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

The Importance of Public Record Data

Posted by Susan McCullah

Jul 31, 2018 11:09:15 AM

Bankruptcies, Liens, and Judgments Are Important Data!

Lenders have historically put significant weight on the presence of public records on an applicant's credit report. And with good reason. A recent study showed that consumers with liens or judgments as part of their credit history are twice as likely to default on a loan as those with no outstanding liens or judgments. 

In 2016, the bureaus were sued multiple times because of incorrect public record data being included on their credit reports. This happens because there are 10,000-20,000 "jurisdictions" of municipal authorities. Some of these records are sealed and the parties involved are not disclosed until it goes unpaid. The defendant then must file an action in the civil courts. Even in 2018, smaller courts still don't electronically publish information. In addition, public records are frequently logged with only one identifier, so it's not hard to get them "mixed up" with people who have the same name. 

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Topics: mortgage lending services

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

Important Numbers Mortgage Lenders Should Know About Mortgage Fraud

Posted by Susan McCullah

May 31, 2018 10:54:44 AM

Here is some important information Fannie Mae shared recently about mortgage fraud. These statistics are based on results of 2016 and 2017 mortgage fraud numbers.

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Topics: mortgage fraud, fannie mae, mortgage lending services

Mortgage Lending Services Vendor Management Checklist

Posted by Susan McCullah

May 25, 2018 1:35:00 PM

Third Party Vendor Management is a hot topic within the mortgage industry these days. 

One of the first (and most effective) steps you can take to limit potential third-party risk, is to properly vet and reduce the vendors of your mortgage lending services to only the ones that adhere to the most stringent of compliance standards.

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Topics: Mortgage compliance, Compliance, mortgage lending services

Fannie Mae CEO to Mortgage Lenders: Day 1 Certainty Makes You More Competitive

Posted by Jacob Gaffney

May 7, 2018 2:05:55 PM

When it launched a year-and-a-half ago, Day 1 Certainty promised to offer mortgage lenders more confidence and help save borrowers time in their loan application.

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Topics: mortgage trends, DU Day 1 Certainty, mortgage lending services

Why Lenders Need to be Concerned About Wire Transfer Fraud

Posted by Susan McCullah

Feb 14, 2018 9:13:00 AM

Wire transfer fraud is one of the most serious trends in the mortgage industry. Recent Fannie Mae and FBI fraud alerts on wire transfer fraud identify more than 14,000 instances of this fraud scheme over the last year. Under this fraud scheme “hackers” use social engineering or computer intrusion techniques to send out a change of wire transfer instructions with the “new” account information.

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Topics: Mortgage compliance, Fraud, compliance tips for lenders, mortgage lending services

7 Compliance Tips for Lenders to Get the Most Bang for Their Buck

Posted by Johnna Leeds

Dec 28, 2017 9:34:25 AM

 

We all know the lending compliance is highly regulated and takes considerable resources. Lender compliance costs put a strain on lender profits, can be frustrating and seem unreasonable.

And they keep increasing.

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Topics: Mortgage Lending, mortgage changes, Lending compliance, compliance tips for lenders, compliance costs in lending, mortgage lending services

UPDATE: How DU Plans to Handle Your Frozen Credit Files

Posted by Sara Kellum

Nov 9, 2017 11:51:10 AM

After the Equifax security breach that impacted millions of US consumers, many have elected to place a credit freeze on one or all of their credit reports as a safeguard. While putting a freeze on your report helps protect against fraud, it can present challenges if the consumer needs to obtain legitimate financing. 

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Topics: Identity theft, Credit Freeze, fannie mae, frozen credit files, mortgage lending services

Fraud Alert and Credit Freeze: Which Do You Need?

Posted by Jennifer Hamby

Sep 19, 2017 11:15:42 AM

In light of the recent Equifax security breach, Data Facts is re-posting information on the mortgage lending services of fraud alerts and credit freezes.

 Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.  On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses!!

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Topics: Identity theft, frozen credit files, mortgage lending services

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