Data Facts Lending Solutions Blog

Credit Freezes and Credit Locks: How They Can Protect You

Posted by Matt Holmes

Feb 24, 2020 9:02:00 AM

Earlier this month, we learned that four members of the Chinese military were charged with hacking into Equifax’s computer system in 2017, causing the breach that shocked the world. With this type of headline back in the news cycle, it serves as a great reminder as to why it’s important to protect your data with credit freezes and credit locks.

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Topics: credit reports, Credit Freeze, Credit Bureau, Frozen Credit

Why Consumer-Permissioned Data is the Future of Lending

Posted by Matt Holmes

Feb 17, 2020 9:02:00 AM

Living through the smartphone revolution, we’ve all been amazed at how technology has made it exponentially easier to obtain the information we need. Gone are the days of walking down to the library to grab an encyclopedia. And although it took a little bit longer, now gone are the days of sitting in your local credit union waiting to apply for a loan. How did mankind manage to make mortgage lending so simple? There are so many ways technology is changing the game for lenders, and one of these is the increase in access to consumer-permissioned data.

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3 Customer Retention Tactics for Mortgage Lenders

Posted by Matt Holmes

Feb 10, 2020 9:02:00 AM

You’ve probably heard the expression, ‘It costs around 5 times as much to acquire a new customer than to retain a current one.’ And it’s true, especially in the mortgage lending business. According to the National Association of Realtors, the average 2018 seller was in their home for 9 years. With that said, you can expect more than 10% of your clientele to be underway on their search for a new home.

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Topics: Mortgage, Mortgage Lending, Customer Retention

New FICO Changes- The Winners and Losers

Posted by Matt Holmes

Feb 5, 2020 9:02:00 AM

In January, Fair Isaac announced it would once again make changes to the criteria that determines your FICO score. Historically, scoring changes have led to various consumer outcomes, and this update is shaping up to have its own share of winners and losers. So who are they, and what can you expect? 

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Topics: Credit Score, credit history, Credit Report

What Football Teaches us about Mortgage Credit Reporting

Posted by Matt Holmes

Jan 27, 2020 9:02:00 AM

It’s January, and that means a lot of us just simply have football on our brains. Whether it’s researching French onion dip recipes for the big game or placing bets on the final score, we’re hyped for the game. And to some of us, if we thought about mortgages like we thought about football, we’d be a lot better at our jobs. That got us thinking.

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Topics: credit reports, Mortgage, Credit Score, Mortgage Lending, Credit Report

Tax Identity Theft- How it Happens, and How to Prevent It

Posted by Matt Holmes

Jan 20, 2020 9:02:00 AM

“Identity theft is not a joke, Jim!” This was Dwight’s reaction as Jim arrived at work donning his trademark glasses and dress shirt on NBC’s The Office. To the mortgage lending community, Identity theft is, in fact, not a joke. And the realities of it can be a quite a bit more sinister than a prank played between two coworkers. So it’s no surprise the Federal Trade Commission has declared next Monday as the beginning of Tax Identity Theft Awareness Week.

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Topics: mortgage fraud, tax return verifications

Stop Setting Vague Goals: SMART Goals for Loan Originators

Posted by Matt Holmes

Jan 13, 2020 8:31:00 AM

Well, we made it. A new year. A new decade. The 2010’s are behind us and 2020’s are upon us (sounds weird, doesn’t it?). If your mortgage lending team struggled to hit their numbers in 2019, there’s so many paths you can take to turn it around. But they all start with a clear set of goals. And what makes a great goal? Well we’re glad you asked.

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Topics: Mortgage loan, Mortgage, lending solutions, Mortgage lenders

New Law Requires Taxpayer Consent for IRS Transcripts

Posted by Matt Holmes

Jan 3, 2020 9:25:38 AM

The Taxpayer First Act, a new law passed in July of last year, includes important provisions for lenders regarding the use of IRS tax transcripts, effective December 28th, 2019.

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Topics: Compliance, tax return verifications, TRV, IRS

The Differences Between FICO and VantageScore

Posted by Matt Holmes

Dec 5, 2019 1:00:00 PM

FICO and VantageScore Differences

FICO® and VantageScore® are the two biggest credit-scoring models in the business, so it’s important that mortgage applicants (and lenders) understand the similarities and differences between each. Here’s what you should know about the two.

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Topics: Credit Score, credit history, Credit Bureau, FICO, Credit Report, VantageScore

4 Ways to Generate Free Mortgage Leads Using Social Media

Posted by Matt Holmes

Oct 29, 2019 9:42:35 AM

You’ve probably heard it from countless lending professionals- Social Media is the next great way to help generate mortgage leads. And they’re right, but with the loan origination process costly enough as it is, how can you curate awesome social media leads without hurting your bottom line? While there may not be a ‘silver bullet’ solution, here are a few ways social media can help you generate mortgage leads for free:

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Topics: social media, Mortgage Lending, Lead Generation

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