Data Facts Lending Solutions Blog

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

FICO Scores Hit Record High

Posted by Matt Holmes

Mar 9, 2020 9:02:00 AM

According to a new study from Experian, the average American FICO® score hit a record high of 703 in 2019.

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Topics: Credit Score, credit history, Credit Report

5 Tricks That Can Improve Your Applicant’s Credit Score

Posted by Matt Holmes

Mar 2, 2020 9:02:00 AM

As a loan originator, you’re exposed to many different credit profiles. You’ve run the gamut, and you’ve seen the good, the bad, and the ugly. But nothing can compare to denying a mortgage to someone on the basis of their credit risk. Not only is it frustrating to lose business, but having to break the bad news to a mortgage applicant can be crushing.

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Topics: Credit Score, Improve Credit Score, credit cards, Credit Bureau

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

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