Application monitoring and borrower debt verification are critical components of the loan processing process in order for lenders to avoid the financial consequences of a loan that never closes.
The process of acquiring a home has always been rife with fraud, and as the mortgage process has further digitized, new opportunities for fraud have emerged. There are two major trends that play a role in the rise of fraud.
Limited Documentation and High Debt-to-Income, but High Credit Score and Low Loan-to-Value Five years have passed since the Consumer Financial Protection Bureau (CFPB) issued regulations to provide safer and more sustainable home loans for consumers, known as Qualified Mortgages (QMs). Th...