Data Facts Lending Solutions Blog

Mortgage Lending Compliance: Worrying About Debt Monitoring

Posted by Susan McCullah

Sep 18, 2018 10:27:18 AM

If you're in mortgage lending, you probably already know that undisclosed debt is the number one cause of mortgage fraud. Unfortunately, borrowers often take out new loans or make other significant changes to their debt situation within days of closing and that puts lenders in a precarious situation. Under the terms of the Fannie Mae Loan Quality Initiative, lenders are responsible for disclosing any new debt prior to closing, and to ensure you can meet that stipulation, you need to have a undisclosed debt monitoring process as part of your mortgage lending services solutions in place.

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Topics: Data Facts, mortgage process, Mortgage lenders, mortgage lending services

Worried About Your Credit Score? 4 Tips for Reviewing Your Credit Report

Posted by Susan McCullah

Sep 13, 2017 10:36:52 AM

 In light of the Equifax security breach, consumers are concerned about their credit report. Advice is everywhere on how to handle this issue. Regardless of whether or not you decide to freeze your credit, you need to CHECK YOUR CREDIT REPORT!

So, what do we mean by that? What are you supposed to be checking?

As a leading mortgage lending services provider, here are our suggestions:

While pulling your credit report at least once a year is very good advice, a person needs to know what to look for when reviewing their information.

You can actually check your credit 3 times a year at no charge.

Goto www.annualcreditreport.com which is a website sponsored by the three credit bureaus. You can pull one bureau once a year for free. Simply enter your information and order a one-bureau credit file.

Then what? 

Start with these tips to make certain you understand the information on your credit report:

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Topics: Data Facts blog, wordpress blog, Data Facts, Credit Score, Collection accounts, Collections, credit cards, credit history, mortgage lending services

Millennial Home Buyers: Will 2017 Be the Year?

Posted by Matt Scott

Feb 16, 2017 1:19:40 PM

Mortgage professionals are wondering when the Millennial generation will finally fly the coop and purchase their first home. When they do, loan officers who effectively connect with Millennial home buyers will reap big, profitable benefits of business.

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Topics: Data Facts, Mortgage lenders, Potential Millennial homebuyers

Updated! DU Day 1 Certainty: Twelve FAQs from the Trenches

Posted by Susan McCullah

Dec 1, 2016 8:20:36 AM

If you are a lender, you have most likely heard about DUs new initiative, the Day 1 Certainty™, going live Saturday, December 10th.

Like any change, there are tons of questions regarding the process. Data Facts Account Executives are often the first to field questions from our clients about this change and how our mortgage lending services can address the coming needs. We have compiled the ones we are hearing over and over, as well as those that have been addressed by Fannie Mae, to help you stay informed. 

Here are the main questions we, as well as Fannie, get about DU Day 1 Certainty.

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Topics: Data Facts, fannie mae, Mortgage lenders, DU Day 1 Certainty

Six Scary Mistakes Turn an Approved Mortgage into a Denied Mortgage

Posted by Susan McCullah

Oct 13, 2016 9:15:00 AM

 

Are you dreaming of dressing your new home with spiderwebs, jack-o-lanterns, and scary Halloween music while you pass out candy to hungry zombies and beautiful princesses? Then be sure to avoid these mistakes during the home buying process.

Once you find the perfect home, secure financing, and sign the contract, you may think it's a done deal. Be careful, though. There are several mistakes you may make during the mortgage process that will drive your interest rate higher, or derail your closing completely. 

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Topics: credit reports, Data Facts, Mortgage loan, Mortgage

Got Mortgage Trended Data Blues? FAQ's to Help Ease the Pain

Posted by Susan McCullah

Aug 24, 2016 11:03:11 AM


Singin' the blues over more changes heading your way?

If you are not sure about the addition of trended data on mortgage credit reports, how it affects you, and how to deal with it, take heart! The reality is that mortgage credit trended data is a shockwave to the industry, and is causing even more changes for mortgage originators who have already been handed their fair share (TRID, anyone?).

We have scoured our mortgage lending services sources to answer some of the biggest, most common questions about trended data information...

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Topics: credit reports, Data Facts, Credit Score, mortgage trended data, trended credit data, mortgage lending services

Trended Credit Data News -Fannie Mae Postpones DO/DU v10.0 Release

Posted by Susan McCullah

Jun 16, 2016 12:47:21 PM

Data Facts has breaking news about mortgage trended credit data, which was expected to go into effect June 25, 2016.

Fannie Mae has recently stated that they have postponed the release of DO/DU v10.0.  From the notice on their web site, it appears that it is being postponed due to Quality Assurance issues so that they can ensure a successful implementation. 

The notice reads:

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Topics: Data Facts, mortgage trended data, fannie

6 WAYS TO CLOSE LOANS FASTER AND STAY IN COMPLIANCE

Posted by Johnna Leeds

Jul 15, 2015 10:05:00 AM

In today’s financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.

Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.

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Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, mortgage news

5 Tax Deduction Tips for Homeowners

Posted by datafactssolutions

Mar 13, 2014 1:20:27 PM

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Topics: Data Facts blog, Data Facts, Mortgage loan, Mortgage, finances

STOP! Don't Mess Up Your Home Mortgage!

Posted by datafactssolutions

Feb 26, 2014 10:25:00 AM

You’ve gone to your lender and been approved for a home mortgage. You’ve found the home of your dreams. But just when you are about to close, the lender says you are no longer approved. What happened?

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Topics: Data Facts blog, wordpress blog, Data Facts, Mortgage, lending solutions, Credit Score, Mortgage compliance, finances, credit cards, credit history, Compliance, Credit Bureau, mortgage news, FICO

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