Data Facts Lending Solutions Blog

UPDATE: How DU Plans to Handle Your Frozen Credit Files

Posted by Sara Kellum

Nov 9, 2017 11:51:10 AM

After the Equifax security breach that impacted millions of US consumers, many have elected to place a credit freeze on one or all of their credit reports as a safeguard. While putting a freeze on your report helps protect against fraud, it can present challenges if the consumer needs to obtain legitimate financing. 

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Topics: Identity theft, Credit Freeze, fannie mae, frozen credit files, mortgage lending services

Fraud Alert and Credit Freeze: Which Do You Need?

Posted by Jennifer Hamby

Sep 19, 2017 11:15:42 AM

In light of the recent Equifax security breach, Data Facts is re-posting information on the mortgage lending services of fraud alerts and credit freezes.

 Approximately 15 million United States residents have their identities used fraudulently each year with financial losses totalling upwards of $50 billion.  On a case-by-case basis, that means approximately 7% of all adults have their identities misused with each instance resulting in approximately $3,500 in losses!!

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Topics: Identity theft, frozen credit files, mortgage lending services

Worried About Your Credit Score? 4 Tips for Reviewing Your Credit Report

Posted by Susan McCullah

Sep 13, 2017 10:36:52 AM

 In light of the Equifax security breach, consumers are concerned about their credit report. Advice is everywhere on how to handle this issue. Regardless of whether or not you decide to freeze your credit, you need to CHECK YOUR CREDIT REPORT!

So, what do we mean by that? What are you supposed to be checking?

As a leading mortgage lending services provider, here are our suggestions:

While pulling your credit report at least once a year is very good advice, a person needs to know what to look for when reviewing their information.

You can actually check your credit 3 times a year at no charge.

Goto www.annualcreditreport.com which is a website sponsored by the three credit bureaus. You can pull one bureau once a year for free. Simply enter your information and order a one-bureau credit file.

Then what? 

Start with these tips to make certain you understand the information on your credit report:

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Topics: Data Facts blog, wordpress blog, Data Facts, Credit Score, Collection accounts, Collections, credit cards, credit history, mortgage lending services

Mortgage Lenders' Challenge: Find New Sources For Lien And Judgment Data

Posted by Ann Fulmer

May 31, 2017 2:40:01 PM

This article was originally posted on MortgageOrb, written by Ann Fulmer.

In less than a month, the nation’s top credit-reporting agencies (CRAs) will drop most civil judgment and tax lien data from consumer credit reports. It’s a change that will boost millions of consumers’ credit scores – and one that raises major concerns for employers, landlords, mortgage bankers, and other lenders and mortgage lending services providers that use FICO scores as a primary means of determining consumer creditworthiness.

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Topics: credit reports, Credit Score, mortgage changes, Liens and judgment data, mortgage lending services

Fannie Mae Moves to Accommodate Student Loan Debt

Posted by Jann Swanson

Apr 26, 2017 9:00:40 AM

Data Facts periodically shares external information to educate our lending clients on upcoming changes, shifts, and relevant news in the mortgage lending services industry that affects how they do business. 

~Originally posted at Mortgage News Daily by Jann Swanson. 

At $1.4 trillion, student loan debt represents the U.S.'s second largest debt market behind mortgages and, in several recent surveys, younger respondents have said those loans are a large reason they are unable to save up a downpayment to buy a home. The debt won't easily go away, but Fannie Mae now says it would like to make those loans a slightly little less painful presence in borrowers' lives.

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Topics: fannie mae, Student loan debt, 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

Got Mortgage Trended Data Blues? FAQ's to Help Ease the Pain

Posted by Susan McCullah

Aug 24, 2016 11:03:11 AM


Singin' the blues over more changes heading your way?

If you are not sure about the addition of trended data on mortgage credit reports, how it affects you, and how to deal with it, take heart! The reality is that mortgage credit trended data is a shockwave to the industry, and is causing even more changes for mortgage originators who have already been handed their fair share (TRID, anyone?).

We have scoured our mortgage lending services sources to answer some of the biggest, most common questions about trended data information...

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Topics: credit reports, Data Facts, Credit Score, mortgage trended data, trended credit data, mortgage lending services

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

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

Data Facts Helps You Detect & Reduce Mortgage Fraud

Posted by Jennifer Hamby

Apr 17, 2015 7:45:00 AM

More sophisticated fraud schemes and new regulations mean your mortgage lending services need to include fraud and verification tools optimized for today’s lending environment. Now, more than ever, you need to know whether the information behind loan documentation is authentic.

Since mortgage lending has changed over the last few years and more changes are coming in the years ahead, it’s imperative that your information provider has the ability to keep up with the evolution in the market.

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Topics: mortgage fraud, Fraud, mortgage lending services

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