We are now in unprecedented times, and the importance of verifications and reverifications are even more heightened as the industry deals with the current health crisis triggering a tsunami of unemployment and economic strain. Advancements have been made in the industry to streamline the verification process, certainly helpful in a time like today, which ends up having a downstream…
Following the great interest we had in our 2019 six-part blog series, “Millennials Mortgage Process,” which followed one of our colleagues on her home buying journey, we are back in 2020 with a new take on generational perspectives in the mortgage industry. Riffing off a fairly well-known and controversial 2019 meme, “Ok, Boomer,” we are kicking off our “Hey, Boomer.”…
The presence of one or more red flags is not necessarily indicative of fraudulent intent, but it does point out the need for additional review. Red flags must be documented in the loan file, including red flags identified through various underwriting engines like Fannie Mae (DU), Freddie Mac (LPA). The following are just some examples of red flags related…
Often, underwriters are faced with a borrower, especially a self-employed borrower, whose income has declined year over year. I wanted to provide a quick review regarding declining income for self-employed borrower(s) specifically for FHA loans. There are a few paths a loan can follow. When income is declining year over year, it affects how the borrower’s income is calculated as…
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…
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…
