Data Facts Lending Solutions Blog

The Gramm-Leach-Bliley Act: How to Stay in Compliance

Posted by Matt Holmes

May 18, 2020 9:02:00 AM

As a member of the consumer lending industry, you make a living collecting, processing and analyzing peoples’ personal data. And with identity criminals getting smarter by the day, it’s imperative that your consumers’ personal information is protected. The Gramm-Leach-Bliley Act (GLBA) is a federal law that requires financial institutions to disclose how they share this information and how it’s protected.

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Topics: Data security, FCRA, Cybersecurity, GLBA

Appraiser Independence: What Is It, and Why Is It Important?

Posted by Matt Holmes

May 11, 2020 9:02:00 AM

Just as having an impartial jury is essential to a fair justice system, having unbiased appraisers is essential to the mortgage industry. All too often we see lenders, brokers, or real estate agents who use shady tactics to collude with appraisers and artificially impact the appraised value of the property. This is called appraiser pressure. Many appraisers consider appraiser pressure to be one of the biggest issues facing appraisers today.

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Topics: Appraisal, Appraisal Management, AMC

GSEs Stress Lump Sum Forbearance Repayments Not Required

Posted by Matt Holmes

May 4, 2020 9:02:00 AM

As COVID-19 has forced many borrowers into dire situations, lenders continue to offer forbearance on mortgages. However, the expectations for repayment have become murky, due to misconceptions by consumers and mortgage servicers. One of these misconceptions is the belief that all missed payments must be repaid after the forbearance period ends.

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Topics: Mortgage Lending, Forbearance

Here’s How to Get Your Free Weekly Credit Report

Posted by Matt Holmes

Apr 27, 2020 9:02:00 AM

Normally, each of the three credit bureaus (Equifax, Transunion and Experian) allow consumers to order one free credit report per year. Of course, the past 2 months have been anything but normal.

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Topics: Credit Report

It's Financial Literacy Month! Numbers and Websites You Should Know

Posted by Matt Holmes

Apr 20, 2020 9:02:00 AM

With uncertainty all around us, we have to remind ourselves that there are still ways to take control of our finances. And what better way to do that than by celebrating Financial Literacy Month during the month of April. In recognition of the ways you can improve your financial wellbeing, we’ve put together a list of important numbers and websites for consumers to add to their financial information library.

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Topics: Financial literacy month, Credit Report

5 Home Office Tips for Loan Originators

Posted by Matt Holmes

Apr 13, 2020 9:02:00 AM

Of course, during times like these, working from home is a luxury that can keep you safe. But if it comes at the expense of your productivity, it could be more of a burden than you think. Here are 5 tips that can keep loan originators safe at home, but also productive at their jobs.

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Topics: Mortgage loan, Mortgage, Mortgage Lending

The COVID-19 Relief Act: New Implications for Lenders

Posted by Matt Holmes

Apr 6, 2020 9:02:00 AM

The Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27th, 2020. This monumental stimulus bill, which provides sweeping relief measures for Americans impacted by the COVID-19 outbreak, lays out additional rules for members of the credit reporting community.

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Topics: FCRA, Credit Bureau, Credit Report, Coronavirus, COVID-19

Think Before You Click: Hackers Preying on COVID-19 Fears

Posted by Matt Holmes

Mar 30, 2020 9:02:00 AM

Regardless of the circumstances, it’s important never to let your guard down when it comes to data security, even at a time of crisis like we’re experiencing today. There’s another virus circulating the globe right now, and it may not be the type you’re thinking of.

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Topics: Data security, Data privacy, Coronavirus, Cybersecurity

4 Ways Lenders Can Navigate the COVID-19 Crisis

Posted by Matt Holmes

Mar 23, 2020 9:02:00 AM

The COVID-19 virus is now impacting all ways of life here in the U.S., and chances are your mortgage lending team is experiencing some of the shockwaves. Just last week, the fed slashed interest rates, resulting in an unprecedented spike in refinances. This, combined with staffing concerns and other factors, are creating unusual circumstances for lenders. Here’s 4 ways your team can navigate the crisis, without losing the patience or trust of your borrowers.

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Topics: Mortgage, AVM's, Appraisal, VOA

5 Facts You Should Know About Mortgage Fraud

Posted by Matt Holmes

Mar 16, 2020 9:02:00 AM

It’s unclear the implications that COVID-19 will have on the housing market, but it appears the demand for mortgages isn’t going anywhere any time soon. When the market is competitive, buyers want to jump in, and as a result many will break the rules. Mortgage fraud is an ongoing problem that can cause you financial harm, so you should be taking the necessary precautions to avoid it. Here’s 5 quick facts you should know about mortgage fraud.

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Topics: mortgage fraud, Fraud

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