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LENDING SOLUTIONS

overview

 

Overview

Data Facts delivers a comprehensive suite of Lending Solutions. We are dedicated to staying on the forefront of industry regulations and technological advancements. Our commitment to operational excellence, combined with advanced efficiency, delivers the highest level of compliance. We enable you to close MORE, close FASTER and close EASIER. 

 

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Credit Reporting

Let Data Facts’ integrated, easy to read credit reports provide you with the first step in determining your applicant’s credit worthiness. With advanced credit technology and personalized teams, you’ll receive dependable information that’ll help you to close more loans faster and easier.

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Appraisal Management Services

Data Facts is your single-source provider for appraisal management services. Whether you wish to completely outsource your appraisal process, or prefer to manage parts of it in-house, Data Facts has options for your lending team.

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Equity Lending Solutions

Data Facts has partnered with title industry experts & innovators to deliver accurate, risk-mitigating equity lending solutions that are second to none. See how our comprehensive process can provide the solutions you need, for the entirety of the equity origination life cycle.

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Flood Certifications

Data Facts partners with ServiceLink to bring you the mortgage industry’s most comprehensive flood certifications. By accessing the latest instant FEMA data, you can ensure federal regulatory flood compliance, improve your processes and increases efficiencies.

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Fraud Prevention

Minimize risk with Data Facts’ entire suite of fraud prevention tools. Choose from the bundled or customized options that best fit your lending department, and detect fraud-risks using current, real-time data.

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Lead Generation Products

Your best leads are closer than you think. Expand your market share with Data Facts’ comprehensive suite of lead generation tools. Pinpoint your target consumers and reach them at the moment they’re looking for services like yours.

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Portfolio Monitoring

Consumer Portfolio Review & Monitoring gives you timely, accurate intelligence on customer credit profile changes so you can make informed decisions and take action.

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Verifications

Data Facts’ automated verification services allow you to verify your mortgage applicant’s employment, deposits, income and more. With Day 1 Certainty®-approved validations, you enjoy greater speed and simplicity, plus rep and warrant relief from Fannie Mae.

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Wire Transfer Fraud

Detect fraudulent activity with Data Facts’ Wire Fraud Risk Report. Wire Transfer Fraud occurs when transfer instructions are altered, diverting funds from the recipient to a hacker’s account. Data Facts’ report helps you mitigate the risk of wire transfer fraud by providing information on the settlement company, account ownership, and title insurance company.

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Partners and Affiliates

National Credit Reporting Association, Inc. 

Founded in 1992, the National Credit Reporting Association, Inc. (NCRA) is a national trade organization of consumer reporting agencies and associated professionals that provide products and services to hundreds of thousands of credit grantors, employers, landlords and all types of general businesses.


City Current

cityCURRENT is a privately-funded catalyst working to power the GOOD in the Mid-South and Middle Tennessee. A team of more than 100 businesses, comprised of some of the largest employers in the world to mid-size and smaller firms, have joined forces and funds to make a difference through philanthropy and volunteerism, hosting more than 150 FREE community events each year, and producing an array of positive-oriented media.


MBA_Member

The Mortgage Bankers Association is composed of mortgage lenders, brokers, and affiliated industry associates. The main goal of the MBA is to promote ethical, efficient, and professional business practices in mortgage financing, benefiting individuals and businesses seeking mortgage loans. Data Facts is a member of the following MBA chapters: The Tennessee Mortgage Bankers Association, The Mississippi Mortgage Bankers Association, The Mortgage Bankers Association of Arkansas and The Oklahoma Mortgage Bankers Association.

 


PitchPoint Solutions

PitchPoint Solutions is a national provider of comprehensive fraud detection and verification services for multiple industries, including mortgage, background/tenant screening, and anti-money laundering. With more than a decade of experience in customizable risk evaluation technology and processing, PitchPoint Solutions' heuristic/rule-based data collation, analysis and Expert Services stamps out 99% of fraud alerts while eliminating 100% of lost underwriting time.


