Experian OFAC Search
Updated to Require DOB

Newest Version of XpertOnline Handles Enhanced XPN OFAC Search

 

We are excited to announce the newest version of XpertOnline, available Wednesday morning, July 13th, 2022, has been updated with Experian’s OFAC searches to require consumer Year of Birth/Date of Birth match results! When OFAC is enabled as an access add-on, any Experian related checks will result in the applicant’s and/or co-applicant’s Date of Birth or Year of Birth included when file matching, should the date be found. This will help with CFPB compliance and reduce your risk while still allowing you to offer an automated OFAC matching service to your clients and their GSE reissues.
 

Getting Started

Preparing for this change is simple. For any products that you want to run an OFAC name and DOB check on (usually products that will be reissued to Fannie Mae or Freddie Mac), simply open that product, find the User Interface drop down list, and select the Date of Birth Required entry from the list. Once you save your changes, whenever your clients select that product (from the client side of XpertOnline or from an LOS), the Date of Birth fields will be required prior to ordering credit for the applicant and/or co-applicant. Lenders will receive a confirmation message if they do not enter the DOB on the order.


 

LOS Interfaces

Best of all, the Experian OFAC search requirement has been updated to run in your preferred LOS interface. When no Year of Birth/Date of Birth can be matched to the applicant and/or co-applicant, processors will be presented with an alert stating that OFAC could not be performed. Please keep in mind, while XpertOnline will return a Year of Birth/Date of Birth required message back to the LOS, it is entirely up to the LOS whether the message will be displayed.
 

What Will My Clients See?

There are three possible results from the XPN OFAC Search:
  1. The correct applicant/co-applicant DOB is entered on the order, and XPN will return either an OFAC Hit or No Hit on the report.
  2. The incorrect applicant/co-applicant DOB is entered, and XPN will return a Mismatch message/alert on the report.
  3. The DOB is blank/not entered, and XPN will return a message indicating that OFAC was not run because the DOB was missing.