In order to improve loan quality, lenders should evaluate a borrower’s potential undisclosed debt and determine the appropriate valuation for the property.
The adoption of technology can counter some of the unintended consequences of today’s complex mortgage environment. Keeping up with consumer demand for an electronic mortgage process not only provides a significantly better experience for the prospective borrower but also incorporates cost saving processes for a lender. In this article, Equifax’s Jeff Knott discusses how electronic [Read More…]
Scotsman Guide recently published an article online, “Clearing the Way for Electronic Signatures” by Jeff Knott, assistant vice president, Equifax Verification Services, giving an overview of the FHA’s announcement about its expanded acceptance of electronic signatures and what it means for the mortgage industry. As those in the mortgage industry know, before the Department of Housing [Read More…]
During a recent webinar discussing best practices for achieving QM/ATR compliance, we asked over 500 attendees how they manage ATR for HELOC originations, with the possibility to choose from three responses: No verification of income Verification of income for line amounts over a $-threshold Verification of income for all HELOC originations 87 percent of respondents [Read More…]