SharperLending™

SharperLending™ is an online bundled service platform that provides lending products and services for fast and accurate loan processing. SharperLending's advanced technology and products bring the best in mortgage services to lenders and brokers by accelerating the entire loan process while delivering savings to consumers.


ServiceLink National Flood, LLC

ServiceLink National Flood, LLC. (SLNF) was founded in 1988 as a small, independent flood determination company named National Flood Information Services (NFIS), to help lenders comply with the Flood Disaster Protection Act of 1973 and later the National Flood Insurance Reform Act of 1994. NFIS was one of the earliest flood determination providers and experienced rapid growth, securing a client base of major mortgage lenders.


Servicing Director™
From first payment through payoff, Servicing Director™ (formerly Interlinq Loan Servicing) confidently supports borrower and investor needs. An integrated default management module better manages defaulted loans and gets them back on track – deepening relationships with both borrowers and investors.
Quality Mortgage Services
Quality Mortgage Services provides mortgage QC services nationwide. QMS's ability to provide the examinations and compliance verification is supported by extensive experience in mortgage lending.

Ellie Mae
Ellie Mae is a provider of enterprise solutions, including an online network, software and services for the residential mortgage industry. The Ellie Mae Network is one of the largest electronic mortgage origination networks in the United States and enables mortgage originators to securely conduct electronic business transactions with lenders and settlement service providers.

Compliance Corner

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 at Data Facts. 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.

Incident Response/Data Breach

 

Upon the discovery of a breach or suspected breach, End-Users should notify Data Facts immediately.  Telephone notification is preferred at 800-264-4110.  Email notification should be sent to compliance@datafacts.com

  • Data Facts may take any action it considers appropriate to safeguard the data, including but not limited to suspension of client’s access until Data Facts has determined the client’s environment is safe. 
  • Client will comply with all federal and state breach laws. 
  • Client must take immediate steps to protect Data Facts’ consumer reports to minimize the amount of data compromised.  Those steps include but are not limited to suspending access of all end users involved. Access may be suspended for an individual or identified group or suspected violators. 
  • Client will actively cooperate with and participate in any investigation conducted by Data Facts that results from the client’s breach or suspected breach of information.  User will respond to related requests as required for all investigations. 
  • If the root cause of the breach is determined to be under control of client (employee or former employee fraud, misconduct or abuse, access by an unqualified or improperly qualified end user, poor information security practices, ID sharing, etc.) Data Facts may assess client an expense recovery fee. 

More best practice resources to help you maintain compliance:


How To Lower Your Compliance Costs
Due Diligence in Third Party Selection
→ Are You CFPB Compliant?
→ CFPB Alert: Are You Ready For August 2015?



 

Frequently Asked Questions

Q: How do I order an online supplement?

Open the report in www.XpertOnline.net . Click on the Supplements tab and then click "Request a Supplement". A copy of the report will open in a separate window. Click on the applicable trade line (blue line/link) to enter your request. A window will appear for you to either select a common service from a drop down list or you can type the information manually. Once you click on "submit", the request is sent to your assigned credit reporter electronically.

Q: Can I track my online supplement requests without having to call anyone?

Yes. In www.XpertOnline.net, all online Supplement requests are listed on the Supplements tab with a status. When a supplement is completed, the status will indicate that the supplement is complete and the completed request will then move to a Completed Supplements section. All pending requests will be listed as pending in a separate section. This will help you sort what is still being worked on and what is complete.

Q: Can I be sent an e-mail message when my report is ready to be viewed so I do not have to keep checking for it?

Yes. We can setup your e-mail address in our system and your credit reporter will send you a notice when your report is ready to be viewed.

Q: Can I look at an original report before it was updated?

Yes. In www.XpertOnline.net, the Reports tab lists an entry for every report sent to your mailbox. This entry includes a date/time stamp so that you know when it was sent to you. You can open any of the reports listed to view and/or print.

Q: How do I remove a borrower from the report?

Open the report in www.XpertOnline.net . In the "Unmerge Report" section of t he Reports tab, click on the borrower that you wish to remove. This will generate a report, for you to view and/or print.

