CoreLogic Credco Credit Reports Getting Started You will need to have an account with CoreLogic CREDCO to use this integrated service to order credit reports for prospective borrowers. Other CoreLogic Credit divisions, such as Dataquick, are not supported by this integration. You will need a username and password for either yourself, or your company may have a shared username and password that is used. Service Provided The credit product provided by the integration is a Tri-Merged Credit report containing information from the Experian, Equifax, and Transunion repositories. The current offering is a “hard pull”, so please use care when ordering credit reports from RVX. Contact at CoreLogic To get in touch with CoreLogic if you need to have an account created for your company, the following contact information may be used: By telephone: 866-744-3282 By Email: [email protected][mailto:[email protected]] Activating the Account Contact [email protected][mailto:[email protected]] to activate this integration. Important Activation Requirements To comply with the best possible security standards and regulations, only companies that utilize ReverseVision’s Very Strong Password Validation Policy [https://reversevision.atlassian.net/wiki/display/AdministrativeHandbook/Password+Strength+Policy] may use this service. Our Support [mailto:[email protected]] department can help explain the impact of moving to this policy on your company. For larger organizations needing to migrate users to a new password policy, you may need to contact our Professional Services division. Regular audits of RVA configuration data for companies using this integration will be performed to ensure Password Strength Policies have not been lowered by Company or Global Administrators. ReverseVision reserves the right to deactivate this service immediately and without notice if your company is found to have lowered Password Strength Policies below the required level. Preparing Your Loan Before the Order To order credit through CoreLogic Credco in RVX, ensure the following data has been input for any borrowers or other parties on the loan for whom you will pull a credit report: ◾ First Name ◾ Last Name ◾ Social Security Number ◾ As a consequence of this, your loan must be in “Origination” status or later. A future release will allow for input of Social Security Numbers during “Prospect” status. ◾ Property City ◾ Property State ◾ Property Zip ◾ Property House Number ◾ Property Street Name ◾ Property Street Type ◾ Property Address Data should be input in the “Property” screen in a parsed manner. We recommend validating the Property Address in the “Address Validation” tool found within the “Processing Tasks” screen before ordering credit. This tool can also parse the address and validate in one step for you, just by your pressing “Import Address from Borrower”. Be sure to accept any validation results before leaving “Processing Tasks” if this tool is used. Selecting Whose Report To Pull In the “Borrowers’ Credit” screen of RVX, each borrower will have an “Order Credit” checkbox in the top lefthand corner of their information display, and by default, this is checked. You must un-check this box for each borrower (or other party such as a Non-Borrowing Spouse, if running their credit as well) if the particular borrower data should not be included in the credit report. If you need to pull credit for a Non-Borrowing Spouse or Other Non-Borrowing Household Member, the following steps will need to be taken: 1. Ensure this person’s required data is input 2. This step is very important: Ensure you have reason and authorization to run this person’s credit. HUD guidance suggests that credit should only be pulled for Non-Borrowing Spouses or Other Non-Borrowing Household Members if their effective income will be used as a Compensating Factor to alleviate part of a Residual Income Shortfall, or to reduce the “Family Size” used in the calculation for the Residual Income Required by one. Due to this, we recommend that only back-office personnel ever add these parties to the credit report. 3. If adding a Non-Borrowing Spouse, click the button “Add NBS Credit Information” Page 1 of 6 CoreLogic Credco Credit Reports [F.A.Q. Reverse Vision] 4/17/2015 http://faq.reversevision.com/doku.php?id=faq.rmx:corelogiccredco
Transcript
CoreLogic Credco Credit Reports
Getting Started
You will need to have an account with CoreLogic CREDCO to use this integrated service to order credit reports for prospective borrowers. Other CoreLogic Credit divisions, such as Dataquick, are not supported by this integration. You will need a username and password for either yourself, or your company may have a
shared username and password that is used.
Service Provided
The credit product provided by the integration is a Tri-Merged Credit report containing information from the Experian, Equifax, and Transunion repositories. The current offering is a “hard pull”, so please use care when ordering credit reports from RVX.
Contact at CoreLogic
To get in touch with CoreLogic if you need to have an account created for your company, the following contact information may be used:
To comply with the best possible security standards and regulations, only companies that utilize ReverseVision’s Very Strong Password Validation Policy
[https://reversevision.atlassian.net/wiki/display/AdministrativeHandbook/Password+Strength+Policy] may use this service. Our Support [mailto:[email protected]]
department can help explain the impact of moving to this policy on your company. For larger organizations needing to migrate users to a new password policy, you
may need to contact our Professional Services division.
