Data Facts Lending Solutions Blog

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

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

40 TRID Facts You NEED To Know

Posted by Jennifer Hamby

Sep 10, 2015 9:23:00 AM

Thank you to ComplianceBuzz for putting together a comprehensive list of 40 TRID Facts You Need To Know. We are less than a month til the October 3rd deadline and wanted to refresh you and your team on some of these facts.  An added bonus...You can also take a sneak peek at our eBook "Steps to Reduce Third Party Risks" as part of our mortgage lending services. Enjoy!

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Topics: Mortgage loan, Mortgage compliance, mortgage news, Mortgage Lending, third party vendor, BankerVMS, Third Party Vendor Management, TRID, BDV

Why Are My FICO Credit Scores Different?

Posted by Jennifer Hamby

Sep 8, 2015 8:00:00 AM

If you’ve recently checked your FICO credit scores (Equifax, Experian and Transunion), you may have noticed that your credit score varies between the three. After thoroughly reviewing your credit report, you may be asking yourself, “Why are my 3 FICO credit scores different?”

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Topics: credit reports, Mortgage loan, Credit Score, Credit Bureau, FICO, Understanding Credit Scores

The Credit Impact After Selling Your Home

Posted by Jennifer Hamby

Aug 11, 2015 8:00:00 AM

The housing market is HOT!  Are you getting ready to sell your home, but wonder if and how it will affect your credit? Selling your home could impact your credit in a few key ways. Let’s take a look and some of the ways- both postive and negative-your score could be affected after the sale of your home...

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Topics: Mortgage loan, short sale, Mortgage Lending, Understanding Credit Scores

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

Do You Want To Close More Loans in 2015?

Posted by Jennifer Hamby

Jan 29, 2015 8:23:00 AM

A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all. In the current state of matters, letting a loan “die on the vine” is not acceptable.  You must explore every avenue possible to drive that loan to the closing table.   While time is of the essence, you also know that dealing with less than reputable “credit repair” companies is not the direction you want to take.  

Expedited Rescoring, a practice employed by mortgage lenders and brokers to help lift clients' scores to qualify for better loans, allows borrowers to get accurate information updated into credit files within a few days, rather than waiting weeks or months for the credit bureaus to do it on their own. 

That faster timetable could save thousands of dollars on the mortgage loan for borrowers, and increase loan closing ratios. 

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Topics: credit reports, Mortgage loan, Credit Score, Mortgage Lending

Close More Loans with the Expedited Rescore Program

Posted by Jennifer Hamby

Jul 7, 2014 7:30:00 AM

A few credit score points can mean the difference between a good mortgage rate, a lousy one or getting a loan at all. In the current state of matters, letting a loan “die on the vine” is not acceptable.  You must explore every avenue possible to drive that loan to the closing table.   While time is of the essence, you also know that dealing with less than reputable “credit repair” companies is not the direction you want to take.  

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Topics: Mortgage loan, Credit Score, Improve Credit Score, Mortgage Lending

Close More Loans NOW, Using Social Media

Posted by Jennifer Hamby

May 1, 2014 11:48:49 AM

 

Ok, so we’ve all heard the mortgage projections for 2014-2015.  Yikes!  The Mortgage Bankers Association forecasts overall originations will be down close to 20% this year with refinance originations down over 50% due to slowly rising interest rates. 

Now is the time to get creative, get a plan, and forge ahead.  Get outside your comfort zone, try a new strategy, and most importantly, be consistent.

 How about Social Media?  Gone are the days in which social media was merely thought of as an avenue for sharing photos and reconnecting with lost friends and classmates. Social media has transformed into a direct line into the mind of the customer, as consumers freely share their opinions on various products, services and brands with their friends, family and followers

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Topics: social media, Mortgage loan, Mortgage

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

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