XpertOnline Enhancements for
TransUnion's Pre-Closing Mortgage Notifications

Coming Next Week!

TransUnion (TU) has announced that they are updating their undisclosed debt notification product called Pre-Closing Mortgage Notification (PCMN). We are excited to expand the PCMN product alongside TU and plan to update XpertOnline to coincide with TU’s changes next week!

Part of these enhancements require us to submit a Permissible Purpose Code along with any new requests that monitor credit files for any undisclosed debt via the PCMN product. TransUnion requires that we send one of these options as a Permissible Purpose Code for PCMN: 

  • BN — Consumer-initiated transaction  

  • CI — Written authorization  

  • CT — Credit transaction  

  • RA — Credit account review 

To ensure no service interruption for you or your clients, SharperLending will set the default Permissible Purpose on all your existing clients that order PCMN to ‘CT’ for Credit Transaction. 

If you would like to have a different Permissible Purpose Code in place for all clients or have specific clients that you want to set up differently, please contact Tickets@SharperLending.com with your requests so our teams can make the appropriate changes.

Due to the TransUnion timeline, we ask that you reach out to us no later than Thursday, April 4, 2024, with any specific Permissible Purpose Code settings. 
 

Additional PCMN Enhancements Coming Soon! 

Once TransUnion and SharperLending have the proper implementation in place for your Permissible Purpose Codes, we will be enhancing PCMN with the additional data fields that TU will send. This includes: 

  • Open dates with all returned alerts: This field provides information to identify the age of the impacted trade to better understand the timing of the triggered alert, including new trades, new collections, and new delinquencies.  

  • Account number with all returned alerts: The last four-digits of the impacted account number will be returned to better understand which account triggered the alert, including new trades, new collections, and new delinquencies; allowing you to provide more clarity to the consumer.  

  • Balance change notifications: An alert will be returned when the aggregate balance on an account type increases to help identify material changes that could impact a consumer’s debt-to-income ratio. The default balance change threshold is $500, but this amount can be customized.  

  • Ability to filter new inquiry alerts by inquiry type: You can select which types of inquiries should be monitored based on the Kind of Business (KOB) of the inquiry subcode — only receive alerts on the types of inquiries you wish to track. 

Per a recent TU announcement, the new PCMN fields will be released in early April, at various times. These fields will also be optional. Once TransUnion has released these four new fields, XpertOnline will follow suit in implementing the updates for you and your clients. 

We will provide you with a release date on the new optional PCMN fields soon.