Data Facts Lending Solutions Blog

Important Digital Mortgage Statistics Mortgage Pros Should Know

Posted by Susan McCullah

Apr 30, 2019 9:42:59 AM

Digital mortgage discussions are everywhere! Blogs, news, and trade shows can't stop talking about them and their impact on the current and future mortgage industry. 

What are consumers saying and feeling about digital mortgages? What are the benefits and the drawbacks? We've compiled a list of the best, most up-to-date statistics available to shed more light on this important mortgage trend. 

STATISTICS TO KNOW

Millennials account for 36% of homebuyers in the market. 

More than 50% of all loan applications in the past two years included some online or mobile component.

67% of those with an existing home loan would feel comfortable completing a home loan application on a laptop or desktop computer, and 29% would be comfortable using a mobile device.

More than 30% of borrowers reported not comparison shopping for their mortgage.

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Topics: mortgage news, Mortgage Lending, mortgage trends, mortgage lending services, mortgage education, digital mortgage

Equifax Settles FCRA Claims Regarding Reporting of Civil Judgments & Tax Liens

Posted by Arthur Ebbs

Apr 23, 2019 10:35:37 AM

Data Facts is committed to bringing you news that affects you and your business. This article was written by Arthur Ebbs and originally appeared on The National Law Review's website.

As part of its business, Equifax reports publicly available civil judgment and tax lien information about consumers.  However, in multiple class action lawsuits filed across the United States, plaintiff-consumers alleged that while Equifax promptly reported civil judgment and tax lien information, Equifax did not update cancelled or satisfied judgments and liens with similar vigor or regularity. 

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Topics: FCRA, mortgage news, Liens and judgment data, Equifax, Lending compliance, mortgage lending services

Mortgage Lending Compliance: Worrying About Debt Monitoring

Posted by Susan McCullah

Sep 18, 2018 10:27:18 AM

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.

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Topics: Data Facts, mortgage process, Mortgage lenders, mortgage lending services

The Importance of Public Record Data

Posted by Susan McCullah

Jul 31, 2018 11:09:15 AM

Bankruptcies, Liens, and Judgments Are Important Data!

Lenders have historically put significant weight on the presence of public records on an applicant's credit report. And with good reason. A recent study showed that consumers with liens or judgments as part of their credit history are twice as likely to default on a loan as those with no outstanding liens or judgments. 

In 2016, the bureaus were sued multiple times because of incorrect public record data being included on their credit reports. This happens because there are 10,000-20,000 "jurisdictions" of municipal authorities. Some of these records are sealed and the parties involved are not disclosed until it goes unpaid. The defendant then must file an action in the civil courts. Even in 2018, smaller courts still don't electronically publish information. In addition, public records are frequently logged with only one identifier, so it's not hard to get them "mixed up" with people who have the same name. 

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Topics: mortgage lending services

Why Mortgage Triggering Is Still Happening to Borrowers

Posted by Susan McCullah

Jun 4, 2018 10:00:00 AM

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

If you are a mortgage lender and haven’t experienced it yet, lucky you.

Basically, lenders purchase these ‘trigger leads’ from the bureaus or other companies.

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Topics: Mortgage, Mortgage triggering, mortgage lending services

Important Numbers Mortgage Lenders Should Know About Mortgage Fraud

Posted by Susan McCullah

May 31, 2018 10:54:44 AM

Here is some important information Fannie Mae shared recently about mortgage fraud. These statistics are based on results of 2016 and 2017 mortgage fraud numbers.

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Topics: mortgage fraud, fannie mae, mortgage lending services

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

Fannie Mae CEO to Mortgage Lenders: Day 1 Certainty Makes You More Competitive

Posted by Jacob Gaffney

May 7, 2018 2:05:55 PM

When it launched a year-and-a-half ago, Day 1 Certainty promised to offer mortgage lenders more confidence and help save borrowers time in their loan application.

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Topics: mortgage trends, DU Day 1 Certainty, 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

7 Compliance Tips for Lenders to Get the Most Bang for Their Buck

Posted by Johnna Leeds

Dec 28, 2017 9:34:25 AM

 

We all know the lending compliance is highly regulated and takes considerable resources. Lender compliance costs put a strain on lender profits, can be frustrating and seem unreasonable.

And they keep increasing.

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Topics: Mortgage Lending, mortgage changes, Lending compliance, compliance tips for lenders, compliance costs in lending, mortgage lending services

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