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
Sometimes what you don’t know can hurt you. Borrowers can and do incur additional debt in the time between application and closing, leaving you vulnerable to fallout or repurchase risk. So, how can lenders protect themselves from being blindsided at closing? Check out this episode of “Talk Data to Me” with Samantha Markwood to learn how lenders are leveraging technology … Read More
According to motivational speaker, Tony Robbins, “The quality of your life is the quality of your relationships.”[i] This sentiment certainly rings true within the mortgage industry. As a mortgage lender, your relationships with fellow mortgage professionals and customers determine your customer satisfaction and long-term success. Below, we’ll examine why relationships are so important in the mortgage industry. We’ll also provide … Read More
If you want to build a successful mortgage lending business, you need to know how to strategically capture and qualify new leads. From advertising to referral requests, attracting new leads can sound like a lot of work. Luckily, it doesn’t have to be if you have the right tools. Once you start bringing in new leads with ease, the next … Read More
