Overview
If you have previously ordered an Instant Merge Report, you can run an Instant Merge LQ Gap report to identify any new credit liabilities added since the initial credit pull.
When you run the refresh, you see a side by side comparison of the original and updated credit reports. Clear visual indicators highlight material changes, with dedicated sections for new liabilities, inquiries, and public records, so you can confidently move forward to closing.
Tip: Before you begin this process, have the Reference Number from the original Instant Merge report readily available. You can locate it on the application Dashboard or within the original report.
Order Instant Merge LQ Gap reports
Follow these steps to order an Instant Merge LQ Gap report on Encompass® Web.
Sign in to Encompass® Web using your credentials.
From your Pipeline, select the appropriate loan from the list.
In the left navigation bar, select Services, then choose All Services from the menu.
On the All Services page, click Order Service.
In the Order Service pop-up, select Credit under Categories, then choose Cotality Credco from the Providers list.
Click Next.
Click New Order.
Confirm the details in the Loan Information section. If multiple borrowers are on the loan, you can make a selection from the Borrowers dropdown menu.
Confirm the Account associated with your order.
Note: If only one account is assigned to your user profile, it will display as a read-only field. If multiple accounts are available, use the dropdown to select the appropriate account.
From the Product dropdown, select Instant Merge LQ Gap.
Select the applicable Bureaus by checking the appropriate box(es).
In the Reference Number field, enter the Reference Number from the initial Instant Merge Report.
Select the Report Language.
From the Report On section, select Individual or Joint using the appropriate radio button.
Note: For orders with two applicants, selecting Individual will pull the credit report for the first applicant listed on the loan.
Review the Application Information section. Observe that the Borrower fields are grayed out and locked from editing.
Note: If any of the borrower information is incorrect, exit the application, update the details in your Encompass loan file, and then return to the Credco application to submit your order.
Review and confirm the Current Address and update it if needed.
Tip: Select Normal Address to change the address format type. Options include Normal, PO Box, Rural Route, or Military. For military addresses, refer to the Entering Military Addresses article.
Confirm or enter the Previous Address and Mailing Address.
Select +Add Previous Address.
Select +Add Mailing Address.
If your borrower provided a file freeze PIN to access a frozen credit report, expand and complete the File Freeze PIN section for each applicable bureau, and select the acknowledgement checkbox.
Enter any comments or notes in the Notes field.
Note: Comments or notes entered here will appear in the header of your credit report.
Select Submit Order to complete the process. The Order Summary page displays with your completed report.
Follow these steps to order an Instant Merge LQ Gap report on Encompass® Desktop.
Sign in to Encompass® Desktop using your credentials.
From your Pipeline, select the appropriate loan from the list.
In the left navigation bar, select Services, then choose Order Credit Report from the menu.
On the Credit Report popup, select Cotality Credco.
Click Submit.
Select New Order.
Confirm the details in the Loan Information section. If multiple borrowers are on the loan, you can make a selection from the Borrowers dropdown menu.
Confirm the Account associated with your order.
Note: If only one account is assigned to your user profile, it will display as a read-only field. If multiple accounts are available, use the dropdown to select the appropriate account.
From the Product dropdown, select Instant Merge LQ Gap.
Select the applicable Bureaus by checking the appropriate box(es).
In the Reference Number field, enter the Reference Number from the initial Instant Merge Report.
Select the Report Language.
From the Report On section, select Individual or Joint using the appropriate radio button.
Note: For orders with two applicants, selecting Individual will pull the credit report for the first applicant listed on the loan.
Review the Application Information section. Observe that the Borrower fields are grayed out and locked from editing.
Note: If any of the borrower information is incorrect, exit the application, update the details in your Encompass loan file, and then return to the Credco application to submit your order.
Review and confirm the Current Address and update it if needed.
Tip: Select Normal Address to change the address format type. Options include Normal, PO Box, Rural Route, or Military. For military addresses, refer to the Entering Military Addresses article.
Confirm or enter the Previous Address and Mailing Address.
Select +Add Previous Address.
Select +Add Mailing Address.
If your borrower provided a file freeze PIN to access a frozen credit report, expand and complete the File Freeze PIN section for each applicable bureau, and select the acknowledgement checkbox.
Enter any comments or notes in the Notes field.
Note: Comments or notes entered here will appear in the header of your credit report.
Select Submit Order to complete the process. The Order Summary page displays with your completed report.
Outcome
You can order an Instant Merge LQ Gap report to quickly identify any new credit liabilities added since the initial credit pull.