NOTE: this option just gives you a view of what the report will look like without the borrower and this action does not make permanent changes on the file. To permanently remove the borrower from the file, you need to contact your credit reporter for assistance.

Q: Can I look at my billing online?

Yes. Open www.XpertOnline.net  and click on the "Admin" tab. Under the Admin section, click on Management Reports. Depending on the rights set under your User ID, you will be able to view all reports ordered under the account or all reports ordered by you personally. If you have rights to view all reports ordered under your account, you can also print a breakdown per requestor.

Q: Can I reissue my credit report into FNMA DU/DO?

Yes. You simply use the reference number of the initial report in FNMA to reissue.

Q: Can Data Facts be used in the Freddie Mac Loan Prospector program?

Yes. Through a direct connection with Fidelity/TransChicago, Data Facts can now be used in Loan Prospector. A copy of the LP report will reside on XpertOnline for users to access for supplement requests and/or report upgrades.

NOTE: This access requires a separate setup. If you would like to be setup to use LP, please contact Data Facts technical support for assistance at support@datafacts.com.

Q: Can I reissue a report into Freddie Mac LP that was pulled outside of the Freddie Mac LP program?

Yes. You can reissue reports pulled in the Data Facts system. 

LOS Interface FAQs Q: What interfaces are currently available with the Data Facts programs?

For a complete list of interfaces available, click here

LOS Interfaces If you would like additional information or have questions, please contact Data Facts technical support for assistance at support@datafacts.com.

ePASS Q: How do I use the Data Facts interface in ePASS?

Click on: Data Facts in ePASS

POINT Q: How do I use the Data Facts interface in Calyx Point?

Click on:Data Facts in Point BYTE 2.0

Q: How do I use the Data Facts interface in BYTE 2.0?

Click on: Data Facts in Byte

Q: In my LOS, can I order a new report for a borrower if a report has previously been requested?

By default, we set all of our accounts with the ability to upgrade reports within 90 days. This default prevents you from being able to order a duplicate file in your LOS on the same file. If you would like the ability to order a new report inside your LOS, please contact Data Facts technical support for assistance at support@datafacts.com.

DO/DU Reports

Q: I am getting an error about my account information in DU. Where do I check this?

When you are ordering or reissuing a credit report in DU, there is a section for you to select the Credit Vendor. You must make sure that you have the correct information entered in this section to use Data Facts. If you need to verify your account information, please contact Data Facts technical support at support@datafacts.com.

Q:I am reissuing a credit report and getting an error that my reference number does not match what is on file at the bureau. What is causing this?

You must enter the report/reference number exactly as it appears on the original report. You must include all dashes. If there are letters in the report, they must be capitalized. Please make sure that you do not have anything entered other that what is in the report/reference number. If you continue to have problems, please contact Data Facts technical support at support@datafacts.com.

Q: I am getting Error code 41 when trying to reissue a report into FNMA. What is causing this?

This error can be a caused by a number of things. Please review the checklist here for the possible issues: FNMA Error 41 or 42 checklist. If you continue to have problems, please contact Data Facts technical support at support@datafacts.com. For more information on reissuing reports in the FNMA system, please click here: FNMA reissues. AU / Investor Interfaces Data Facts reports are able to be reissued in a number of automated underwriting and investor programs. Click on this link to view the programs our reports can be reissued in: Investor interfaces. System Information

Q: What are the system requirements for using the Data Facts programs?

Internet Explorer version 6.0 or greater with 128-bit encryption is recommended for program access. It is recommended that the user have a fast internet connection other than dial-up since all transactions will be processed online. If you are using dial-up, the report order and retrieval process will be slower than if working on a fast internet connection. Adobe Acrobat Reader is required to view/print the credit reports. Click here to download the latest version of Adobe Reader.

Q: How do I verify what version of Internet Explorer I have?

To verify the version of Internet Explorer you are using: Open Internet Explorer Click on Help Click on About Internet Explorer and verify the version listed If you need to update your current version, this update can be completed by going to Microsoft's Internet Explorer download page. Please keep in mind that your internet connection speed will determine how quickly this update process is completed. If you need assistance in upgrading, please contact Data Facts technical support at support@datafacts.com.

