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
For consumers (borrowers) a credit freeze is one way to protect against identity theft by restricting access to your credit report. For example, let’s say a cybercriminal steals your identity (e.g. social security number or other personal information) to try to apply for a loan in your name. With a credit freeze, the lender/creditor would reject the application because they … 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
Social media is changing the way that consumers act, think, and communicate faster than any other modern medium. Today’s consumers rely on social media for more than just staying in touch with friends and family. They depend on it to provide updates on the latest trends, alerts about breaking news, and insights to the people and businesses that they choose … 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
