Data Facts Lending Solutions Blog

If you're in mortgage lending, you probably already know that undisclosed debt is the number one cause of mortgage fraud. Unfortunately, borrowers often take out new loans or make other significant changes to their debt situation within days of closing and that puts lenders in a precarious situation. Under the terms of the Fannie Mae Loan Quality Initiative, lenders are responsible for disclosing any new debt prior to closing, and to ensure you can meet that stipulation, you need to have a undisclosed debt monitoring process as part of your mortgage lending services solutions in place.

The three credit bureaus, Equifax, Experian, and Transunion, will be making changes to two types of information currently reported on credit reports. These alterations could show credit score increases for an estimated 1 in 12 consumers. 

Tax liens and civil judgments are the two pieces of information on the hotseat. The change is scheduled for July 1, 2017. It's estimated that up to half of civil judgment information and most of tax lien data will be removed. 

Mortgage professionals are wondering when the Millennial generation will finally fly the coop and purchase their first home. When they do, loan officers who effectively connect with Millennial home buyers will reap big, profitable benefits of business.

If you are a lender, you have most likely heard about DUs new initiative, the Day 1 Certainty™, going live Saturday, December 10th.

Like any change, there are tons of questions regarding the process. Data Facts Account Executives are often the first to field questions from our clients about this change and how our mortgage lending services can address the coming needs. We have compiled the ones we are hearing over and over, as well as those that have been addressed by Fannie Mae, to help you stay informed. 

Here are the main questions we, as well as Fannie, get about DU Day 1 Certainty.

How much do you really know about potential Millennial homebuyers? 

Do you possess enough information about their personalities and spending habits to help you close more loans and reap literally huge profits from doing business with them?