Q: Are Data Facts reports checked for OFAC ?

Yes. We currently provide the OFAC search for all reports that pull credit through Experian.

Consumer Resources

Fair and Accurate Credit Transaction Act
On December 4, 2003, President Bush signed into law the Fair and Accurate Credit Transactions Act of 2003, ensuring that all citizens are treated fairly when they apply for a mortgage or other form of credit.

The Fair and Accurate Credit Transactions Act (FACT Act) significantly modified the Fair Credit Reporting Act. We have been in contact with all three repositories (Equifax, Trans Union and Experian) and they are aggressively planning and building infrastructure to be ready for all of the 2004 FACT Act implementation dates.

As required by law, effective June 4, 2004 a consumer reporting agency may NOT provide a consumer report containing any information about debts relating to medical services unless such information is suppressed or coded so that the name of the medical service provider or the nature of the medical service cannot be determined.

This will be the case for any type of debt the repositories can identify as medical – collections, judgments, etc. Not only will the name be suppressed; but, also any corresponding phone numbers or addresses to the creditor.

Should the lender desire any information on a suppressed medical creditor, the consumer will have to provide such information to the lender. As required by law, we will not be able to provide any information on these type creditors. If the consumer needs information about such creditor, the consumer will have to contact the repository directly for a copy of their report and disclosure. Credit reports provided by a repository directly to a consumer will not have medical information suppressed.

Furthermore, we have learned that it is possible after further evaluation that all or some of the repositories will release the information with specific and proper authorization from the consumer. No determination has been made at this time. We will let you know as soon as we receive any updates.

A consumer may reach the repositories at the following:

For complete details on the FACT Act, click here.

Overview

When evaluating business credit, the ability to make the right decisions is only as good as the data driving those decisions. Since past performance is highly indicative of future risk, Data Facts partnerships enables us to provide business credit reports with the detailed insight you need to make wise business decisions. 


FAQs

Q. Why would I use a Business to Business Experian Report?

When companies fill out a credit application they will give you three (3) references and a bank, the majority of companies have 3 creditors that they keep current to make sure they can get good references. When using the Experian report you are getting information from other companies such as yourself that are NOT handpicked references.

Q. Are the regulations the same as consumer reports?

No they are not. Business Credit does not have the rules that consumer credit has.

Q. Do I have to have permission to use a B2B report? Do I need a signed credit application?

No you do not but you should have a genuine interest in doing business with the company that you are checking on, or attempting to collect a past due bill/debt.

Q. Am I only going to receive trade data?

You will receive Identifying information, Matching name and address, Corporate Linkage (if available), the credit score, collections, Tax Lien, Judgments and Bankruptcy Information. Monthly payment trends and the industry DBT to make a comparison, quarterly payment trends, inquiries, UCC Filings, if any are cautionary. Banking, Insurance Bond, Company Background and Key facts information.

Q. What if it is a new company with no credit history?

You have the option to use the Business Owner Profile information if you have permissible purpose and the company is not a corporation.

Q. Do I need a Social Security number for the BOP report?

If you have permissible purpose or a personal guarantee you can use the name and address of the Owner to receive the BOP report.


Experian Business IQ

Business IQ - Intelligent Decisions

BusinessIQ provides credit professionals with an integrated, easy to use, web-based interface to Experian information, including analysis and decisioning tools designed to maximize the benefits of the information across the lifecycle of your customers.

