How robust is your verification process? According to Fannie Mae’s Quality Insider Report issued in May 2024, income calculation errors and borrower not employed account for four of the top ten significant defects. Roughly two-thirds of significant loan defects issued had an initial debt-to-income (DTI) ratio above 43%. This report highlights the need for enhanced accuracy. Rest assured with our …
Xactus in Action at the MBA Annual
For those of you who connected with us at the MBA Annual, it was great seeing you. If you happened to miss the convention, connect with us on LinkedIn and check out all the buzz and happenings from the event! On Monday, October 28, our President, Shelley Leonard, moderated an expert panel on the Market Opportunities and Operations Track: Tips …
FHFA Update: Credit Score and Credit Reports Initiative
As you know, in October 2022, FHFA announced the validation and approval of two new credit score models, FICO 10T and VantageScore 4.0, for use by Fannie Mae and Freddie Mac (the Enterprises). After a multiyear transition period, lenders would be required to deliver both FICO 10T and VantageScore 4.0 credit scores with each single-family loan sold to the Enterprises. Currently this is …
Protect Your Investment with Xactus’ Flood Report X
Consider this: According to FEMA, any building with a 1% chance of experiencing a flood each year (aka 100 year flood zone) is considered to be a high flood risk. Those properties have at least a 25% chance of flooding during a 30-year mortgage. It’s more important than ever to ensure you accurately assess flood zones. With Xactus Flood Report …
Receive Comprehensive IRS Tax Transcripts with Our Direct Connection
We can help modernize your approach to tax return verifications with up-to-the-minute IRS data feeds through Tax Transcript X via Form 4506-C or Form 8821: Verify consumer’s income against IRS data Fully electronic ordering Real-time status updates Reduce IRS rejections Obtain Tax Transcripts That Suit Your Needs 1040 (a, b, or c) Personal Transcripts 1065 (K-1) Partnership Income 1099 Self-Employment …
Xactus Total Verification Solutions: From Consumer Identity to Property Value
Are you taking advantage of all the verification and data services Xactus provides? By working with a single source, you stand to benefit from increased savings and greater efficiencies. How? By partnering with us for all your data needs, you only need to vet one provider – which means less work for you. Plus, you can often bundle our services …
Advancing the Modern Mortgage Through Thought Leadership
As part of our continued effort to steer the ongoing transformation of the mortgage industry with thought leadership contributions by our team, several of our resident experts were recently featured on two recent FinTech Hunting podcasts. In the April episode, Greg Holmes, Chief Revenue Officer, and Michael Crockett, Chief Operating Officer, discussed how Xactus is advancing the modern mortgage market …
Executive Insights
We’re extremely proud of our executive team members at Xactus, not just for their internal leadership, but also for their thought leadership. Recently, several Xactus executives were tapped to share their insights and perspectives about the current state of the industry and its prospects for the future. Check them out: Robbie Chrisman Podcast – Listen to Shelley Leonard and …
Appraisal Bias and Freddie Mac
Avoid a “Fatal” Message in Freddie Mac UCDP “Pride of ownership.” “Crime-ridden area.” “Desirable area.” On January 26, Freddie Mac Loan Collateral Advisor® began delivering fatal feedback messages that prevent a “Successful” status on the Uniform Collateral Data Portal® Submission Summary Report for appraisal reports if they contain these terms and phrases and certain others that may be prohibited or …
HMDA
Streamline your HMDA Compliance with Xactus With the HMDA submission deadline quickly approaching on March 1st, time is of the essence! It’s crucial to act swiftly to meet compliance requirements. Even if you originate just 25 closed-end loans annually, HMDA reporting to the CFPB is mandatory for ALL mortgage applications – not just the closed ones. Let Xactus streamline your …