Create more homeownership opportunities
We believe consumers should benefit from their responsible money management habits and a steady stream of income when buying a home, even if they don’t have an established credit history. With new enhancements in Desktop Underwriter® (DU®), consumers who apply for home loans where no borrower has a credit score will be better positioned to access credit, and lenders will benefit from a simplified underwriting process too.
New enhancements help lenders qualify more borrowers with no credit score:
Propel your business with powerful capabilities and make the most of every lending opportunity
Take advantage in three easy steps
After you have ordered a credit report and verified that the borrower(s) on the loan application does not have a credit score, follow the steps below to enable DU to conduct a cash flow assessment:
Step 1
Educate the borrower about the asset verification process, how it works, and obtain the appropriate borrower consent to order a report.
Step 2
Order a report with 12-months of asset data from an authorized verification report supplier. Enter the Reference ID in DU.
Step 3
Review the DU Underwriting Findings messages to see if the bank statement data has been considered.
