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December 20, 2013
Data Facts Inc Offers One Stop Solution for Upcoming CFPB Regulations
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Memphis, TN (PRWEB) December 20, 2013
Data Facts Inc - a nationwide provider of mortgage lending and background screening solutions - has expanded its offerings to enable lenders to meet the new Consumer Financial Protection Bureau (CFPB) Ability-To-Repay Rule and Qualified Mortgage Standards that go into effect on January 10th, 2014.
Data Facts, Inc provides trusted information; enabling lenders close more, close faster, and close easier. Their One-Stop Solutions offer comprehensive solutions to the underwriting requirements needed to meet the Ability To Repay Rule and Qualified Mortgage Standards.
These new rules state creditors must verify that borrowers have the ability to repay their mortgage, and use reliable third party records to verify the information used to evaluate the factors.
- Comprehensive Income Verifications
- Employment Status
- Detailed current debt obligations
- Undisclosed Debt Verification
- Complete Credit History via Tri-Merge Credit Reports
- Monthly debt-to-income ratio and/or residual income
Third party records are defined as:
- A document or other record prepared or reviewed by a person other than the consumer, the creditor, any mortgage broker, as defined in § 1026.36(a)(2), or any agent of the creditor or mortgage broker;
- A copy of a tax return filed with the Internal Revenue Service or a state taxing authority;
- A record the creditor maintains for an account of the consumer held by the creditor; or
- If the consumer is an employee of the creditor or the mortgage broker, a document or other record regarding the consumer’s employment status or income.
Julie Wink, EVP of Data Facts, Inc has already witnessed the positive impact these solutions have brought to their clients. “One of our large regional lending clients was relieved when the implementation of our Undisclosed Debt Verification solution uncovered a recent purchase by a customer on a $39,000 vehicle. 'Thank you....Thank you... Thank you... ' is what they shouted in the phone.”
To read the complete final rulings from CFPB, click the following link: http://files.consumerfinance.gov/f/201301_cfpb_final-rule_ability-to-repay.pdf.
About Data Facts Inc
Since 1989, Data Facts has provided information you trust and rely on to make sound lending, hiring, and other business decisions. Data Facts’ core divisions include, financial lending solutions for mortgage companies and background screening for employment, volunteers and students. We have a reputation for providing premier lending solutions, which enables our customers to close more loans faster and easier than ever.
Data Facts is one of only 2% of background screening companies that have achieved the gold standard of accreditation by the NAPBS. We provide crucial information for a broad variety of business needs. Our top of the line technology delivers information quickly, accurately and securely.
Data Facts has offices located throughout the United States and serves a wide variety of customers within the United States and Internationally. Data Facts is a 100% woman owned, diversified supplier.