Data Facts Lending Solutions Blog

What to Know When Expanding Mortgage Services to LEP Borrowers

Posted by Matt Holmes

Apr 12, 2021 9:02:00 AM

One of the largest challenges facing loan originators today is how to appeal to the modern loan applicant in the digital age. Demographics are shifting, and the face of homeownership is changing like never before. Thus, it’s essential to promote diversity in your product offering- this entails making your services accessible to borrowers with “limited English proficiency”, or LEP. Today, more than 25 million people in the United States are considered to have limited English proficiency, and this is a growing chunk of the market lenders can’t afford to miss out on.

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Topics: Mortgage compliance, Mortgage Lending, Lead Generation

Mortgage Lending Services Vendor Management Checklist

Posted by Susan McCullah

May 25, 2018 1:35:00 PM

Third Party Vendor Management is a hot topic within the mortgage industry these days. 

One of the first (and most effective) steps you can take to limit potential third-party risk, is to properly vet and reduce the vendors of your mortgage lending services to only the ones that adhere to the most stringent of compliance standards.

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Topics: Mortgage compliance, Compliance, mortgage lending services

Why Lenders Need to be Concerned About Wire Transfer Fraud

Posted by Susan McCullah

Feb 14, 2018 9:13:00 AM

Wire transfer fraud is one of the most serious trends in the mortgage industry. Recent Fannie Mae and FBI fraud alerts on wire transfer fraud identify more than 14,000 instances of this fraud scheme over the last year. Under this fraud scheme “hackers” use social engineering or computer intrusion techniques to send out a change of wire transfer instructions with the “new” account information.

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Topics: Mortgage compliance, Fraud, compliance tips for lenders, mortgage lending services

Are You a Lender Concerned About the Cost of Lending Compliance?

Posted by Susan McCullah

Jan 31, 2017 3:24:51 PM


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Topics: Mortgage compliance, Compliance, CFPB, mortgage lending services

Energize Your Mortgage Business In 2016 with Proper Vendor Management

Posted by Susan McCullah

Dec 17, 2015 1:19:52 PM

Regulators and government agencies continue to ask for greater oversight from servicers. In the last three years, GSE’s, the CFPB and the OCC have all issued vendor management requirements placing a larger amount of scrutiny on how banks and nonbanks are managing third-party risk.

It's essential that servicing companies create and follow a strong vendor management and oversight program for any outsourced functions or third-party services purchased on the behalf of others. increased scrutiny on banks and nonbanks and how they manage their third-party risk.

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Topics: Mortgage compliance, third party vendor, BankerVMS, Third Party Vendor Management

The Advantages of E-Closings

Posted by Jennifer Hamby

Sep 18, 2015 8:00:00 AM

E-Signatures simplify and expedite transactions, making it easier, faster, and cheaper for buyers, sellers and borrowers to conduct business. What used to take days and weeks can now be accomplished in as little as 15 minutes.  The The E-Sign Act  was passed in 2000, so why has it taken so long for our industry to see the benefits for buyers, sellers, and borrowers?

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Topics: Mortgage compliance, CFPB, Mortgage Lending, TRID, Know Before You Owe, E-Closing, E-Signatures

40 TRID Facts You NEED To Know

Posted by Jennifer Hamby

Sep 10, 2015 9:23:00 AM

Thank you to ComplianceBuzz for putting together a comprehensive list of 40 TRID Facts You Need To Know. We are less than a month til the October 3rd deadline and wanted to refresh you and your team on some of these facts.  An added bonus...You can also take a sneak peek at our eBook "Steps to Reduce Third Party Risks" as part of our mortgage lending services. Enjoy!

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Topics: Mortgage loan, Mortgage compliance, mortgage news, Mortgage Lending, third party vendor, BankerVMS, Third Party Vendor Management, TRID, BDV

Watch Out! The 6 Most Common Mortgage Fraud Red Flags

Posted by Jennifer Hamby

Aug 7, 2015 11:55:10 AM

We know mortgage fraud comes in various shapes and forms. Catching it early is key if mortgage lenders want to protect their organizations from costly expenses associated with the crime. 

There are several mortgage lending services that address mortgage fraud, and being proactive and savvy to the common ways consumers try to "pull off" mortgage fraud is necessary. 

Watch out for these key indicators of potential mortgage fraud. 

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Topics: lending solutions, Mortgage compliance, mortgage fraud, Mortgage Lending, mortgage lending services


Posted by Johnna Leeds

Jul 15, 2015 10:05:00 AM

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.

Why should you bundle services? First of all, one vendor equals fewer headaches. It standardizes operations and saves time. You don’t have to call, email and wait for responses from multiple vendors. Secondly, it builds a stronger relationship. This makes for a more positive overall experience. Lastly, it helps you to stay in compliance. Compliance is ALWAYS a top priority. Bundling services minimizes the risk of being out of compliance by having all your paperwork from ONE source. Your chosen vendor should be constantly providing compliance information for your records.

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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

Reduce Costs and Ensure Compliance with Technology

Posted by Jennifer Hamby

Jun 8, 2015 7:15:30 AM

As a mortgage lending services company, we have seen big changes lately. Over the past few years, the mortgage industry has faced multiple significant regulatory changes.   The Office of the Comptroller of the Currency, the Consumer Finance Protection Bureau, the Federal Reserve, and the Federal Deposit Insurance Corporation, (just to name a few)  all have issued new rules and regulations that affect our industry.  And like everything else, these changes come with a price.

The overall cost of originating a loan has gone from $2,291 per loan in 2008 to $6,769 in 2014, according to the MBA, with compliance costs being the fastest growing operational costs in our industry. 

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Topics: Mortgage compliance, Compliance, compliance tips for lenders, hiring process, mortgage lending services

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