Data Facts Lending Solutions Blog

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

6 Key Sections You'll Find on Your Credit Report

Posted by Matt Holmes

Feb 22, 2021 9:02:00 AM

Your credit report is the one true crystal ball that can give you insights into your financial wellness. Produced by each of the three major consumer credit bureaus (Transunion, Experian and Equifax), your credit report can provide explanations for fluctuations in your credit score, as well as the reasoning behind decisions made by your creditors.

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Topics: Credit Report

Adverse Action Notices: What Are They?

Posted by Matt Holmes

Feb 15, 2021 9:38:35 AM

Passed in 1970, the Fair Credit Reporting Act gave numerous protections to consumers with regards to how their credit data is shared. Today, this legislation continues to foster the accuracy, privacy and fairness of consumer data by requiring lenders to be transparent with their borrowers about the use of their credit report in lending decisions. One of these requirements is to notify a consumer when adverse action is taken.

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Topics: Mortgage Lending, Credit Report

Beware of Fake Employers in the Loan File

Posted by Matt Holmes

Feb 8, 2021 9:02:00 AM

Ability to repay, or capacity, is one of the main factors of creditworthiness- These are known as the 5 C’s: capacity, collateral, conditions, capital and character. Employment is an important component of capacity, and all too often we see consumers falsifying this crucial data validation point. Thus, as a lender, you need to keep a watchful eye to make sure your applicant’s employer is legitimate.

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Topics: mortgage fraud, Mortgage Lending

Cyber-Crimes on the Rise, Another Fallout from COVID-19

Posted by Matt Holmes

Feb 1, 2021 3:10:52 PM

Though most of us have grown familiar with performing our work remotely, the threats to consumer data remain high. Complacency is not an option, especially in an industry where personal information is relied on so heavily.

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Topics: Cybersecurity

Fannie Mae Issues Reminder on Appraisal Risk Management

Posted by Matt Holmes

Jan 21, 2021 9:02:00 AM

Since the outset of the pandemic, market conditions have triggered record numbers of loan originations. Over the past year, we’ve seen low rates, high demand and a dramatic acceleration in home prices. These unprecedented market factors have continued to underscore the importance of managing appraisal risk.

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Topics: Mortgage Lending, Appraisal, Appraisal Management

How to Dispute Inaccuracies on Your Credit Report

Posted by Matt Holmes

Jan 18, 2021 9:02:00 AM

Under the Fair Credit Reporting Act (FCRA), you’re allowed to dispute inaccurate information on your credit report. If you believe there are inaccuracies on your report, or there are errors that you believe are the result of fraud, take the following steps:

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Topics: Credit Bureau, Credit Report, disputes

3 Keys to Approaching Your 2021 Marketing Strategy

Posted by Matt Holmes

Jan 11, 2021 11:07:50 AM

2020 was a year unlike any other for mortgage lenders, and planning for 2021 can be a tall task. Who knows where we’ll be a month or two down the road, let alone by the end of the year? For this reason, it can be extremely difficult to plan out your marketing strategy. Nonetheless, there are universal strategies we should all be focusing on to bring the right customers through the door.

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Topics: Mortgage Lending

Breaking Down Your Debt-to-Income Ratio

Posted by Matt Holmes

Jan 4, 2021 9:02:00 AM

In addition to your credit score, your debt-to-income ratio is a key metric to monitor when calculating your financial wellness. Measuring your debt-to-income can be one of the first steps in determining whether you’re comfortable with your current debt, as well as the extent to which you’re prepared to take on new debt.

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Topics: Mortgage, Credit Score, finances, Mortgage Lending

6 Keys to a Strong Password

Posted by Matt Holmes

Dec 30, 2020 8:38:40 AM

In the wake of the recent SolarWinds security breach, expert security researchers found that the company’s update server could have been accessed by using the password “solarwinds123”, reminding us that even the most high-profile organizations are prone to cybersecurity mishaps. Since there’s never been a better time to stress good cyber hygiene, let’s revisit the components of a great password:

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Topics: Strong password, Password protection, Cybersecurity

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