Factual Data, a service provider of credit and verification services towards the mortgage lending industry, announced Thursday its alignment using the data and analytics company LexisNexis Risk Solutions to give the LexisNexis Riskview Liens and Judgments Report. Once the National Credit Rating Agencies cease offering use of most liens and judgment data in This summer, the brand new FCRA product will enable lenders to fill the space.
Included in this This summer change, 50 % of tax liens and knowledge and 96 percent of civil judgments is going to be taken off the 3 Nationwide Credit Rating Agencies reports. Factual Data stated this transformation has produced an atmosphere of uncertainty for mortgage brokers, who’ve trusted this data in excess of 2 decades to judge consumer mortgage loan applications.
“Aligning with leader in the industry LexisNexis was critical within our efforts to addressing this impending information gap for the customers,” stated Jay Giesen, SVP of Factual Data. “Factual Information is proud to supply to the customers a FCRA product that’ll be fully built-into their current credit history format, helping these to still completely assess credit worthiness.”
Based on LexisNexis Risk Solutions, borrowers who’ve a judgment or tax lien are 5.5 occasions more prone to finish in pre-property foreclosure or property foreclosure, when compared with borrowers who do not have judgments and tax liens, causeing this to be information required for lenders. LexisNexis described the new RiskView Liens & Judgments Report delivers technology advancements that strengthen the longevity of lien and civil judgment quite happy with more than 99 % reliability and full compliance with Fair Credit Rating Act rules.
“Factual Data contacted us at the start of our development effort and recognized the significance of liens and judgments data for his or her customers,” stated Tim Coyle, Senior Director, property and mortgage at LexisNexis Risk Solutions. “The report will help a lender’s capability to assess an applicant’s capability to pay, minimize related closing delays and adhere to investor needs. Factual Data’s extensive integrations with customers and leading industry platforms will keep it simplistic for purchasers to evolve and safeguard themselves in the approaching credit history content change.”