Insights

While mortgage fraud has serious consequences, it still takes place on a daily basis. Applicants and mortgage professionals alike have strong incentives to perpetrate fraud. Mortgage fraud has always been a concern for lenders, but it’s been on the rise in recent years. This is largely due to the increase in digital mortgage activity that’s taken place in the wake … Read More

Mortgage Fraud Trends & Why It’s So Hard to Detect

Insights

Fraud and repurchase risk are two notable concerns within the mortgage industry. In the past year, mortgage fraud has been on the rise as demand has shifted away from refinances.[1] Since purchase loans involve more parties, they carry a higher risk of mortgage fraud. What’s more, the housing market is facing a shrinking volume. Homes are in high demand. Historically, … Read More

Reducing Fraud and Repurchase Risk with Undisclosed Debt Monitoring

Insights

Undisclosed Debt Monitoring

As a mortgage lender, you take many steps to ensure your applicants meet your eligibility requirements. You may offer prequalification, pull tri-merge credit reports, and verify applicants’ income and employment. Once you’ve evaluated your applicants’ creditworthiness, you can approve their applications and begin originating their loans. However, the job of qualifying your borrowers doesn’t stop after that initial credit pull. … Read More

What is UDM? Why Does it Matter? Tools to Help Detect the Blind Spot

Insights

Undisclosed Debt Monitoring

As prices soar with growing inflation, consumer debt is on the rise. The average household currently owes $155,622 on loans and credit cards.[i] Housing prices are also increasing. The average mortgage loan size for a new home purchase in 2022 is up to $453,000.[ii] Together, these shifts highlight an important issue within the mortgage lending process: undisclosed debt. Undisclosed debt … Read More

What is Undisclosed Debt Monitoring and Other FAQs

Insights

Credit Scores 101 Tri-Merge Credit Reports, Alternative Data, Resources, & More

Mortgages are one of the largest types of loans available. As of 2022, the average mortgage loan size for a new home purchase was $453,000.[1] Since mortgages involve such substantial sums of money, their underwriting process is one of the most rigorous. During the underwriting process, lenders often use special mortgage-specific underwriting tools, such as tri-merge credit reports and rapid … Read More

Credit Scores 101: Tri-Merge Credit Reports, Alternative Data, Rescores, & More.

Insights

4 Strategies to Improve Your Applicants’ Credit Scores

Mortgage applicants don’t always have high enough credit scores to qualify for the best rates and terms. As a mortgage lender, you can take proactive steps to help them raise their scores before the formal application process. By providing this type of support, you can help your borrowers receive the very best rates and secure their business. So, how can … Read More

4 Strategies to Improve Your Applicants’ Credit Scores