Your FICO® credit score is made up of five factors: payment history, credit utilization, length of credit history, new credit accounts, and credit mix. Understanding these factors and why they matter to lenders is a foundational step to maintaining an excellent credit score. When you know what factors impact your credit score, you can make smarter credit decisions and begin … Read More
As a mortgage lender, you’re always on the lookout for new leads and new ways to cultivate a steady stream of new opportunities that enables you to sustain and grow your business. Due to the competitive nature of the mortgage industry, you need to have strategies in place to capture the attention of aspiring homeowners and convince them that you’re … Read More
This is a crowdsourced article. Contributors are not necessarily affiliated with this website and their statements do not necessarily reflect the opinion of this website, other people, businesses, or other contributors. Mortgage lenders review loan applicants from all walks of life, including those previously convicted of a crime. Deciding whether or not to grant them the loan can be … Read More
As a mortgage lender, you are probably no stranger to fraud. In fact, nearly 1 in 120 mortgage applications contain fraud1. Fraud can come in many different forms, but with the increasing digitalization of the loan application process, mortgage lenders need to be especially watchful of potential fake employers and pay stub scams. That’s why Verification of Employment (VOE) for … Read More
For most lenders, traditional credit data is the bedrock of their underwriting process. It encompasses the information found within Equifax, TransUnion, and Experian credit reports. While undeniably valuable, traditional credit data leaves out a lot of credit consumers. After all, one in ten American adults is “credit invisible,” which means they don’t have a credit report.1 An additional 19 million … Read More
As a mortgage lender, your top priorities are providing exceptional service and attracting new clients. However, balancing these priorities can be tough, especially if you don’t have the right tools. From helping generate new leads to strengthening your underwriting process, many mortgage lender tools can instantly upgrade your business operations. So, what tools should you invest in? Check out this … Read More
