Data Facts Lending Solutions Blog

Credit Report Changes May Result in Credit Score Increases for Many Consumers

Posted by Susan McCullah

Mar 20, 2017 3:07:27 PM

The three credit bureaus, Equifax, Experian, and Transunion, will be making changes to two types of information currently reported on credit reports. These alterations could show credit score increases for an estimated 1 in 12 consumers. 

Tax liens and civil judgments are the two pieces of information on the hotseat. The change is scheduled for July 1, 2017. It's estimated that up to half of civil judgment information and most of tax lien data will be removed. 

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Topics: credit reports, Credit Score, mortgage news, Mortgage lenders

Are You Ready for Mortgage Trended Data? Important FAQ's

Posted by Susan McCullah

Jun 7, 2016 2:03:57 PM

Unless you have been living on a deserted island, chilling in a bomb shelter, or just woke from a coma, you have heard about the implementation of trended data into mortgage credit reports, which is coming June 25, 2016. 

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Topics: mortgage news, mortgage trended data, fannie mae, trended credit data

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

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

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

H.A.R.P. Has Been Extended!

Posted by datafactssolutions

Jan 23, 2014 8:56:00 AM

The H.A.R.P. (Home Affordable Refinance Program) program which enables struggling homeowners to refinance their mortgage, whose home value has declined, has extended its application deadline to December 31st 2015.

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Topics: Data Facts, Mortgage loan, MBA, Mortgage, lending solutions, finances, HARP 2.0, FHA, mortgage news

Partners Against Crime. Data Facts Helps You Combat Lending Fraud.

Posted by datafactssolutions

Nov 21, 2013 3:10:00 PM

The prevalence of mortgage fraud is still a scary fact.

According to the FBI, 13 billion dollars were lost in fraudulent mortgage loans in 2012. Over 60% of mortgage fraud includes ID discrepancies and in most cases the fraudster uses a mixture of accurate and “borrowed” information. These crooks operate this way hoping that lenders will not check every bit of information and the loan will be approved.

Luckily, there are reports available to mortgage lending companies to combat this issue, and offer some protection. This can help preserve the bottom line.

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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

DATA FACTS, Inc. to Attend the MBA's 100th Annual Convention and Expo

Posted by datafactssolutions

Aug 5, 2013 2:06:00 PM

Data Facts will be introducing a full suite of products that will help streamline the lending process and keep Lenders in compliance. 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.

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Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, MBA, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, MBA's 100th Annual Convention and Expo, mortgage news

Mortgage Triggering: Who is contacting my customer?

Posted by datafactssolutions

Jul 9, 2013 9:11:47 AM

Mortgage triggering is a frustrating, pull-your-hair out phenomenon that rears its ugly head frequently during a refinance boom. If you are a mortgage lender and haven’t experienced it yet, lucky you.

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

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Topics: Data Facts blog, FCRA, wordpress blog, Data Facts, Mortgage loan, Fair Debt Collection Act, Mortgage, lending solutions, Credit Score, Mortgage compliance, Financial literacy month, mortgage fraud, Improve Credit Score, credit history, Mortgage triggering, Do not call list, Compliance, FHA, Opt Out PreScreen, mortgage news

Back On Track: The Housing Market Is Changing For The Better

Posted by Stacie Shelton

Apr 19, 2013 9:30:00 AM

The housing market is improving much faster than anyone would have expected a year ago. Nationally, the prices of homes increased by 10% since February of 2012. However, many in the industry think that this may be cause for concern. They are nervous that the fast pace of recovery will cause another bubble.

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Topics: Data Facts blog, wordpress blog, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, short sale, mortgage fraud, finances, credit history, Mortgage triggering, Strong password, FHA, mortgage news

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