Credit Plus Expands Reps And Warranties

Credit Plus, a provider of intelligent insight for mortgage professionals, reaffirmed today its expansive offering of Reps and Warranties coverage for its entire line of verification services available now through its technology platform. The coverage allows lenders to better defend their companies against the negative financial consequences of a possible loan default and the resulting repurchase requests.

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“Our coverage is not limited to just a few products. Rather, it extends across our comprehensive line of verification offerings. And, our customers can obtain it today. No special technology integrations are needed to attain this protection,” said Greg Holmes, National Director of Sales and Marketing at Credit Plus.

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Coverage from funding and beyond

Coverage is available on Credit Plus’ full suite of verification products including:

  • Tri-merged credit reports
  • Trended credit data
  • Verifications of employment with access to The Work Number®, a solution offered through Equifax Workforce Solutions*
  • Electronic verifications of deposits and assets
  • Tax return verifications
  • Undisclosed debt verifications
  • And more

“Recently Fannie Mae announced that it is providing certain reps and warranties waivers to lenders who use specific validation tools so this issue is top of mind for many lenders. Those who purchase our verification services with coverage can rest assured that they are protected no matter where they submit loans including Fannie Mae,” said Holmes.

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Stringent review process by a company who sets the gold standard in risk management

Credit Plus had to obtain certification of its processes by going through a rigorous review by The Prieston Group (TPG) to offer the insured products. TPG’s patent-protected proprietary methodology for best-in-class certifications is the only company in the U.S. taking a comprehensive, multi-faceted approach for evaluations, reviewing them from mortgage banking, law, risk management and insurance coverage perspectives. The insurance is underwritten by an insurer rated A by A.M. Best and A+ by Standard and Poor’s.

“We have developed a risk management review process that sets the bar extremely high and that is unmatched in the industry. Quite frankly, few companies can meet our stringent requirements; that’s why being certified by TPG is so prestigious. Lenders can be confident in their lending decisions when they purchase Reps and Warranties coverage for verifications through Credit Plus,” stated Arthur Prieston, Chairman of TPG.

*Equifax Workforce Solutions is a business unit of Equifax Inc., Atlanta, Georgia. Credit Plus is an authorized reseller of products and services provided through Equifax.