Credit Reporting Agencies for Mortgage Originators

mortgage credit reporting agencies for originators loan officers

In the retail loan origination industry, everybody knows the importance of a long, positive credit history. Most loan products require it, underwriters look for it, borrowers need to have it, and loan originators use it as a method to qualify their applicants prior to ever submitting the URLA.

After obtaining an authorization to pull credit from the applicant, many originators also prefer that the potential borrower pays for the credit report order themselves, as confirmation that they are serious in their pursuit of financing a home and will be worth dedicating man hours to their file.

Those with the requisite scores and history move forward in the process, finalize their application, submit their documentation, and hopefully close on the home of their dreams. Those without the desirable credit traits shouldn’t be immediately discarded, but can instead be added to prospect marketing campaigns so that they know where to go when they are ready to buy.

Once you’ve got the necessary release in-hand, as well as the credit card authorization if necessary, it’s time to order the credit report. But not all credit reporting agencies (CRAs) are made the same. Some are integrated into the AUS systems from Fannie Mae (Desktop Originator/Underwriter) and Freddie Mac (Loan Prospector). Some are integrated into mortgage point-of-sale solutions, such as Floify, to make the order and fulfillment process more streamlined and efficient. Some do both. Others do none.

One way or another, you will need a trusted partner whose reports are widely accepted, highly available, and preferably offer additional benefits like mentioned above for the purpose of simplifying your processes.

These integration partnerships can make a real difference in reducing the delay-causing issues of human error and multiple points of data entry, as well as centralizing document management by eliminating the need to use the credit vendor’s user interface to place an order.

For example, pulling reports within Floify from one of the system’s integrated credit vendors not only eliminates another “place to go for documents” (as the order and delivery are both done in Floify), but also allows for the dynamic population of liabilities into the 1003 loan application.

These credit reporting agencies offer a widely-accepted product, tri-merge reports, as well as at least one of the aforementioned integration benefits.

Fannie Mae integrated

Freddie Mac integrated

Floify integrated

Accurate Financial Services
ACRAnet, Inc.
Advantage Credit, Inc.
Advantage Credit Bureau
Advantage Plus Credit Reporting, Inc.
Alliance 2020
American Reporting Company, LLC
Avantus
Birchwood Credit Services, Inc.
CBA
CBC Innovis, Inc.
Certified Credit Reporting, Inc.
CIC Mortgage Credit, Inc.
Cisco Credit
CIS Info Services
Clear Choice Credit

CoreLogic Credco
Credit Data Solutions
Credit Information Systems
Credit Link, LLC
Credit Plus, Inc.
Credit Quick Services
Credit Technology, Inc. (CIT)
Credit Technologies, Inc.
CredStar
Data Facts, Inc.
EGS Global Solutions, Inc.
Equifax Mortgage Solutions
Factual Data / MACS
Funding Suite
Information Searching Company
Informative Research

KCB Credit, LLC
Kroll Factual Data
Merchants Credit Bureau / MCB
MFI Credit Solutions
Midwest Mortgage Credit Services, Inc.
NCO / EGS / Alorica Credit Services, Inc.
Online Information Services, Inc.
Partners Credit and Verification Solutions
Premium Credit Bureau
SARMA
Settlement One
SharperLending, LLC
Strategic Information Resources, Inc.
The Credit Network / KFD
United One, Inc.
Universal Credit Services, Inc.