Data Facts Lending Solutions Blog

Are You CFPB Compliant?

Posted by Jennifer Hamby

May 22, 2014 6:30:00 AM

The CFPB recently released their enforcement manual which will change the compliance requirements for all mortgage companies. Regardless of the size of the company all mortgage brokers and bankers are expected to have a compliance plan in place.

The Consumer Financial Protection Bureau now expects mortgage companies to maintain a compliance system. It will be mandatory to retain some form of on-going compliance system to manage the company’s compliance policies and procedures and training.

Read More

Topics: Compliance, CFPB

What FHA e-Signatures Mean To You

Posted by Jennifer Hamby

Apr 23, 2014 2:34:00 PM

In an effort to modernize its processes and further streamline the mortgage lending process, FHA announced the authorization of lenders to accept electronic signatures on FHA backed mortgage loan documents for Single Family Housing.  With FHA's publication of the Mortgagee Letter 2014-03 now, the organization will allow e-signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related addenda.  

Documents now authorized by the FHA include all thos

Read More

Topics: Mortgage, lending solutions, Compliance, FHA

CFPB Alert: Are You Ready For August 2015?

Posted by Jennifer Hamby

Apr 14, 2014 3:40:00 PM

 As you know, on August 1, 2015, all mortgage lenders will be required to provide applicants with a new, integrated disclosure, the Loan Estimate (which replaces the "Early" Truth in Lending disclosure), and the Good Faith Estimate to maintain compliance.  

Read More

Topics: Compliance

STOP! Don't Mess Up Your Home Mortgage!

Posted by datafactssolutions

Feb 26, 2014 10:25:00 AM

You’ve gone to your lender and been approved for a home mortgage. You’ve found the home of your dreams. But just when you are about to close, the lender says you are no longer approved. What happened?

Read More

Topics: Data Facts blog, wordpress blog, Data Facts, Mortgage, lending solutions, Credit Score, Mortgage compliance, finances, credit cards, credit history, Compliance, Credit Bureau, mortgage news, FICO

Partners Against Crime. Data Facts Helps You Combat Lending Fraud.

Posted by datafactssolutions

Nov 21, 2013 3:10:00 PM

The prevalence of mortgage fraud is still a scary fact.

According to the FBI, 13 billion dollars were lost in fraudulent mortgage loans in 2012. Over 60% of mortgage fraud includes ID discrepancies and in most cases the fraudster uses a mixture of accurate and “borrowed” information. These crooks operate this way hoping that lenders will not check every bit of information and the loan will be approved.

Luckily, there are reports available to mortgage lending companies to combat this issue, and offer some protection. This can help preserve the bottom line.

Read More

Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, mortgage news

Look Before You Leap on the Social Media Bandwagon

Posted by datafactssolutions

Sep 11, 2013 4:27:00 PM

As more and more people sign on to Facebook, Twitter, Pinterest, and the many other social media sites available, hiring professionals are becoming more tempted to take a peek at the information before hiring an applicant. Who can blame them? There is virtually a goldmine of potentially valuable information to be gleaned from a person’s profile, blog, photograph, or collection of tweets. Lending institutions could benefit greatly by knowing about a mortgage professional’s online presence up front.

Read More

Topics: Data Facts blog, FCRA, Data Facts, Mortgage loan, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, credit cards, credit history, Compliance

DATA FACTS, Inc. to Attend the MBA's 100th Annual Convention and Expo

Posted by datafactssolutions

Aug 5, 2013 2:06:00 PM

Data Facts will be introducing a full suite of products that will help streamline the lending process and keep Lenders in compliance. In today's financial climate, it is becoming more evident by utilizing bundled services from a single provider Lenders will be able to serve clients more effectively, profitably and will emerge as industry leaders.

Read More

Topics: Data Facts blog, Identity theft 2012, Identity theft, FCRA, wordpress blog, Data Facts, Mortgage loan, MBA, Mortgage, Credit Score, Mortgage compliance, mortgage fraud, AVM's, Improve Credit Score, credit cards, credit history, Automated Valuation Model, Compliance, MBA's 100th Annual Convention and Expo, mortgage news

Mortgage Triggering: Who is contacting my customer?

Posted by datafactssolutions

Jul 9, 2013 9:11:47 AM

Mortgage triggering is a frustrating, pull-your-hair out phenomenon that rears its ugly head frequently during a refinance boom. If you are a mortgage lender and haven’t experienced it yet, lucky you.

Mortgage triggering is the process that some lenders use to gain customers.

Read More

Topics: Data Facts blog, FCRA, wordpress blog, Data Facts, Mortgage loan, Fair Debt Collection Act, Mortgage, lending solutions, Credit Score, Mortgage compliance, Financial literacy month, mortgage fraud, Improve Credit Score, credit history, Mortgage triggering, Do not call list, Compliance, FHA, Opt Out PreScreen, mortgage news

From Data Facts: A Quick Check of Your Compliance Standards

Posted by datafactssolutions

May 10, 2012 10:50:00 AM

Red tape, bureaucracy, paperwork! Whatever you want to call them, compliance rules and regulations can be time consuming and confusing.

However, complying is very important, and should be a top priority. The penalties for non-compliance are just too stiff to ignore. Here are a few tips to help make sure you (as a mortgage lender) are in compliance with federal and state regulations. *

Read More

Topics: Data Facts blog, FCRA, wordpress blog, Data Facts, Mortgage loan, Mortgage, Mortgage compliance, Compliance, Password protection

Download the Ultimate Guide to Understanding Credit Scoring

Subscribe to Email Updates

Follow Us:

Recent Posts

Posts by Topic

see all
Go to Top