How Lenders Can Use Social Media to Screen Borrowers
The Power of Social Media in Lending It’s no secret that the use of socialmedia has grown tremendously in recent years. This has triggered the development of numerous social media platforms such as Twitter, Facebook, Google+, LinkedIn, eBay and many more. Consumers both young and old have flocked to use these platforms mainly to connect […]
New Qualified Mortgage Rules
The federal government has implemented the new Qualified Mortgage (QM) rules. The implementation of these rules poses many challenges for lenders as they now have to tighten their underwriting norms. On the other hand, borrowers may hardly notice any difference. However, borrowers at the lower and the higher ends of the spectrum may find it […]
All About Adjustable Mortgages
What is an Adjustable Mortgage (ARM)? An ARM or an adjustable mortgage has a fixed rate of interest during the initial period of the loan. This initial period can range between one month and 7 or more years. When the initial period expires, the interest rate will change. Note that borrower’s monthly payments can change […]
New FICO Score Suite to Launch This Summer
What Is the FICO Score Nine? FICO is releasing a new version of their FICO score this summer, called the FICO Score Nine. This new product is expected to address the concerns that lenders have regarding score variations that occur across the three credit bureaus. According to FICO, 90 percent of US lenders use the […]
Government Guaranteed Loans
What Are Government Guaranteed Loans? Government guaranteed loans help lenders enhance their credit. When the loan is guaranteed by a government agency, you can extend the credit knowing very well that it will not lose its money. It is true that government loan programs offer substantial benefits to lenders; however, they also come with rigorous […]
Understanding the Different Kinds of Mortgage Lenders
What Are Mortgage Lenders? While shopping for a home loan you might come across terms like retail lenders, direct lenders, mortgage brokers, and wholesale lenders. Many borrowers simply look at the terms and the interest rate and if they are satisfactory, they go ahead and purchase the loan. They don’t really bother to find out […]