According to a new Bankrate survey, 50% of Americans who have applied for financing have been denied, with 17% being denied multiple times. Of these denied applicants, 82% claim their lack of access to credit has hurt their finances. This alarming denial rate started rising when the Federal Reserve began raising interest rates in March 2022. With rates still elevated, … Read More
For nearly two years, record-high interest rates have thrown a wrench into the housing market. While interest rates started spiking in the second half of 2022, the housing market didn’t slow down right away. Buyer demand remained surprisingly strong for some time, partly because builders and lenders ramped up their rate buydown offerings. Rate buydown programs peaked in December 2022, … Read More
Verification of income and employment (VOE) is a crucial step in your loan origination process. It allows you to see if your applicants possess sufficient income and employment stability to afford their loans, playing a vital role in your risk mitigation. The importance of VOE has remained the same since the dawn of mortgage lending. VOE methods, on the other … Read More
Credit cards and loans can provide you with invaluable financial flexibility, whether you want to purchase a home or use a credit card to finance unexpected expenses. But before you can get approved for financing, lenders will assess how likely you are to pay them back on time. Your credit score is one of the most important metrics lenders consider … Read More
In the age of online shopping, satisfying the need for instant gratification has never been easier. Thus, it’s no surprise that Buy Now Pay Later (BNPL) plans have exploded in popularity in recent years. As of March 2024, 30% of consumers have used BNPL plans. These convenient point-of-sale loans allow shoppers to spread the cost of their purchases over several … Read More
For most people, their home is their greatest asset. The average mortgage-holding homeowner currently has $299,000 of equity in their property. Since homes store so much of consumers’ wealth, they’re an enticing target for fraudsters. In fact, one in 20 Americans have suffered financial losses from real estate fraud schemes. Two common types of schemes are wire fraud and title … Read More
