Traditional credit data is the bedrock of most lenders’ underwriting process. This data encompasses the information found within Experian, Equifax, and TransUnion credit reports. While undeniably valuable, traditional credit data allows a lot of creditworthy consumers to fall through the cracks. As of 2024, an estimated 50 million Americans are “credit invisible.” Many of these consumers are young individuals, recent … Read More
The mortgage industry is competitive, complex, and ever-evolving. As a result, most mortgage lenders are eager to find ways to gain an edge over their competition. One way to set your business apart is by optimizing key workflows with Cascade. Designed by mortgage industry experts, Cascade is a class of workflow automation products made specifically for loan officers. Cascade can … Read More
Your credit score impacts the financial opportunities you can qualify for. Having a high credit score can help you get approved for credit cards, loans, and mortgages. It will also make you eligible for better rates and terms. On the other hand, a low credit score can stand in your way when trying to qualify for these opportunities. If your … Read More
Verification of income and employment (VOE) is an essential step in the loan origination process. It allows you to confirm that your applicants truly possess the income and employment history they claim on their applications, preventing you from falling prey to mortgage fraud and fortifying your risk mitigation. While VOE is vital, it can also be cumbersome, costly, and time-consuming … Read More
From hurricanes to forest fires, the environmental impacts of climate change are becoming more pressing with each passing year. Flooding, in particular, is an especially pertinent issue, as 90% of natural disasters involve some degree of flooding.[i] In the last decade, flood damage has cost Americans over $50 billion.[ii] According to FEMA, just one inch of water damage can result … Read More
With the pause on federal student loan payments expiring, the topic of student loans is on many lenders’ minds. Aspiring homeowners may be also curious about how their student loan debt may affect their mortgage eligibility. Contrary to some borrowers’ assumptions, it’s possible to qualify for a mortgage while carrying student loan debt. Applicants’ eligibility ultimately depends on their chosen … Read More
