Data Facts Lending Solutions Blog

The FCRA’s Permissible Purpose Rule: Examining a CFPB Judgment

Posted by Matt Holmes

Jun 3, 2021 9:02:00 AM

The Fair Credit Reporting Act (FCRA) is a federal law passed in 1970 that regulates the collection of consumers’ credit data, and user access to their consumer reports (credit reports). The legislation ensures that consumers are protected from any harmful misuse of their data and are given full transparency when it is used. For you, the mortgage lender, the FCRA affects every loan that travels through your pipeline.

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Topics: FCRA, Mortgage Lending

Quick Facts: What are Flood Certifications?

Posted by Matt Holmes

May 10, 2021 2:02:49 PM

Flood certifications are an integral part of the mortgage lending process, but how much do most mortgage professionals really know about them? Here are some quick facts from our flood certifications vendor, ServiceLink:

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Topics: Mortgage Lending, flood certifications

Mortgage Fraud: Red Flags to Watch Out For

Posted by Matt Holmes

May 3, 2021 9:02:00 AM

Every borrower has their own story, and much of it can be told through their loan file. If you discover inconsistencies at any point of the application process, these could be tip-offs for fraudulent activity, also known as red flags. By keeping an eye out for these inconsistencies, you can identify fraudulent loan misrepresentations. Here are just a few examples of high-level red flags that may indicate fraud within the loan file:

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Topics: mortgage fraud, Mortgage Lending, Fraud

Earth Day 2021: How Incentives Can Help Consumers Save on Green Renovations

Posted by Matt Holmes

Apr 22, 2021 10:50:59 AM

Home improvement spending spiked in 2020 as homeowners found themselves confined to their living space due to the COVID-19 pandemic. In many cases, this has meant taking steps to make the home not only more suitable for lifestyle needs, but more sustainable for the environment as well. This Earth Day, let’s take a look at how consumers are doing their part with green renovations, and the incentives available to make them happen.

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Topics: Mortgage Lending, Green Renovations

Bureaus Extend Free Weekly Credit Reports to 2022

Posted by Matt Holmes

Apr 20, 2021 9:02:00 AM

The three major credit bureaus have agreed to extend consumer access to free credit reports for another year in response to hardships caused by the ongoing COVID-19 Pandemic.

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Topics: Credit Bureau, Credit Report

What to Know When Expanding Mortgage Services to LEP Borrowers

Posted by Matt Holmes

Apr 12, 2021 9:02:00 AM

One of the largest challenges facing loan originators today is how to appeal to the modern loan applicant in the digital age. Demographics are shifting, and the face of homeownership is changing like never before. Thus, it’s essential to promote diversity in your product offering- this entails making your services accessible to borrowers with “limited English proficiency”, or LEP. Today, more than 25 million people in the United States are considered to have limited English proficiency, and this is a growing chunk of the market lenders can’t afford to miss out on.

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Topics: Mortgage compliance, Mortgage Lending, Lead Generation

Check-Up vs. UDM- What are the Differences?

Posted by Matt Holmes

Apr 5, 2021 12:36:45 PM

Let’s face it- a lot can happen between the first credit pull and the closing of the loan. In fact, nearly 14% of all borrowers will apply for new credit during this “quiet period”. Undisclosed debt is a situation applicants are warned about tirelessly, yet it continues to be a recurring problem that can create significant risk within your pipeline. Fortunately, lenders have the power to mitigate these risks and stay compliant with LQI requirements using tools like Credit Check-Up and Undisclosed Debt Monitoring (UDM). While these solutions have a lot in common, there are a few key differences you’ll want to consider when deciding on which to use.

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Topics: UDM, Mortgage Lending

8 Ways to Keep the Appraisal Process Moving

Posted by Matt Holmes

Mar 30, 2021 9:02:00 AM

With the spring home buying season now upon us, coupled with the continued refinance demand, the real estate appraisal industry continues to be challenged with high volumes. For well over 18 months now, the heated purchase and refi markets (driven by historically low rates) have stretched the appraiser community thin, causing a sense of “burn out” given the normal winter lull in order volume did not materialize as steeply as it did in years past. While the work is welcome, there are several things clients, borrowers, realtors and AMCs can do to help expedite the appraisal process for the appraiser community. Here are 8 of them:

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Topics: Mortgage Lending, Appraisal, Appraisal Management

3 Lesser-Known Referral Sources for Great Mortgage Leads

Posted by Matt Holmes

Mar 22, 2021 9:02:00 AM

Contrary to the volume we’ve experienced throughout the past year, the conventional take from industry experts is that the market will finally cool in 2021. Over the next year, The industry is expected to endure a 22% year-over-year decline in volumes- which means there may be a point in the near future where you'll have to dust off the lead-generation playbook. As a refresh, here are some great tactics that can grow your business through referrals.

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Topics: Mortgage Lending, Lead Generation

Your Credit Score: Breaking Down the 5 Components

Posted by Matt Holmes

Mar 1, 2021 9:02:00 AM

There are 5 weighted factors that are used in determining your FICO® score, the most common score used by lenders. Make sure you’re covered on all fronts using these quick tips for each factor:

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Topics: Credit Score, credit history, Understanding Credit Scores

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