According to the San Diego-based company IncomePASS analyzes a borrower’s stated income against millions of reported incomes and salaries from seven sources. The system culls the applicant’s employer, occupation, job title, residence and estimated years of experience to predict the borrower’s likely income. When the borrower’s stated income is within 15 percent of the model’s prediction, the lender is alerted to proceed with the application process without additional manual income checks using paychecks or bank statements.Lender reports a 62-basis-point reduction in loan-level pricing adjustments for qualifying transactions and removes an 80% LTV restriction as alternative credit scoring gains traction
CrossCountry Mortgage is reporting an estimated $2,500 in average borrower savings from its adoption of VantageScore 4.0, adding to a growing body of lender-reported results showing how competition between credit scoring models is translating into lower loan costs.The Clevel...
After years of chasing production numbers, one mortgage sales veteran learned that closing deals means little if you lose the trust of the people behind them
"Listen, your credit is crap. If you don't want the deal, move on."I said that to a borrower once. Word for word. The part that bothers me now isn't just what I said. It's that I didn't think about him again. He walked out, and I went right back to work.Early in my career, I...
Enjoy access to a free NMLS renewal class when you attend an in-person event.
