Reduce your risk and comply with LQI requirements with our UDM service.
Our UDM services can be 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 re-disclosures.
We offer connections to all 3 bureau UDM services today:
- Experian Mortgage Watch
- Equifax Undisclosed Debt Monitoring
- TransUnion Pre-Closing Mortgage Notification (PCMN)
Ordering a UDM Service After a Credit Report is Ordered
Once UDM has been enabled, you will be able to access it after a credit report has been ordered from the Supplements tab.
Click the Order UDM button to get the process started.
When you click the Order UDM button, you 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. You 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.).
Please Note: All UDM information - including past actions and future activity/notifications - can be tracked and managed from the Supplements tab.
When you click the Order button, the UDM order will be placed to the bureau(s) selected. If a co-borrower exists on the credit report, the UDM order will be placed for both borrowers. You 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 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 new debt is identified (trade, inquiry, or reissue/secondary use), 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. Additionally, a new output with the account detail will be added to the request. The outputs will be available in your mailbox just like any other output. They will be available from the Supplements tab as well as the Reports tab.
The output will only contain the new inquiry or trade that was added.
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 on file, as well as any that were entered when the order was placed.
- 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.
Canceling a UDM Order
You 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 you cancel the UDM order on the same business day, the order will not be sent to the bureaus and no billing charges will be incurred.
If you cancel 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.
Contact us with any questions about this user training guide.