Overview
Loan Quality Debt Monitoring (LQDM) is an advanced, alert-based solution that provides continuous monitoring of a borrower’s credit profile during the critical loan “quiet period” - the timeframe between the initial credit pull and the final closing.
To stop monitoring your borrower(s), you must place a request before loan closing or on the day of closing. You will also use this process to stop monitoring for loans that are denied, closed, or withdrawn.
This process can be completed quickly and requires only a few clicks.
Place a request to stop debt monitoring
Follow the steps below to place a request to stop debt monitoring for a loan in the AutomatIQ® Borrower Portal.
Visit the AutomatIQ® Borrower Portal and sign in using your credentials. You will be directed to the My Loans page.
Locate your order using the Search bar or Filter options.
Select the Loan Number link. The Order Details tab displays.
Select the Debt Monitoring tab.
From the Borrower Detail tab, click Unsubscribe.
In the Unsubscribe popup, select the borrower(s) you want to remove from debt monitoring by checking the box next to each name.
Click Confirm.
Review the Unsubscribe warning message, then click Submit.
Warning: Unsubscribing borrower(s) from debt monitoring is permanent and cannot be undone. If monitoring is ended in error, additional fees may be required to restart the service. After the request is submitted, the status on the Borrower Detail tab will display ‘Monitoring; Request to unsubscribe was sent to bureau’ and will update to ‘Complete’ once the bureau has accepted the request.
Follow the steps below to place a request to stop debt monitoring for a loan in Encompass® Desktop.
Sign in to Encompass® Desktop using your credentials.
In your Pipeline, select the appropriate loan from the list.
From the Services tab in the left-hand navigation bar, locate the Order Additional Services menu and click the Document icon.
From the Services popup, select CoreLogic LQDM.
Click Retrieve. The Borrower Detail tab displays.
From the Borrower Detail tab, click Unsubscribe.
In the Unsubscribe popup, select the borrower(s) you want to remove from debt monitoring by checking the box next to each name.
Click Confirm.
Review the Unsubscribe warning message, then click Submit.
Warning: Unsubscribing borrower(s) from debt monitoring is permanent and cannot be undone. If monitoring is ended in error, additional fees may be required to restart the service. After the request is submitted, the status on the Borrower Detail tab will display ‘Monitoring; Request to unsubscribe was sent to bureau’ and will update to ‘Complete’ once the bureau has accepted the request.
Follow the steps below to place a request to stop debt monitoring for a loan in 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.
Locate the CoreLogic LQDM order, then click the Open Document icon to the far right of the entry. The Borrower Detail tab displays.
From the Borrower Detail tab, click Unsubscribe.
In the Unsubscribe popup, select the borrower(s) you want to remove from debt monitoring by checking the box next to each name.
Click Confirm.
Review the Unsubscribe warning message, then click Submit.
Warning: Unsubscribing borrower(s) from debt monitoring is permanent and cannot be undone. If monitoring is ended in error, additional fees may be required to restart the service. After the request is submitted, the status on the Borrower Detail tab will display ‘Monitoring; Request to unsubscribe was sent to bureau’ and will update to ‘Complete’ once the bureau has accepted the request.
Outcome
You can place a request to stop debt monitoring a borrower’s credit profile, prior to loan closing.