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
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
