Social media has transformed the way we connect with one another and conduct business. As of 2022, the average person spends two hours and 27 minutes on social media each day.[1] With so many people engaging actively on social media, it’s crucial that mortgage lenders learn how to operate in this space effectively. Having a positive social media presence can … Read More
As a mortgage lender, it’s your responsibility to ensure that your borrowers can afford to pay back their loans on time. Part of this process involves verifying their income and employment. Unfortunately, you can’t simply rely on applicants’ claims that they earn an adequate income at their current job. You need to corroborate their claims to ensure they truly meet … Read More
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
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
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
