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CDS offers the ability to pull infile credit reports through an Internet-based system, which helps our clients be more efficient and keep better record of credit activity. CDS uses the Meridianlink system, which is written in the latest Extensible Mark-up Language (XML) code.
This provides ultimate flexibility in managing information within the reports. The InfileDirect program allows you to instantly pull 1, 2 or 3 bureau infiles in a matter of seconds.
The InfileDirect Plus system allows our clients to order trade updates from their web-based report. This process allows the keep record of the request, track progress real-time and view costs associated with the credit file.
Some of the benefits of our solution are as follows:
Instantly networks staff
The database of credit files sits on the Internet. Therefore, your loan officers can pull reports from the office, home or the field, and information is instantly viewable by processors in the home office. Most of the set-up is done at CDS' home office, therefore the installation process is very simple. There is no software to load. We give you access to the site and issue user identification and passwords. It's that simple!
With a high-speed Internet connection, you can receive your reports in 10 seconds.
Efficient trade line update ordering
Trade updates are ordered directly from the web-based report. The requests are tracked, so you can view your requests at any time and monitor the work in progress. Our updates are completed within 24 hours. The built-in accounting system also tracks charges associated with each update for efficient reporting purposes.
Interfaces with most Loan Origination Software (LOS)
The Meridianlink system interfaces with most LOS systems, which means you have the ability to pull information from the LOS into Meridianlink to pull the credit, and then merge the trade lines into the 1003 within the LOS. This saves you considerable typing time!
Built-in derogatory letter and customer notification features
To further save you time, the Meridianlink system has a built-in derogatory letter system which will print a template letter with the derogatory accounts listed and an area for "explanation" under the derogatory accounts. The system also will generate a denial letter based on criteria you choose to disclose.
Creditor Information is provided in the Meridianlink system as well. Creditor name, address and phone numbers are provided in a concise manner should you need to discuss information with them at any given time.
Mortgage Only Reports
The system will allow you to view mortgage only information with a click of a button once the credit is pulled.
Built-in Accounting and Activity Tracking System
In an effort to keep efficient records and avoid duplicate inquiries, the Meridianlink system contains a built-in accounting system. This system allows you to view charges associated with particular credit files, activity tracking for each of your employees to see who is pulling credit on whom, current and past invoices real time. The invoices tally the reports by each employee, so the end of the month reconciliation is very easy. The system also recognizes reports already pulled by matching name and social security number, so your loan officers and processors do not pull a report more than once.
Ability to unmerge information
If you pull a joint file and decide that either the borrower or co-borrower's information does not help the other individual, you can eliminate the information without pulling the file again. Simply click a button and the information is gone. The system will also let you drop a repository as well.
File Publishing Capability
Brokers have the ability to publish their files to their underwriters and lenders. The benefit of this feature is to eliminate multiple credit pulls throughout the course of the loan closing process. Since this process is completely secure and abides to all RESPA regulations, the files can be trusted by the other parties involved with the loan. This feature reduces costs and multiple inquiries on your clients' credit history.