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
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
Verification of Employment (VOE) is critical to the lending lifecycle. It helps lenders make smart risk decisions and understand their customer’s financial picture. But for many lenders, the current VOE process is cumbersome, time-consuming, and often costly. Check out the latest “Talk Data to Me” podcast episode with Ron Carlson, SVP of Product Development, to learn how automating key aspects … Read More
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
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
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