Regular audits of RVA configuration data for companies using this integration will be performed to ensure Password Strength Policies have not been lowered by
Company or Global Administrators. ReverseVision reserves the right to deactivate this service immediately and without notice if your company is found to have
lowered Password Strength Policies below the required level.
Preparing Your Loan
Before the Order
To order credit through CoreLogic Credco in RVX, ensure the following data has been input for any borrowers or other parties on the loan for whom you will pull a
credit report:
◾ First Name
◾ Last Name
◾ Social Security Number
◾ As a consequence of this, your loan must be in “Origination” status or later. A future release will allow for input of Social Security Numbers during “Prospect”
status.
◾ Property City
◾ Property State
◾ Property Zip
◾ Property House Number
◾ Property Street Name
◾ Property Street Type
◾ Property Address Data should be input in the “Property” screen in a parsed manner. We recommend validating the Property Address in the “Address
Validation” tool found within the “Processing Tasks” screen before ordering credit. This tool can also parse the address and validate in one step for you, just
by your pressing “Import Address from Borrower”. Be sure to accept any validation results before leaving “Processing Tasks” if this tool is used.
Selecting Whose Report To Pull
In the “Borrowers’ Credit” screen of RVX, each borrower will have an “Order Credit” checkbox in the top lefthand corner of their information display, and by default,
this is checked. You must un-check this box for each borrower (or other party such as a Non-Borrowing Spouse, if running their credit as well) if the particular
borrower data should not be included in the credit report.
If you need to pull credit for a Non-Borrowing Spouse or Other Non-Borrowing Household Member, the following steps will need to be taken:
1. Ensure this person’s required data is input
2. This step is very important: Ensure you have reason and authorization to run this person’s credit. HUD guidance suggests that credit should only be pulled for Non-Borrowing Spouses or Other Non-Borrowing Household Members if their effective income will be used as a Compensating Factor to alleviate part of a
Residual Income Shortfall, or to reduce the “Family Size” used in the calculation for the Residual Income Required by one. Due to this, we recommend that only
back-office personnel ever add these parties to the credit report.
3. If adding a Non-Borrowing Spouse, click the button “Add NBS Credit Information”
Page 1 of 6CoreLogic Credco Credit Reports [F.A.Q. Reverse Vision]
4. Once you’ve done this, you’ll be presented with the following message asking you to confirm their addition, or you can hit “No” if this button is clicked in error to
cancel their addition:
5. If adding an Other Non-Borrowing Household Member to the credit report, click the button “Add Other Household Member Credit Information”
6. You may have more than one Other Household Member added to your file. Due to this, you will need to select which one to add in the next window (even if
there is only one)
7. A final verification will also be available in this same menu. Click “Yes” here to proceed with the addition, or “No” to cancel their addition:
8. The same process would be repeated for each Other Household Member being added to the Credit Report.
You may want to add them to this screen but not run the report. Reasons to do this could include wanting to manually input some data for them in “Credit
Accounts” without running the report (you will need to add them to Borrowers’ Credit using the method above to do this). This is ok, just be sure to uncheck the
“Order Credit” button at the top lefthand corner of their information display in Borrowers’ Credit before running the Credit Report service.
Placing the Order
Credit reports may be ordered through the “Borrowers’ Credit” screen of RVX within the Financial Assessment module. Once you’ve followed the steps above to ensure all parties you need have been added to the request you are about to make, follow these steps to place the order through the CoreLogic CREDCO service:
Page 2 of 6CoreLogic Credco Credit Reports [F.A.Q. Reverse Vision]
1. Choose CoreLogic CREDCO as the “Service Provider” at the top of the screen. At this time, “Merge” is the only product available, so you don’t need to worry
about anything there:
2. Press the “Order Credit” button:
3. You will be presented with either a dialog asking you to confirm, or warnings that important data is missing. Typically, you will just need to confirm, or press
“No” to back out:
4. Your CoreLogic CREDCO credentials will then need to be input. You must input these for each order requested. This is also your last chance to back out if you
aren’t sure you need to order credit yet!
5. If the request cannot be completed, errors will display. Hopefully, you never see anything like this, but if you do and you can’t find the reason your request
Currently, anyone assigned a role that has read/write access to the “Borrowers’ Credit” screen for the given loan status, a CoreLogic CREDCO account, and this
integration enabled in ReverseVision’s administrative configuration may order a credit report on a loan file. A future release will allow administrators to limit what
roles may order credit reports.
After the Order
After the order is placed, successful orders will return almost immediately. Certain data will populate automatically in your loan file when this occurs.
Borrowers' Credit Screen Data
Some data, and also the pdf of the credit report itself, will be returned on the “Borrowers’ Credit” screen. The screenshot below is just an example of what kind of data you may see returned, and keep in mind this will vary greatly from loan to loan.
