By Lesley Fair
Jan 28, 2014 11:06:00 AM
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.
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
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.
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
Aug 24, 2012 8:38:00 AM
The social security card looks like an innocent little thing. However, its 9 digit number packs a powerful wallop during the mortgage process. People who commit mortgage fraud often attempt to utilize other people’s socials to acquire mortgage loans.
Jan 19, 2012 1:01:00 PM
ID theft continues to be a rampant and expensive crime in the U.S. Purse-snatching, dumpster diving, and mail stealing are all ways that criminals steal your identity. These thieves can then use your credit cards, social security number, and other personal information to rack up charges, open new accounts, and even apply for jobs!
Identity theft and ways to combat it have been topics of many tv and printed articles. You have probably viewed or read some of these tips and even implemented a few of them into your habits. So you are protected, right?
Uh, probably not.
Sep 12, 2011 10:42:00 AM
Social security numbers began being assigned in 1936 to track workers’ earnings so that proper benefits could be paid. These 9 digit numbers were created from a specific formula. This year, that formula is changing.
Social security numbers have always been comprised of 3 number sections; the 3 digit area number, followed by the 2 digit group number, and then a 4 digit serial number. The area number reflects the state in which the card was issued.
This sequence creation has begun to pose some problems.
1: Because the first 3 numbers indicate the state the number was issued (look at this chart to see the numbers by state), this limits the numbers of each state. Highly populated states may eventually run out of 9 digit numbers.
2: The SSN has been widely used for identification purposes for schools, businesses, etc. The current design allows identity thieves more of an opportunity to figure out a person’s number, and use it for fraudulent activities.
As a result, the Social Security Administration has decided to change the way SSN’s are assigned.
As of June 25, 2011, Social Security Numbers will be randomized.
Topics: Identity theft
Aug 24, 2011 9:36:00 AM
Your best friend would always protect you and never let you down. The same should be said of your passwords.
In today’s world, the average person needs 28 passwords. You need passwords for your bank, email, social network, bills, and any online ordering accounts. THEN you really rack up the passwords for different logins at work. It can get mind boggling to remember all the passwords that you use in a day’s time.