What do Equifax and the IRS have in common? They both house tons of consumer personal data. Equifax got hacked. Could the same happen to the IRS? Some regulators are saying no and pushing for the IRS to get more heavily involved in the data verification game. Rep. Patrick McHenry (R-NC) introduced legislation aimed at fast-tracking the IRS’s capability to…
We knew it would happen sooner or later and so it has. The Millennial generation, the single largest group of current consumers, is finally looking to buy a home. In fact, in the past 12 months, Millennials have topped the list of home buyers. It’s time for this generation to make its mark on the housing industry and take its…
It seems like a simple question. According to Fannie Mae Quality Control guidelines, a lender need not reverify or recalculate, as applicable, information that is validated by Fannie’s Desktop Underwriter (DU), under their Day 1 Certainty Program. This includes the qualifying information for employment, income, and assets for each borrower. When a lender receives the validation of data from DU,…
If you’ve been following my blog, you know that I believe mortgage loans will be a little tougher to come by in 2018. I know, I’m not the only one. Lenders need to find new and better ways to attract consumers and acquire their business. Much of the talk has centered on what is needed to service the new generation…
Fraud risk increased in the second quarter of 2017; before the reports of the Equifax PII security breach. The national fraud risk index came in at 132.6 as compared to 131.5 for the first quarter of 2017, with a big jump up from the same quarter last year, which was 113.4. Somewhere around 13,400 mortgage applications, or about 0.8%, submitted…
With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying for their piece of a smaller pie. To compensate, lenders are loosening their…
