In the first two parts of this series, I discussed the impact of a “purchase market” and “digital” on the fraud. Today, the last in the series, I want to outline some extra’s you can do to protect yourself and your borrowers. What can you do? You need to also ensure that any party with which you do business is…
Fraud Has A Whole New Meaning In Digital Lending
Yesterday, I discussed the impact of today’s “purchase market” on fraud. Today, I want to explore the impact of digital. Because… It’s a digital world. A few months ago, we learned that one of the nation’s three credit repositories, Equifax, had been hacked. This hack provided the cyber thieves with valuable personal information on about 145 million consumers. The thieves…
Fraud Has A Whole New Meaning
Fraud has always been a problem for mortgage lenders, but now it’s starting to really get interesting, and expensive. With the home mortgage market turning from refi’s to purchases, rates rising and a housing shortage along comes an increase in loan defects, fraud, and misrepresentations. In the past, instances of fraud mainly centered on the consumer trying to get away…
April showers bring MERS flowers
For MERS members, April brings the notification from MERS identifying the number of your MINS on the MERS® System, when the member is named as servicer as of March 31st. Here are some of the important numbers to remember. If your organization was identified as the servicer on less than 1000 MINS as of March 31st, you are required to…
Some Good News on Housing? Maybe…
Everyone is always looking for some positive signs when it comes to business and the economy; mortgage lenders are no different. So, let’s consider the recent results of the Fannie Home Purchase Sentiment survey as a glass half full. According to the Home Purchase Sentiment Index (HPSI), the net share of consumers who think that “now is a good time…
Millennials Coming of Age in Housing
Another year, another year older for the Millennial generation. They are now in their prime home-buying years and finally coming to market. According to recent activity, 45% of the purchase loans were made to Millennials versus 43% in December. Conversely, loans made to all other generations declined during the same period from 57% to 55. Millennials buying homes is a…