Data Facts Lending Solutions Blog

Forbearance Codes: Tips for Servicers and Originators

Posted by Matt Holmes

Jun 29, 2020 10:09:18 AM

As the pandemic continues to shape the ways lenders and servicers do business, it’s important to know how to stay in compliance with FCRA regulations, as well as the impacts of the CARES Act on these regulations. A major part of these new regulations is the use of forbearance codes on a consumer’s credit report. Here’s a few tips that can help mortgage servicers and originators navigate the use of these codes:

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Topics: Credit Report, Forbearance

Credit Utilization: Should You Follow The 30% Rule?

Posted by Matt Holmes

Jun 22, 2020 9:02:00 AM

There’s a lot of myths and misconceptions in the credit universe (See our recent blog on charge-offs and collections), and we’re always here to help quash the controversy. Today’s misconception we’d like to address: The oft-cited “30% Rule” of credit utilization.

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Topics: Credit Score, credit history, Credit Report

How Do Appraisers Calculate Building Size?

Posted by Matt Holmes

Jun 15, 2020 9:02:00 AM

Our licensed and certified appraisal review staff comes across appraisals on nearly every property type. Sometimes, lenders or property owners ask us for our opinion regarding building size- how is it calculated and what factors go into it? The answer is more complex than you might think. Living area is one of the most important aspects of a home, but it is often one of the most misunderstood. 

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Topics: Appraisal, Appraisal Management, AMC

Charge-Off vs. Collections- Is There a Difference?

Posted by Matt Holmes

Jun 8, 2020 9:02:00 AM

Your credit score is a number. Simple, right? But what goes into your credit, as well as the vernacular behind it, can be a little confusing. These intricacies, however, are the buildup of your credit, and the foundation of whether you can secure financing for that car or home.
Here’s a duo of terms we’d like to clear up: Charge-offs and collections. Although similar in that they both indicate negative credit history, you shouldn’t mix them up. Let’s break down these two terms:

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4 Tips for Credit Responsibility During COVID-19

Posted by Matt Holmes

Jun 1, 2020 9:02:00 AM

The number of issues to contend with during these unprecedented times might feel exhausting. It’s important to recognize that you aren’t in this alone though, and that there are a number of resources available to help consumers with credit reporting questions or concerns resulting from the COVID-19 Pandemic. Here are 4 ways you can stay smart with your credit during these unforeseen circumstances:

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Topics: Credit Freeze, Credit Report, Forbearance, disputes

How the “Scorecard” You’re on Could Impact Your Credit Score

Posted by Matt Holmes

May 26, 2020 9:54:04 AM

More than a half century ago, Bill Fair and Earl Isaac- the statisticians behind the original credit scoring formulation- reviewed a set of over 1 million consumers who opened loans at the same time. The credit profiles of these consumers, particularly those who defaulted on the loans, were examined to identify common variables they exhibited at the time they applied for the loan.

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Topics: Credit Report, Scorecards

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

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