Highlights
- OCEN 4.0 introduces auction based model where each loan application will be shared with multiple lenders.
- Lenders rely heavily on Credit Bureau reports for loan underwriting and the traditional approach of doing a hard-pull by each lender may cause a reduction in borrowers score.
- A consented soft pull done by the borrower’s agent emerges as the ideal path as it protects borrower’s score, yet keeps the borrower experience and transaction success rates high.
- As a framework, OCEN 4.0 allows for 4 different ways of consent-based data-flows. Illustrated via the GST example.