One Last Hurdle: Monitoring Undisclosed Debt Post-TRID

Equifax mortgage expert Rosie Biundo discusses the importance of monitoring undisclosed debt after the TRID three-day window in Mortgage Compliance Magazine As an industry, it’s vital to leverage innovation and technology to request data directly from the source (rather than from the consumer) and allow access to verified and authentic data to all stakeholders in [Read More…]

Benefits of a Trusted 4506-T Provider

Equifax has always been on the forefront of modernizing consumer data and income verification, from maintaining The Work Number® database of millions of income and employment records, to helping champion the policy for eSignature acceptance by the IRS on the Form 4506-T. The need to verify total income with the IRS using a Form 4506-T [Read More…]

Fannie Mae to Introduce Equifax Trended Credit Data and Verification Services Into Underwriting Platform

During MBA’s Annual Convention & Expo in San Diego last month, Fannie Mae announced that in mid-2016 it will begin incorporating Equifax trended credit data, as well as the company’s verified employment and income data, into its automated underwriting platform — introducing important changes to help strengthen the home mortgage market for both consumers and lenders. Fannie Mae [Read More…]

Visit Equifax at MBA’s Annual Convention & Expo 2015

MBA’s Annual Convention & Expo 2015 Oct. 19 – 21, 2015 | San Diego | Las Vegas, NV | San Diego Convention Center With higher customer expectations and increased regulations and costs for loan origination, mortgage lenders need access to data and technology solutions to help manage an origination process that facilitates regulatory requirements and [Read More…]

Credit Unions Leverage Turnkey Business Intelligence Solutions to Help Minimize Cost Associated with Portfolio Risk Management

Expanded data and technology-enhanced analytics enable overhaul of manual processes Efficiency is essential for today’s lenders. It’s not enough to have data, lenders also must process it smartly and swiftly to effectively manage portfolio risk, adhere to regulatory requirements, and identify growth opportunities. This is especially true for credit unions that are capturing an increasing [Read More…]

Despite Delay, TRID Preparation Still a Concern for the Financial Industry

A hoped-for reprieve materialized, but lenders shouldn’t stop preparing for a brave new world of loan disclosures. The Consumer Financial Protection Bureau (CFPB) issued the TILA-RESPA Integrated Disclosure (TRID) rule in 2013. It was scheduled to take effect Aug. 1. But in mid-June, CFPB Director Richard Cordray issued a statement that it would delay the [Read More…]

Data-Driven Segmentation Helps Banks Go After the Right Mortgage Candidates with Speed

Proactive approach reveals consumers looking for home loans and who among them may present the lowest risk for banks. We’re in the middle of the summer home-selling season, and — for the first time in several years — consumers have warmed up to the idea of purchasing new homes. Nearly three-quarters of respondents to a [Read More…]

Millennials, Mortgages and Student Debt

Student Debt is One of the Reasons Young Adults Are Now Less Likely to Borrow Money to Buy a Home Twenty-somethings are not borrowing money to buy homes at the rate they were a decade ago—a trend that may have as much to do with high levels of student debt and poor job prospects as [Read More…]

Webinar: The HELOC Landscape – Risk Management and Customer Retention

Webinar: The HELOC Landscape: Risk Management and Customer Retention Date: Thursday, July 23, 2015 Time: 1:00 PM ET According to the latest Equifax National Consumer Credit Trends Report, U.S. consumer appetite for home equity lines of credit (HELOCs) is increasing. More than 1.2 million new HELOCs were opened in 2014, a 15.8% increase over 2013. [Read More…]

WSJ: Home-Equity Lines of Credit See Jump in Delinquencies

Equifax data cited in The Wall Street Journal shows that borrowers who signed up for home equity lines of credit (HELOCs) in 2004 were 30 or more days late on $1.8 billion worth of outstanding balances just four months after principal payments started kicking in — which represents 4.3% of the balance on outstanding 2004 [Read More…]