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Credit Accounts found in the credit report will automatically be created, populated, and sorted (see this page [http://faq.reversevision.com/doku.php?
id=faq.rmx:creditaccountsscreen] for sorting information) once the report is run successfully. You will still be able to edit any data populated there. The screenshot below is just an example of what kind of data you may see returned, and keep in mind this will vary greatly from loan to loan.
Page 4 of 6CoreLogic Credco Credit Reports [F.A.Q. Reverse Vision]
Data returned is extremely dependent on what is contained in the XML response received from the service. Minor variations between populated accounts and the
credit report itself are possible. Below are a few things to be aware of:
◾ Credit account level delinquency counts: In HECM Financial Assessment, only delinquencies for the past 24 months are of consequence, and even then these
may be of different degrees of importance depending on whether the delinquency occurred in the past 12 or 24 months. Due to this, it is likely that delinquency
counts on the report will not necessarily match those in the RVX account record, as we check the dates of the delinquencies when populating those counts and
ignore everything older than 24 months.
◾ Dates are sometimes determined on a “best effort” basis. For instance, if a credit report is ordered from RVX on 4/10/2015, and a delinquency occurred that
is just reported as “4/13” or “4/2013” in the report, we assume this to mean 4/1/2013 and it would not be included in our auto-populated delinquency count
data.
◾ Some data may be in the report but not flow to the “Credit Accounts” screen. This can particularly happen with things such as Debt Category, or the Type of
loan. Sometimes, data received is too ambiguous to translate for certain, and in these cases, we will leave the option undetermined for the user to fill out using
their best judgment.
◾ Unknown account open/closed dates will show as 1/1/1800 in the UI. This is a known issue we plan to address with a future release. If you see this date, it is
the equivalent of a “blank” or “unknown” date on other screens.
There are some other particularities of this screen that may be of interest:
◾ Credit accounts are sorted (see this page [http://faq.reversevision.com/doku.php?id=faq.rmx:creditaccountsscreen] for sorting information) automatically whenever a
report is run, or whenever the “Credit Accounts” screen is left and returned to. This includes manually input accounts. When working within the screen, use the
“Re-sort Accounts” button in the top right to sort using our built in logic.
Page 5 of 6CoreLogic Credco Credit Reports [F.A.Q. Reverse Vision]
◾ Currently, credit accounts may not be deleted from this screen. Set the “Include as Expense in Financial Assessment” checkbox to an un-checked state to
prevent the account from aggregating in the overall expense/cash flow data. A future release will add the ability to delete accounts as a role permission set by
your company administrator.
◾ Performance of this screen when several accounts are expanded at once, or when several dozens of accounts exist, may be slow on older machines. Please limit
use of other applications when working heavily within this screen of RVX.
Limitations of this Integration and Planned Future Enhancements
Currently, this service only supports the first pull of a credit report for a loan, and may only be used one time per loan file. For instance, if additional borrowers are
added or removed from the loan after a credit report is ordered, users will need to run a second report outside of RVX and manually update loan data.
That said, we recognize this will not solve all needs within each company’s workflow. We have planned the following features for future releases:
◾ Ability to reissue a copy of a previously run credit report, even if that report was not originally pulled out of RVX.
◾ ETA: Late Spring/Early Summer 2015
◾ Ability to declare Qualified Secondary End-Users of the credit report directly through RVX, including the ability to do so in conjunction with initial submission or
reissue requests.
◾ ETA: Fall 2015
◾ Ability to update credit reports to add/remove borrowers, or pull in new account level data.
◾ ETA: Unknown
Important Information for Wholesale Lenders
If you are a Wholesale Lender using ReverseVision that plans to use RVX to have your brokers run credit, there are some important things you should know.
◾ Brokers will need to have their own credentials to run credit reports using this service.
◾ If a loan is submitted to you from a broker, and a user from your company wants to view the PDF of the credit report, the following message will display:
◾ If you see this message, fill out your initials and click “proceed” to view the report. Be sure you understand the message and agree to it. You may want to have
the broker provide you the Credit Report Identifier within a note so you may manually declare as a Qualifying Secondary End-User as you do now. Our release
that supports reissues will also include the ability to see the Credit Report Identifier within the Borrowers’ Credit screen without having to view the report itself.
ReverseVision will retain initials input and occurrences of credit reports pulled in this manner in our internal database, including the date, time, user account,
and company the user account is associated with. Each time reports are accessed in this manner, you will see this message and need to input initials and click
“Proceed”. A future release that handles Secondary Use declarations will alleviate some of these steps from needing to be done each time reports are accessed
in this manner.
Billing and Payment
CoreLogic will bill your account directly for each report pulled in RVX, based on the input credentials. Billing questions should be directed to your Account
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