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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December is a time for families and friends to come together over the holidays. However, the last month of the year can also be a big budget buster that can leave you broke and in debt if you aren’t careful.
We have created a breakdown of mistakes smart people make over the holidays that result in January being hard to bear. Avoiding these actions can help you make certain you roll into January with some money left in your pocket and your credit score intact.
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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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You’ve gone to your lender and been approved for a home mortgage. You’ve found the home of your dreams. But just when you are about to close, the lender says you are no longer approved. What happened?
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The prevalence of mortgage fraud is still a scary fact.
According to the FBI, 13 billion dollars were lost in fraudulent mortgage loans in 2012. Over 60% of mortgage fraud includes ID discrepancies and in most cases the fraudster uses a mixture of accurate and “borrowed” information. These crooks operate this way hoping that lenders will not check every bit of information and the loan will be approved.
Luckily, there are reports available to mortgage lending companies to combat this issue, and offer some protection. This can help preserve the bottom line.
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Data Facts will be introducing a full suite of products that will help streamline the lending process and keep Lenders in compliance. 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.
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Mortgage triggering is a frustrating, pull-your-hair out phenomenon that rears its ugly head frequently during a refinance boom. If you are a mortgage lender and haven’t experienced it yet, lucky you.
Mortgage triggering is the process that some lenders use to gain customers.
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The housing market is improving much faster than anyone would have expected a year ago. Nationally, the prices of homes increased by 10% since February of 2012. However, many in the industry think that this may be cause for concern. They are nervous that the fast pace of recovery will cause another bubble.
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For the past few years, homeowners were able to utilize a tax break (part of the Mortgage Forgiveness Debt Relief Act) when dealing with a short sale. Fortunately for many, this debt relief has been extended until the end of 2013.
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