Data Facts Lending Solutions Blog

Why Mortgage Triggering Is Still Happening to Borrowers

Posted by Susan McCullah

Jun 4, 2018 10:00:00 AM

Mortgage triggering is the process that some lenders use to gain customers.

If you are a mortgage lender and haven’t experienced it yet, lucky you.

Basically, lenders purchase these ‘trigger leads’ from the bureaus or other companies.

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Topics: Mortgage, Mortgage triggering, mortgage lending services

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: Mortgage, Data Facts, Mortgage loan, credit reports

Quick Facts for Mortgage Professionals: Flood Certifications

Posted by Susan McCullah

Mar 29, 2016 9:08:08 AM

Flood certifications are an essential part of the mortgage process, but how much do most mortgage professionals really know about them? Here are some quick pointers from our flood certifications' vendor, ServiceLink. 

#1: What is a Flood Zone Determination, and why is this service needed?

A Flood Zone Determination (FZD) is an assessment of a property’s risk for flooding as determined by the Federal Emergency Management Agency (FEMA). FZDs are made by locating properties in question on Flood Insurance Rate Maps (FIRMs) or Flood Hazard Boundary Maps (FHBMs) published by FEMA and

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Topics: Mortgage loan, Mortgage, Mortgage Lending, flood certifications

A Better Mousetrap? Ten Crucial Points about Mortgage Trended Data

Posted by Susan McCullah

Mar 7, 2016 1:00:00 PM

Being able to predict whether or not a consumer will pay his or her mortgage loan on time and in full is the concept behind credit scoring. The Fannie Mae announcement about trended data being added to mortgage credit reports for the underwriting process is causing a shift in the entire industry.

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Topics: Mortgage, Credit Score, FICO, mortgage trended data, trended credit data

Six New Year's Resolutions that Help You Close More Loans in 2016

Posted by Susan McCullah

Jan 26, 2016 10:27:14 AM

The new year is upon us, and most of us set goals that we want to accomplish. Many of these relate to money. If you are a mortgage professional who could handle more bucks in your bank account, employ these six New Year's resolutions to help you close more loans in 2016. 

#1: I will educate myself on all mortgage aspects. Consumers have lots of questions during the mortgage process, and it pays to be able to answer them in a concise, understandable manner. Mortgage professionals who "don't have time" to give their customers the 411, or who aren't prepared for the barrage of questions will most likely end up with big, gaping holes in their schedule. 

Resolve to: read industry blogs, attend training webinars, and in-person presentations about current

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Topics: Mortgage, lending solutions, Credit Score, Understanding Credit Scores, Third Party Vendor Management

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

The High Cost of Mortgage Fraud

Posted by Jennifer Hamby

Dec 5, 2014 11:53:53 AM

Currently, Over 80,000 mortgage applications each year have what is considered “HIGH FRAUD RISK” and the cost to lenders and the financial system are estimated to be BILLIONS!! 

Mortgage fraud is defined by the Mortgage Bankers Association as “any misrepresentation to the lender from a mortgage applicant for the purpose of being approved for a mortgage that the applicant would not otherwise qualify in order to obtain property, or simply profit”. It is a crime with severe penalties yet continues to be one of the fastest growing crimes in the US.

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Topics: MBA, Mortgage, lending solutions, Mortgage compliance, mortgage fraud, tax return verifications, TRV, BankerVMS

4 Mistakes That Can Turn A Mortgage APPROVAL Into A Mortgage DENIED

Posted by Jennifer Hamby

Oct 3, 2014 7:55:00 AM

Once you find the perfect home, secure financing, and sign the contract, you may be ready to pop open some champagne and start picking out curtains. Be careful, though. There are several mistakes you may make as a would-be homeowner that will derail a closing or drive your interest rate higher.

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Topics: Mortgage

Ability To Repay Rule Quick Guide-8 Underwriting Factors

Posted by Jennifer Hamby

Jun 9, 2014 7:30:00 AM

 

The ability to repay rule (ATR) is part of Regulation Z – Truth in Lending Act (TILA). The Consumer Financial Protection Bureau (CFPB) issued a final rule about ATR in January 2013, and the rule became effective in January 2014. The basis of the ATR is the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), and it generally requires creditors to make a reasonable, good faith determination of a consumer’s ability to repay any consumer credit transaction secured by a dwelling and establishes certain protections from liability under this requirement for “qualified mortgages”.  The rule requires creditors to keep a record of their compliance for a period of three years after a loan is closed.

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Topics: Mortgage, Mortgage compliance, CFPB, ATR, Ability To Repay, UDM

What Millennials NEED to know about Mortgages

Posted by Jennifer Hamby

May 20, 2014 10:25:00 PM

A recent study conducted by the Consumer Federation of America and VantageScore Solutions found that 18-34 year-olds are far less informed than all other adult Americans on credit knowledge and understanding.  Only 6% could accurately pick out the factors that actually impact a credit score, and less than half of all millennials have ever even bothered to order a copy of their free credit report.

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Topics: credit checks, credit reports, Millennials, Mortgage, Credit Score, Improve Credit Score, credit cards, credit history, Credit Bureau

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