The platform is organized into the following modules: 

  • Core Credit - Accelerate your research and quickly pull credit reports & scores. Find the business you need to pull a report and make a credit decision, while proactively monitoring the health of your entire portfolio.
  • Decisioning - Set up a credit policy and receive consistent credit decisions. Also provided are recommended credit limits.
  • Alerts - Check for alerts on your monitored accounts under the alerts tab. Triggers will be delivered back to you based on your threshold settings.
  • Portfolio Analysisis made up of six (6) sections:     
  • Summary and Performance is made up of Indicators, Credit Limit, Credit Utilization, Total Balance, Delinquency and Outstanding Balance at Risk.
  • Risk & Aging is made up of the Intelliscore, Days Beyond Terms (DBT) and Delinquency/Aging.
  • Concentration is made up of Industry, Geography/Region, Size of Business and Years in Business.
  • Trends are made up of the Intelliscore, DBT, Credit Limit and Credit Utilization.
    , is made up of Industry and Region.
  • Exposure is made up of a list of companies with Corporate Linkage.

Collections - Combines the researching capabilities of the Collections Recovery Tool (CRT) with the targeting capabilities of the Delinquency Notification Service (DNS).

*Pricing is based on volume and a number of other factors.  Please contact sales at 901.685.7599 or businesscredit@datafacts.com to get a quote for your specific needs.


BCR Solutions Suite

Advantage PRO

Data Facts is proud to offer a cutting edge report to assist in your business decisioning needs. Data Facts' Business Credit Report is a blend of 3 of the top business credit reports (D&B, Experian, and Edgar), resulting in a commercial credit report that minimizes your lending risk.

View a Sample

Advantage Pro includes D&B demographics, trade and PAYDEX Score; Experian trade data, public record, UCC’s, collections, Secretary of State and corporate linkage; Equifax trade and OFAC data;  EDGAR Financials; Recommended Credit Limit, Credit Logic Score, Business Failure Risk Score, Data Depth Score, Fraud Flags, Google Maps and free monitoring alerts for 12 months.

Want more information? Contact us.

*Pricing is based on volume and a number of other factors. Please contact sales at 901.685.7599 or businesscredit@datafacts.com to get a quote for your specific needs.

BusinessIQ - Intelligent Decisions

 

 

A Message from Data Facts

At Data Facts, we’re committed to helping you close more, close faster, and close easier, no matter what. In response to these unprecedented events, we’ve taken extraordinary measures to ensure these principles continue to hold true.

To provide value to the markets we serve, while adhering to key safety measures Data Facts has:

  • Deployed effective remote-worker solutions, and have restructured schedules to optimize turnaround times.
  • Reallocated and retrained personnel to ensure full business continuity in the event of an emergency.
  • Complied with guidelines set forth by the World Health Organization, as well as state and local governments to mitigate the spread of infectious disease, such as social distancing and personal hygiene.
  • Implemented business travel restrictions, and shifted to online conferencing solutions.

Although we may be assisting you from a different location, our operations team is 100% prepared to fulfill all requests in a timely manner. We understand the importance of consistency in periods of high demand, and we’re more ready than ever.

Using the Resource Center tab on this page, you will find important announcements, blogs, webinars, and external resources that can help you and your lending team successfully navigate the COVID-19 crisis. We will post additional content here as we continue to obtain details about the situation and its impact on market and regulatory requirements.

If you have any questions or require additional assistance, please contact your Data Facts Account Executive

Resources Guide

Consumer Reporting Guide

 


 

Blogs

4 Tips for Credit Responsibility During COVID-19

Here’s How to Get Your Free Weekly Credit Report

5 Home Office Tips for Loan Originators

The COVID-19 Relief Act: New Implications for Lenders

 

Other Resources

MBA Coronavirus Updates

Fannie Mae Lender Letter 2020-06- Selling Loans in Forbearance Due to COVID-19

Fannie Mae Lender Letter 2020-05- Payment Deferral

Fannie Mae Lender Letter 2020-04- Impact of COVID-19 on Appraisals

Fannie Mae Lender Letter 2020-03- Impact of COVID-19 on Originations

 

 

 

 

 

 

Our Partnerships & LOS Integrations:
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Data Facts is head and shoulders above the rest!

"Wow! I can't say enough good things about my experience with Data Facts. I have worked with a number of credit report providers but Data Facts is head and shoulders above the rest.  They are dedicated to getting us what we need and helping every step of the way. They make my job so much easier."

Mortgage Lending Manager

National Bank

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