Source: The student loan crisis white paper, Shur℠, Equifax, and VantageScore®, July 2022. What will be the day-to-day impact on student loan borrowers in your portfolio? Do you know the balance of your consumers’ outstanding student loans? If not, you could—and should—find out. After more than a three-year pause, student loan repayment will soon restart. […]
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Resources tagged "Mortgage Lenders"
Stay ahead of losses! If there were ever a time to start regular portfolio monitoring, the time would be now! With the current market uncertainties, you can’t afford not to proactively fend off losses. Equifax offers a simple, inexpensive way to find out which of your consumers might be headed for trouble. With portfolio monitoring, you […]
Are you the trusted advisor your consumers need? In the current economy, many consumers are worried about finances and could use support in the way of financial education and money management tools. If your business can provide that, you will likely win the consumer satisfaction game. Beyond digital solutions and fast, convenient service, many Americans now […]
Assess relevant new data to meet consumer changes To adapt to consumer needs and preferences, you and your business must be aware of how the population is changing. There are two key demographic shifts to keep in mind: consumer diversity and generational trends. Consumers in the U.S. are becoming more ethnically diverse, and younger consumers […]
Life events are important marketing triggers. Significant life events like weddings and home buying often bring planned and unplanned expenses along with them. You can meet consumers where they are if you’re attune to their behavioral signals. But you might ask, “How do I pinpoint where my consumers are on their life journeys?” We can […]
We understand that as a mortgage lender, the process of collecting a borrower’s credit, income, and asset information to complete a URLA can be time-consuming and inefficient. You often chase down information or wait for a borrower to provide the necessary documents to get the loan into underwriting, only to find that the data is […]
E-commerce fraud has evolved and increased with the rise in online commerce having accelerated since 2020. By 2024, e-commerce merchants may lose an estimated $24 billion to online payments fraud. Although e-commerce fraud increases are nothing new, bad actors are launching more sophisticated fraud attacks. Common types of e-commerce fraud include payments fraud, friendly fraud, account takeover […]
Targeted marketing always wins, especially in a slowing market As the summer winds down and we head into Q4, it’s not surprising to see decreased home-buying activity. But compared to the recent housing hot streak, this seasonal drop seems to hit harder. Now, more than ever, it’s important to make your marketing dollars count. Reaching the […]
You might be noncompliant without knowing it. Standard credit report vs. employment report The credit report you pull to make lending decisions is not the same as the report you run for employment purposes. If you’re using them interchangeably, then you are not adhering to FCRA requirements. When obtaining a consumer report for employment purposes, you must: […]
As the lender, you request the VOA, supplying required borrower fields such as Permissible Purpose, verification time frame, and the borrower’s email address. Next, the applicant will enter an email flow, prompting them to create an account to share information with you. As the lender, you’ll be copied on all emails to the borrower except […]