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What does UDM stand for in mortgage?
Undisclosed Debt Monitoring continuously monitors borrower files during the quiet period, providing daily alerts to lenders, mortgage insurers and investors about activity that may represent potential risk associated with mortgage loans in their pipelines.
What is a UDM inquiry?
Undisclosed Debt Monitoring (UDM): The system used to monitor a borrower’s credit activity that may represent risk associated with mortgage loans. This report will alert the LO team of any new credit inquiries, new accounts, or derogatory credit from the initial credit report date through the day of closing.
What is a credit refresh before closing?
Refresh Credit Report This Refreshed Credit Report is a “soft” inquiry that helps you identify any recently incurred or otherwise undisclosed liabilities, but does not affect the borrower’s FICO score.
What does a credit refresh show?
With a Refresh Report, you can obtain an updated copy of the borrower’s credit report through use of a “soft inquiry.” Done generally just before a loan is closed, it ensures that the borrower’s credit does not contain any additional debt or credit inquiries that may disqualify them from obtaining the loan.
What does COC stand for mortgage?
Lender accepted change of circumstance may be subject to underwriter review. Failure to meet program guidelines will require additional redisclosure be sent.
What is considered undisclosed debt?
Undisclosed debt is basically credit information that is either not listed by the borrower on the credit application, or debt that does not show up yet on a credit report.
What does United data management ( UDM ) mean?
United Data Management (UDM) describes the process of consolidating disparate data sources to create a single data narrative within a data warehouse.
Why is it important to have a UDM platform?
As an agile model, the UDM platform is built to scale alongside SMBs as their strategic data needs shift and grow. Larger companies can benefit from the UDM’s ability to quickly process and analyze massive varied datasets.
How does UDM help SMBs manage their data?
SMBs can use UDM to automatically organize consumer info and touchpoints to visualize customer journeys and generate personalized marketing strategies. As an agile model, the UDM platform is built to scale alongside SMBs as their strategic data needs shift and grow.
Why do we need cloud based UDM for bi?
As such, subscribing to a central cloud-based UDM is a cost-effective method for businesses to take control of these huge datasets. In this way, companies can improve critical BI metrics such as the quality of aggregated data and the ability to scale.