When a debt or obligation is revealed during the application process that was not listed on the mortgage application and/or credit report, the lender must:
• verify the actual monthly payment amount; and
• include the payment amount in the agreement in the expense analysis.
The lender must obtain a written explanation from the borrower for all inquiries shown on the credit report that were made in the last 90 Days. The lender must document all undisclosed debt and support for its analysis of the borrower’s debt.
For additional information see Mortgagee Letter 2016-10 and the attached revised HECM Financial Assessment and Property Charge Guide, Section 3.78 at https://www.hud.gov/program_offices/administration/hudclips/letters/mortgagee