user.
They can enter the email address of anyone else that should be notified via email if and when the borrower credit file changes (underwriters, loan officers, etc.). The user will also be presented with billing information here - which reflects your setup in XOP.
Please Note: All UDM information - including past actions and future activity/notifications - can be tracked and managed from the Supplements tab.
When the user clicks the Order button, the UDM order will be placed to the bureau(s). If a co-borrower exists on the credit report, the UDM order will be placed for both borrowers. Clients will be able to view the date the UDM was ordered, the current status - which will change as the order progresses – a brief description of the order, and the ability to cancel the UDM order.
The bureaus will receive the order and process the information. It may take up to 24 hours for the bureau to confirm the order on their side and implement the monitoring process.
Once the bureau has identified that monitoring is setup and running, the status of the order will change to Monitoring. While monitoring is running, the bureaus will send notifications when a new inquiry is added or a new trade account is opened.
Receiving Alert Notifications and Outputs for UDM
When a new trade, inquiry, or reissue/second use is identified by the bureau, a new output with the account detail will be added to the request in XpertOnline. The outputs will go in to the users’ mailbox just like any other output. They will be available from both the Supplements tab - where an Alert will show - as well as the Reports tab. Users can use this information to stay informed on a daily basis about changes to the borrower's credit file.
The output will only contain the new inquiry or trade that was added.
The 3-bureau UDM service will monitor the borrower/co-borrower credit profiles at the bureaus for new and undisclosed debt. When new debt is identified, the bureaus will notify XpertOnline, and XpertOnline sends an alert to email addresses of the user that placed the order, plus any additional email addresses that were entered onto the UDM page on the client side of XpertOnline.
The bureaus will each send their own UDM notifications. This means that, if new debt is identified for a borrower, each bureau alert will generate an individual alert: so 3 alerts will be sent each with their own UDM output.
For example, if a user clicks the "UDM Inquiry alert (Verizon)" link, the PDF output will open and will look like this:
Email Notifications
When a UDM notification output is received from a bureau, an email notification is sent to the email addresses that were entered when the order was placed. The CRA will also receive an email notification. XpertOnline automatically sends to the email address that is setup on the XOP Client screen. The email notification is modeled after the email notifications that XOL currently sends.
- The email subject will read "Undisclosed Debt Monitoring Notification - [XOL reference number]"
- The email body will say read “An Undisclosed Debt Monitoring Notification for [Borrower Name] was added to report [XOL reference number]”
The emails will automatically include the UDM output as a PDF attachment.
UDM Billing Information
As soon as the bureau(s) confirms the order, Client-side billing information will be displayed on the Billing tab for this credit report request.
As the CRA, in XOP you will be able to view billing information for all UDM requests once you open the request and view the Billing tab.
Canceling a UDM Order
Users can cancel orders at two times during the UDM process: right at the beginning (the same business day) if an order was placed by accident, or after the bureau has turned on monitoring and the status on the client side of XpertOnline has changed to Monitoring.
If a user cancels the order right at the beginning - in the same business day - the order will not be sent to the bureaus and no billing charges will be incurred. This is because XpertOnline sends all UDM orders to the bureaus once a day - after business hours in the evening.
If a user cancels a UDM order after it has been sent to the bureaus and the status has been set to Monitoring, billing will apply because the bureau UDM service was initiated by the user and ran for a period of time.
Once the bureau receives the information about canceling an order, it will display the UDM history for the borrower. Canceling an order may take up to 24 hours for the bureaus to confirm that the monitoring service is turned off.
Please contact technical support for any questions regarding our UDM solution at (800)452-1174 or Support@SharperLending.com.