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
NextGen homebuyers, made up of Millennials and Generation Z, are an up-and-coming consumer group in the mortgage market. Currently aged 12 to 43, these young generations make up 20% of the population. Here are some more statistics that showcase their growing prominence: 43% of younger Millennials who don’t have a mortgage yet could qualify for one. 87% of surveyed Gen … Read More
Buying a home for the first time is an exciting endeavor. As a homeowner, you can customize your interior design, earn equity, and establish generational wealth. American homeowners boast a 400% higher average net wealth than renters with similar incomes and demographics. While buying a home has many advantages, it can be an intimidating process. After all, it’s one of … Read More
If you haven’t heard already, big changes are coming to the credit reporting space. On October 24, 2022, the Federal Housing Finance Agency (FHFA) announced that conventional mortgages will soon use two new credit scoring models and bi-merge credit reports. This announcement has naturally spurred many questions among mortgage professionals: How do the new credit scoring models differ from Classic … Read More
Customer service can make or break a company’s relationships with its clients. Just take a look at these statistics from surveyed customers: 75% have recommended companies based on their customer service. 96% say customer service has influenced their level of loyalty. 77% say poor customer service has detracted from their quality of life. As you can see, customer service is … Read More
