Data Facts Lending Solutions Blog

Credit Supplements and Rescores: What's the Difference?

Posted by Matt Holmes

Sep 21, 2020 9:02:00 AM

When a consumer makes spending choices that affect their credit report, the bureaus don’t update this information right away. In fact, it can take a month for new information to appear on a credit report. This is why it’s often necessary for lenders to append additional information to the borrower’s file before closing. This is where credit supplements and rescores come in. Oftentimes, these two terms are mentioned in similar contexts, so it’s only appropriate that we distinguish them from each other. So what’s the difference between a supplement and a rescore?

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Topics: Credit Score, Credit Report, Rescores, Supplements

5 Famous Quotes for First-Time Homebuyers

Posted by Matt Holmes

Sep 14, 2020 9:27:01 AM

Your first-time homebuyers are at the very beginning of a life-changing experience, and you want to make sure it’s life-changing in all the right ways. Of course, sometimes that’s easier said than done, but with the right level of empathy and expertise, you can help your borrowers feel comfortable on this often-daunting journey. Here are some great quotes about homeownership that you can share with your first-time homebuyers:

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Topics: Mortgage Lending, Mortgage lenders, Potential Millennial homebuyers, Gen Z Homebuyers

Can Credit Boosters Help Your Score?

Posted by Matt Holmes

Sep 8, 2020 9:02:00 AM

You may have heard the buzz surrounding credit booster programs. Experian Boost and UltraFICO are two programs designed to give a facelift to the credit profiles- and the credit scores- of many. But they’re not for everyone. Here’s how to determine whether a credit booster program is right for you.

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Topics: Credit Score, Improve Credit Score, Credit Report

4 Things That Can Diminish Your Home’s Appraised Value

Posted by Matt Holmes

Aug 31, 2020 9:02:00 AM

These days, historically low interest rates have probably made you think about refinancing your home. If you’re planning on doing this, your lender will need to conduct an appraisal on your property. The goal of an appraisal is to perform an accurate valuation of your home based on a set of factors. Unfortunately, many of these factors aren’t under your control, such as comparable sales or proximity to schools or hospitals. However, Data Facts’ team of skilled appraisers has valued countless properties over the years, and we’ve learned there’s lots of things under your control when it comes to appraisals. Here are some examples of mistakes you should avoid that can diminish your home’s appraised value:

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Topics: Appraisal, Appraisal Management

Fannie and Freddie CEOs Address Adverse Market Fee Complaints

Posted by Matt Holmes

Aug 24, 2020 9:02:00 AM

Fannie Mae and Freddie Mac issued a combined letter Thursday responding to the grievances of lenders in the wake of the announcement of the new 0.5% fee on mortgages.

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Topics: Mortgage Lending, fannie mae, Freddie Mac

Move Over Millennials: Gen Z Homebuyers Enter the Market

Posted by Matt Holmes

Aug 21, 2020 9:12:36 AM

In 2020, Millennials lead the pack of first-time homebuyers- but poised to make an impact soon is Generation Z.

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Topics: Millennials, Mortgage Lending, Potential Millennial homebuyers

Will Technology Replace the Loan Officer? We Don’t Think So

Posted by Matt Holmes

Aug 10, 2020 9:14:22 AM

It’s a question that’s been tossed around since the dawn of computers. Will technology replace the need for human interaction? Will we lose our jobs to the robots? With the rise of artificial intelligence in the mortgage industry, and ease of access to mobile apps that can compare mortgage products, calculate loan amounts, and view application statuses, where does the human element fit in?

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Topics: Mortgage loan, Mortgage lenders, digital mortgage

Residential Appraisals in a COVID World: How Did We Get Here?

Posted by Matt Holmes

Aug 4, 2020 9:41:24 AM

It’s a different world now, and we’re all trying to find ways to make our jobs safer for us, as well as the markets we serve. COVID-19 has taken its toll on the mortgage industry, but there’s few places the pandemic has caused more long-lasting change than in the appraisal business. How has the appraisal industry dealt with the pandemic, and what are lenders’ appraisal options going forward?

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Topics: Appraisal, COVID-19, Appraisal Management, Verisite

Automation in Mortgage Lending: 4 Tools You Should Be Using Right Now

Posted by Matt Holmes

Jul 27, 2020 9:02:00 AM

Automation isn’t the way of the future- it’s the way of the present. And if you’re not automating your procedures, you’re missing out on a lot of potential revenue. About 20-30% of all revenue is lost due to manual processes, and about $2 Trillion is paid out in employee salaries for jobs that can be automated.

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Topics: Mortgage Lending, Verifications, Artificial Intelligence

New CFPB Study Shows Credit Builder Loans Can Boost Credit Records

Posted by Matt Holmes

Jul 20, 2020 9:02:00 AM

Last week, the Consumer Financial Protection Bureau issued a report indicating that a credit builder loan could increase the probability of developing a credit history for those without one. The study also found that the financial product can help boost the credit profiles for those with no current outstanding debt.

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Topics: credit reports, Improve Credit Score, credit history

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