Experian OFAC Update:
SharperLending Can Help You
Prepare for the Upcoming Changes
XPN OFAC Name-and-DOB Searches are Exciting, but There’s Plenty More to Know
Now that XOP is ready for the upcoming Experian OFAC enhancements to require Date of Birth, we at SharperLending want to assist you in getting your products prepared. We can assist with Global Product Updates to help reduce some of the manual work if you like.
As we indicated in the OFAC Bulletin last week, XOP now allows you to enable a new User Interface setting on your products to Require a DOB whenever that product is used. This will make the DOB a required field in XOL (and in the LOS*) and notify your clients when that data is needed prior to sending the order to the bureaus. User Interface settings on your products will look something like this:
What We Need from You for Global Product Updates
There are two options if you would like SharperLending to assist you in updating your products to enable this new user interface setting to require DOB.
As we indicated in the OFAC Bulletin last week, XOP now allows you to enable a new User Interface setting on your products to Require a DOB whenever that product is used. This will make the DOB a required field in XOL (and in the LOS*) and notify your clients when that data is needed prior to sending the order to the bureaus. User Interface settings on your products will look something like this:
- As of today, Experian plans to update the OFAC search from a name-only search to a name-and-YOB/DOB search Friday, July 15th, 2022.
- If your Experian code is enabled to pull OFAC, or if you have the OFAC access addon enabled, XPN OFAC will begin requiring that DOB be included on the request to return one of the message codes here on the PDF Lender Report:
1202 OFAC NO RECORD FOUND
1201 OFAC LIST TEMPORARILY UNAVAILABLE
1200 NAME MATCHES OFAC/PLC/FSE LIST
1201 OFAC LIST TEMPORARILY UNAVAILABLE
1200 NAME MATCHES OFAC/PLC/FSE LIST
- If your Experian code is enabled to pull OFAC, or if you have the OFAC access addon enabled, and no DOB is included on the request, XPN will return one of these message codes on the PDF Lender Report. Your client will still get their XPN credit file even if DOB/YOB is missing for OFAC.
1198 OFAC SEARCH NOT PEFORMED DUE TO MISSING REQUIRED DATA
1199 OFAC SEARCH NOT PERFORMED DUE TO MISMATCHED YOB/DOB
1199 OFAC SEARCH NOT PERFORMED DUE TO MISMATCHED YOB/DOB
- If you have the new User Interface to Require DOB enabled on any product that orders OFAC from XPN, DOB will be a required field on the order and notify your client – either on the client side of XpertOnline or in their LOS* – if the DOB is missing.
What We Need from You for Global Product Updates
There are two options if you would like SharperLending to assist you in updating your products to enable this new user interface setting to require DOB.
- We can update every product with an XPN v7.0 Credit Report access that has OFAC addons enabled with the Required DOB User Interface. This is the fastest method to assist you. Send an email to Tickets@SharperLending.com requesting this update.
- Send us an Excel Spreadsheet with a list of all products you want enabled. Any product not included in the Excel Spreadsheet will not be updated with the Required DOB User Interface. Send an email to Tickets@SharperLending.com with the attached Excel Spreadsheet.
Global Updates will take up to two business days to implement.
Management Reports Can Help!
Need a fast and easy way to see which clients are using which products? Simply login to XOP as an Admin, and select File | Management Reports | Billing Reports | Client Billing – Product Breakdown. This will show you data in the selected date range which clients are using which products.
Management Reports Can Help!
Need a fast and easy way to see which clients are using which products? Simply login to XOP as an Admin, and select File | Management Reports | Billing Reports | Client Billing – Product Breakdown. This will show you data in the selected date range which clients are using which products.