Data Facts Lending Solutions Blog

Important Digital Mortgage Statistics Mortgage Pros Should Know

Posted by Susan McCullah

Apr 30, 2019 9:42:59 AM

Digital mortgage discussions are everywhere! Blogs, news, and trade shows can't stop talking about them and their impact on the current and future mortgage industry. 

What are consumers saying and feeling about digital mortgages? What are the benefits and the drawbacks? We've compiled a list of the best, most up-to-date statistics available to shed more light on this important mortgage trend. 

STATISTICS TO KNOW

Millennials account for 36% of homebuyers in the market. 

More than 50% of all loan applications in the past two years included some online or mobile component.

67% of those with an existing home loan would feel comfortable completing a home loan application on a laptop or desktop computer, and 29% would be comfortable using a mobile device.

More than 30% of borrowers reported not comparison shopping for their mortgage.

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Topics: mortgage news, Mortgage Lending, mortgage trends, mortgage lending services, mortgage education, digital mortgage

Equifax Settles FCRA Claims Regarding Reporting of Civil Judgments & Tax Liens

Posted by Arthur Ebbs

Apr 23, 2019 10:35:37 AM

Data Facts is committed to bringing you news that affects you and your business. This article was written by Arthur Ebbs and originally appeared on The National Law Review's website.

As part of its business, Equifax reports publicly available civil judgment and tax lien information about consumers.  However, in multiple class action lawsuits filed across the United States, plaintiff-consumers alleged that while Equifax promptly reported civil judgment and tax lien information, Equifax did not update cancelled or satisfied judgments and liens with similar vigor or regularity. 

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Topics: FCRA, mortgage news, Liens and judgment data, Equifax, Lending compliance, mortgage lending services

Data Facts Announces Major Expansion to Appraisal Ordering Platform: The Verisite Plus Report

Posted by Susan McCullah

Mar 8, 2019 2:26:58 PM

 

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Topics: Mortgage Lending

How to Protect Your Credit Score During A Government Shutdown

Posted by U.S. News and World Report

Jan 22, 2019 1:11:43 PM

This article was originally posted at Washington's Top News by U.S. News and World Report, and can be accessed here.

If you’re one of the 800,000 federal employees who are not getting paid during the government shutdown, you’re in a tough spot, for sure.

Most likely, you’ve morphed into survival mode, which may or may not include thinking about your credit score. I totally get that. But what if I told you it’s possible to get through this with an (almost) intact credit score?

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Topics: credit cards, credit history, medical debt, Credit Report

What Military Men and Women Should Know About Their Credit

Posted by Rory Tipton

Dec 17, 2018 9:44:51 AM

Whether a person is thinking about joining the military, has been enlisted for years, or is a veteran, it’s important they think about and act to protect their credit. There are a variety of ways credit scores can be affected negatively, which then impacts the person’s ability to purchase a house, car, or even secure a credit card.

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Topics: Credit Report

Actions Lenders Can Take to Increase Millennial Market Share in 2019

Posted by Julie Wink

Oct 11, 2018 10:27:06 AM

Most of us have followed them to some degree for years: those sassy, intriguing Millennials. How they are educated, activities they enjoy, what they won’t abide, and their expectations on life in general have fascinated us for the past decade.  

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Topics: Millennials, mortgage trends, mortgage education

Mortgage Lending Compliance: Worrying About Debt Monitoring

Posted by Susan McCullah

Sep 18, 2018 10:27:18 AM

If you're in mortgage lending, you probably already know that undisclosed debt is the number one cause of mortgage fraud. Unfortunately, borrowers often take out new loans or make other significant changes to their debt situation within days of closing and that puts lenders in a precarious situation. Under the terms of the Fannie Mae Loan Quality Initiative, lenders are responsible for disclosing any new debt prior to closing, and to ensure you can meet that stipulation, you need to have a undisclosed debt monitoring process as part of your mortgage lending services solutions in place.

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Topics: Data Facts, mortgage process, Mortgage lenders, mortgage lending services

The Importance of Public Record Data

Posted by Susan McCullah

Jul 31, 2018 11:09:15 AM

Bankruptcies, Liens, and Judgments Are Important Data!

Lenders have historically put significant weight on the presence of public records on an applicant's credit report. And with good reason. A recent study showed that consumers with liens or judgments as part of their credit history are twice as likely to default on a loan as those with no outstanding liens or judgments. 

In 2016, the bureaus were sued multiple times because of incorrect public record data being included on their credit reports. This happens because there are 10,000-20,000 "jurisdictions" of municipal authorities. Some of these records are sealed and the parties involved are not disclosed until it goes unpaid. The defendant then must file an action in the civil courts. Even in 2018, smaller courts still don't electronically publish information. In addition, public records are frequently logged with only one identifier, so it's not hard to get them "mixed up" with people who have the same name. 

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Topics: mortgage lending services

Why Mortgage Triggering Is Still Happening to Borrowers

Posted by Susan McCullah

Jun 4, 2018 10:00:00 AM

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

If you are a mortgage lender and haven’t experienced it yet, lucky you.

Basically, lenders purchase these ‘trigger leads’ from the bureaus or other companies.

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Topics: Mortgage, Mortgage triggering, mortgage lending services

Important Numbers Mortgage Lenders Should Know About Mortgage Fraud

Posted by Susan McCullah

May 31, 2018 10:54:44 AM

Here is some important information Fannie Mae shared recently about mortgage fraud. These statistics are based on results of 2016 and 2017 mortgage fraud numbers.

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Topics: mortgage fraud, fannie mae, mortgage lending services

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