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

Check-Up vs. UDM- What are the Differences?

Posted by Matt Holmes

Apr 5, 2021 12:36:45 PM

Let’s face it- a lot can happen between the first credit pull and the closing of the loan. In fact, nearly 14% of all borrowers will apply for new credit during this “quiet period”. Undisclosed debt is a situation applicants are warned about tirelessly, yet it continues to be a recurring problem that can create significant risk within your pipeline. Fortunately, lenders have the power to mitigate these risks and stay compliant with LQI requirements using tools like Credit Check-Up and Undisclosed Debt Monitoring (UDM). While these solutions have a lot in common, there are a few key differences you’ll want to consider when deciding on which to use.

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Topics: UDM, Mortgage Lending

8 Ways to Keep the Appraisal Process Moving

Posted by Matt Holmes

Mar 30, 2021 9:02:00 AM

With the spring home buying season now upon us, coupled with the continued refinance demand, the real estate appraisal industry continues to be challenged with high volumes. For well over 18 months now, the heated purchase and refi markets (driven by historically low rates) have stretched the appraiser community thin, causing a sense of “burn out” given the normal winter lull in order volume did not materialize as steeply as it did in years past. While the work is welcome, there are several things clients, borrowers, realtors and AMCs can do to help expedite the appraisal process for the appraiser community. Here are 8 of them:

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Topics: Mortgage Lending, Appraisal, Appraisal Management

3 Lesser-Known Referral Sources for Great Mortgage Leads

Posted by Matt Holmes

Mar 22, 2021 9:02:00 AM

Contrary to the volume we’ve experienced throughout the past year, the conventional take from industry experts is that the market will finally cool in 2021. Over the next year, The industry is expected to endure a 22% year-over-year decline in volumes- which means there may be a point in the near future where you'll have to dust off the lead-generation playbook. As a refresh, here are some great tactics that can grow your business through referrals.

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Topics: Mortgage Lending, Lead Generation

Adverse Action Notices: What Are They?

Posted by Matt Holmes

Feb 15, 2021 9:38:35 AM

Passed in 1970, the Fair Credit Reporting Act gave numerous protections to consumers with regards to how their credit data is shared. Today, this legislation continues to foster the accuracy, privacy and fairness of consumer data by requiring lenders to be transparent with their borrowers about the use of their credit report in lending decisions. One of these requirements is to notify a consumer when adverse action is taken.

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Topics: Mortgage Lending, Credit Report

Beware of Fake Employers in the Loan File

Posted by Matt Holmes

Feb 8, 2021 9:02:00 AM

Ability to repay, or capacity, is one of the main factors of creditworthiness- These are known as the 5 C’s: capacity, collateral, conditions, capital and character. Employment is an important component of capacity, and all too often we see consumers falsifying this crucial data validation point. Thus, as a lender, you need to keep a watchful eye to make sure your applicant’s employer is legitimate.

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Topics: mortgage fraud, Mortgage Lending

Fannie Mae Issues Reminder on Appraisal Risk Management

Posted by Matt Holmes

Jan 21, 2021 9:02:00 AM

Since the outset of the pandemic, market conditions have triggered record numbers of loan originations. Over the past year, we’ve seen low rates, high demand and a dramatic acceleration in home prices. These unprecedented market factors have continued to underscore the importance of managing appraisal risk.

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Topics: Mortgage Lending, Appraisal, Appraisal Management

3 Keys to Approaching Your 2021 Marketing Strategy

Posted by Matt Holmes

Jan 11, 2021 11:07:50 AM

2020 was a year unlike any other for mortgage lenders, and planning for 2021 can be a tall task. Who knows where we’ll be a month or two down the road, let alone by the end of the year? For this reason, it can be extremely difficult to plan out your marketing strategy. Nonetheless, there are universal strategies we should all be focusing on to bring the right customers through the door.

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Topics: Mortgage Lending

Breaking Down Your Debt-to-Income Ratio

Posted by Matt Holmes

Jan 4, 2021 9:02:00 AM

In addition to your credit score, your debt-to-income ratio is a key metric to monitor when calculating your financial wellness. Measuring your debt-to-income can be one of the first steps in determining whether you’re comfortable with your current debt, as well as the extent to which you’re prepared to take on new debt.

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Topics: Mortgage, Credit Score, finances, Mortgage Lending

MBA Projects Record Purchase Volume, Higher Rates in 2021

Posted by Matt Holmes

Nov 19, 2020 9:40:51 AM

On Tuesday, the Mortgage Bankers Association released its estimates for the remainder of the year, as well as projections for 2021. Although the MBA expects to see a decrease in both refinances and purchases next year, there is no reason to believe the market is facing a substantial slowdown. In fact, it projected originations to come in at $2.56 trillion, which would still be the second-highest origination total in the last 15 years.

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Topics: MBA, Mortgage Lending, Mortgage Market

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