Ordering a new credit report

							Ordering a new credit report


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This document shows you how to use Desktop Originator® (DO™) to order a new credit report for a loan.
You can follow these steps regardless of whether you are importing a loan file or entering the loan data
into the Quick 1003. If you use a loan origination system (LOS), you may also find these Quick Steps
helpful.
Here are a few pointers to keep in mind:

•     A credit report must be available within DO for every loan that is submitted for an underwriting
      recommendation. If you have not yet ordered a valid credit report for a loan, you can order one
      directly through DO.
      Note: If a valid credit report does already exist for the loan, you can reissue the credit report to bring
      it into DO. By doing this, you can associate the loan with the existing credit report without incurring
      a charge from your credit agency for pulling new credit. (However, please note that the credit agency
      may charge a nominal fee for the reissuance.) For details on reissuing a credit report through DO, see
      Reissuing a credit report.

•     A credit report must be available in DO for every borrower and co-borrower on a loan. You can use
      DO to order the necessary combination of individual and joint credit reports for each loan.
If you are entering a new loan in a Quick 1003, you must complete the Types, Terms and Property screen
and the Borrower Information screen before you can request a credit report.
The first step, below, assumes that you are in the Quick 1003 of the loan for which you want to request
credit and you clicked Submit at the bottom of any screen in the 1003.

                           Step                                                    Screen

    1. The Select a Submission Type screen appears.
       In the list box, click Credit Only.
       Note: If you want to submit the loan to credit
       and underwriting at the same time, click Credit
       and Underwriting. The system will present
       you with all of the information you need to
       perform both tasks. For information about the
       underwriting submission process, see
       Submitting a loan for an underwriting
       recommendation.




DO Quick Steps: Ordering a new credit report                                                             Page 1
December 30, 2003
                        Step                            Screen

 2. The Select Reissued or New Credit screen
    appears. Click Request a new credit report,
    then click Next.




 3. The Order a New Credit Report screen appears.
    Take the following steps:
    a. Select a credit information provider from the
       Credit Agency list and enter your account
       number and password for the provider you
       selected.
        Tip: Your entries in the Credit Agency,
        Account Number, and Password fields will
        remain the same until you change them.
    b. To copy liabilities from the credit report to
       the 1003, click Yes to auto-populate
       liabilities. If you do not want to
       automatically copy the liabilities, click No.
    c. Verify that you are requesting the correct
       report type (Joint or Individual). To order
       joint credit, click Yes and verify that a
       check appears in the check box for the
       borrower and co-borrower. To order
       individual credit reports, click No and verify
       that a check appears in the check box for the
       appropriate borrower.
        Note: You can skip this step if there is only
        one borrower on the loan.
    d. When you have finished setting up your
       credit request, click Submit.




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                            Step                             Screen

    4. You return to the Loan Information screen so
       that you can check on the status of your credit
       request. To update the information on this
       screen, click Refresh Data. When the credit
       report has been retrieved, the credit status for
       the loan changes to Complete. Once a credit
       report is retrieved within DO, it is always
       available, and there is no need to request
       another report for the loan (unless you later
       change critical borrower data, such as the
       borrower’s name or Social Security number).
       Tip: At this point, you might want to review
       and print the credit report. Click the Complete
       link under Credit Status. (Detailed instructions
       for viewing and printing a credit report appear in
       Viewing and printing a credit report.)


Related Quick Steps:
•     Reissuing a credit report
•     Viewing and printing a credit report
•     Submitting a loan for an underwriting recommendation




DO Quick Steps: Ordering a new credit report                          Page 3
December 30, 2003