Selling Guide

Published December 16, 2020

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What is required for a debt not listed on the credit report?

General Information on Liabilities

The lender’s risk analysis must include all liabilities affecting income or assets that will affect the borrower’s ability to fulfill the mortgage payment obligation.

For each liability, the lender must determine the unpaid balance, the terms of repayment, and the borrower’s payment history, and verify any other liability that is not shown on a credit report by obtaining documentation from the borrower or creditor.

If the credit report does not contain a reference for each significant open debt shown on the loan application—including outstanding mortgage debt, bank, student, or credit union loans—the lender must provide separate credit verification.

For additional information, see B3-6-01, General Information on Liabilities.

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