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Equifax to Offer Utility Credit Data to Mortgage Firms in 2019: Increased Transparency and Reduced Risk for the Mortgage Industry

2023-01-27T13:43:09-08:00private money loan servicing, private mortgage servicing|

As a part of its plan to increase transparency and reduce risk in the mortgage industry, Equifax will provide utility credit data to mortgage firms. This move will help mortgage firms better assess the creditworthiness of potential borrowers, as utility bill payment history is a strong predictor of mortgage repayment. Equifax is the first credit bureau to offer this type of data, which will be available beginning in early 2019.

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Reevaluate Your Mortgage Business Origination Tools | Tips & Considerations

2023-01-27T13:44:16-08:00loan servicing for private money lenders, private mortgage servicing|

When it comes to your mortgage business, there are a lot of factors to consider when reevaluating your origination tools. It’s important to make sure that your tools are up to date and that they’re still the best option for your business. Here are a few things to keep in mind when you’re reevaluating your origination tools: 1. Make sure your tools are up to date. This includes making sure that they’re compatible with the latest technology and that they offer the latest features. 2. Consider your business needs. What do you need your origination tools to do? Make sure that your tools can meet those needs. 3. Compare costs. Not all origination tools are created equal. Make sure you compare the costs of different options before making a decision. 4. Get feedback from your team. Your team is the ones who use your origination tools on a daily basis. Get their input on what they like and don’t like about your current tools. 5. Test the new tools. Once you’ve narrowed down your options, test the new origination tools to see how they fit with your business. Taking the time to reevaluate your origination tools is an important part of running a successful mortgage business. Keep these tips in mind to ensure that you make the best decision for your business.

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Navigating the New Tax Season – How Servicers Can Prepare for the Tax Law Changes and Reduced Refunds

2023-01-27T13:44:25-08:00private loan servicing company|

The article discusses how the upcoming tax season will be different for servicers. It will be the first time that servicers will have to comply with the new tax law, which may cause confusion and delays. Additionally, the IRS is expected to issue fewer refunds, which could reduce the amount of money that servicers receive.

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Learn Your Rights: The Real Estate Settlement Procedures Act (Regulation X)

2023-01-27T13:44:54-08:00private lender servicing, private money loan servicing|

As a consumer, it’s important to be aware of your rights when it comes to real estate transactions. The Real Estate Settlement Procedures Act (Regulation X) is a federal law that protects consumers in these transactions by requiring disclosure of certain information and prohibiting certain practices. For example, Regulation X requires that loan originators give borrowers a Good Faith Estimate of all settlement charges within three days of receiving a loan application. This estimate must include a breakdown of all fees, so that the borrower can shopping around for the best deal. Additionally, Regulation X prohibits certain practices, such as kickbacks and fee splitting, which can increase the cost of a loan for the borrower.

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Uncovering the Potential of Bots in the Title Industry: How Private Lenders Are Automating Tech Gaps

2023-01-27T13:49:39-08:00loan servicing for private money lenders, private lender loan servicing|

The article discusses how bots are helping the title industry automate tech gaps. The title industry has long been struggling to keep up with the ever-changing technology landscape, and bots are helping to fill that gap. The article cites a few examples of how bots are being used to streamline the title process, including verifying property ownership and lien release. The article also notes that bots are not perfect, and there are still some limitations to their use. Nevertheless, bots are proving to be a valuable tool for the title industry and are helping to improve efficiency and accuracy.

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Record Performance in Freddie Mac’s CRT Program – 0.11% of Loans Seriously Delinquent for Private Lenders

2023-01-27T13:49:49-08:00private lender servicing, private money loan servicing|

In Freddie Mac’s CRT program, Mortgage loan servicing companies are able to combine credit and mortgage risks to create new securities. This allows for better performance by transmitting the credit risk to investors while still maintaining the mortgage servicing rights. The program has seen record performance in the past year, with only 0.11% of loans becoming seriously delinquent. This is due in part to the fact that the pool of loans is made up of mostly prime loans, which have performed better than expected.

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Private Lenders: Be Aware of Common Origination Fee Practices and Laws to Avoid Violations

2023-01-27T13:51:05-08:00private lender servicing, private mortgage loan servicing companies|

As a private mortgage loan servicing company, we have seen many originators Fees ranging from $500 all the way up to $5,000. We have also seen many different ways that these fees are structured, some of which are compliant while others violations of law. We have seen some common practices that often result in problems for both the borrower and the originator. For example, some originators will charge an origination fee that is based on a percentage of the loan amount. This is often done without the borrower’s knowledge or consent and is illegal in many states. In addition, some originators will collect their fee upfront, before any work has been done on the loan. This is also against the law in many states. We advise all originators to be familiar with the laws in their state regarding origination fees and to structure their fees in a way that is compliant.

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4 Tech Advancements in the Mortgage Industry: Data Security, Application Processing, E-Signatures and E-Notarization, and Loan Servicing

2023-01-27T13:52:54-08:00loan servicing private lenders, private mortgage servicing companies|

What are the most important tech advancements for the mortgage industry? The article discusses four areas: data security, application processing, e-signatures and e-notarization, and loan servicing. Data security is critical for the mortgage industry because of the sensitive nature of the information being shared. Application processing can be streamlined by using technology to automate repetitive tasks and to keep track of progress. E-signatures and e-notarization can save time and improve accuracy. Loan servicing can be improved by automating tasks such as payments, customer communications, and accounting.

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Discover How Hybrid Appraisals Benefit Private Lenders

2023-01-27T13:57:32-08:00loan servicing for private money lenders, private loan servicing company|

The article discusses the benefits of the hybrid appraisal, which is a new type of appraisal that combines traditional methods with new technology. The hybrid appraisal is more accurate and efficient than the traditional appraisal, and it benefits both the borrower and the lender. The borrower benefits because they can get a more accurate estimate of their home's value, and the lender benefits because they can avoid the costly and time-consuming process of ordering a new appraisal.

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2023-01-27T14:19:00-08:00private lender loan servicing, private mortgage loan servicing companies|

the-importance-of-loan-servicing As a private mortgage loan servicing company, we understand the importance of loan servicing. We work diligently to provide the best possible service to our clients, and we are committed to providing the highest level of customer service. We appreciate the trust our clients place in us, and we will continue to work hard to earn and keep that trust.

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