HMDA: Do you have skeletons in the closet?
Staying ahead: How to get on top of unintentional discrimination and serve the low-to-moderate income community without taking on more risk.
We are seeing a significant increase in Early Payoff (EPO) related activity in our data. Mortgage credit inquires on recently funded loans (1-12 months) have increased by 65% compared to 6 months ago.
This is a good time to make sure you are monitoring all your recently funded loans for mortgage inquiry alerts so you can be notified early in the process, not when your borrowers are ordering a payoff.
Related:
Get started with Database Monitoring Alerts
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Staying ahead: How to get on top of unintentional discrimination and serve the low-to-moderate income community without taking on more risk.
The title of this article should spark your interest! You have likely felt the burn of an EPO … and the penalty fees they can impose.
Past client runoff, particularly those with higher credit and lower LTVs, causes massive losses in portfolio valuations or Early Payoff (EPO) fees....