Data Facts Lending Solutions Blog

Will Technology Replace the Loan Officer? We Don’t Think So

Posted by Matt Holmes

Aug 10, 2020 9:14:22 AM

It’s a question that’s been tossed around since the dawn of computers. Will technology replace the need for human interaction? Will we lose our jobs to the robots? With the rise of artificial intelligence in the mortgage industry, and ease of access to mobile apps that can compare mortgage products, calculate loan amounts, and view application statuses, where does the human element fit in?

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Topics: Mortgage loan, Mortgage lenders, digital mortgage

Residential Appraisals in a COVID World: How Did We Get Here?

Posted by Matt Holmes

Aug 4, 2020 9:41:24 AM

It’s a different world now, and we’re all trying to find ways to make our jobs safer for us, as well as the markets we serve. COVID-19 has taken its toll on the mortgage industry, but there’s few places the pandemic has caused more long-lasting change than in the appraisal business. How has the appraisal industry dealt with the pandemic, and what are lenders’ appraisal options going forward?

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Topics: Appraisal, COVID-19, Appraisal Management, Verisite

Automation in Mortgage Lending: 4 Tools You Should Be Using Right Now

Posted by Matt Holmes

Jul 27, 2020 9:02:00 AM

Automation isn’t the way of the future- it’s the way of the present. And if you’re not automating your procedures, you’re missing out on a lot of potential revenue. About 20-30% of all revenue is lost due to manual processes, and about $2 Trillion is paid out in employee salaries for jobs that can be automated.

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Topics: Mortgage Lending, Verifications, Artificial Intelligence

New CFPB Study Shows Credit Builder Loans Can Boost Credit Records

Posted by Matt Holmes

Jul 20, 2020 9:02:00 AM

Last week, the Consumer Financial Protection Bureau issued a report indicating that a credit builder loan could increase the probability of developing a credit history for those without one. The study also found that the financial product can help boost the credit profiles for those with no current outstanding debt.

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Topics: credit reports, Improve Credit Score, credit history

Can Becoming an Authorized User Help Your Credit Score?

Posted by Matt Holmes

Jul 13, 2020 9:02:00 AM

If you’re new to this whole credit thing, it can be difficult to get on the scoreboard as a responsible credit user. So what can you do to jump-start your credit history? A popular suggestion is to become an authorized user on someone else’s account. But does this tactic really work?

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Topics: credit reports, Credit Score, authorized user

5 Credit Myths You Should Know About

Posted by Matt Holmes

Jul 6, 2020 9:02:00 AM

Credit, as we know it, has been around for a long time. Thus, the modern consumer credit system has given birth to a lot of information (and a lot of misinformation). Here are 5 myths about credit usage that have developed over time, and that you should know about.

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Topics: credit reports, Credit Score, credit history, Understanding Credit Scores

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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