At Xactus we are all about advancing the modern mortgage experience. And our new VOE/I “waterfall experience” makes the process much more efficient for you by casting an even wider net when validating employment and income.
Introducing Xactus
As you likely have heard, UniversalCIS | Credit Plus has been rebranded to Xactus. We’re very excited about our new beginning and the phenomenal future that lies ahead for us, the clients we serve, and the mortgage industry.
Portfolio Monitoring: Your Best Defense Against Early Payoff Penalties
No one wants a borrower to walk away, especially within the first few months after closing. With Xactus’ Portfolio Monitoring, you can avoid early payoff penalties and obtain immediate alerts when one of your recently closed borrowers is shopping for a mortgage, refinance, or equity loan. We provide daily notifications within 24 hours of their occurrence, enabling you to reach out …
Fannie Mae to Include Rent Payments In Underwriting- What Does This Mean for Lenders?
Fannie Mae’s recent decision to utilize rent payment history in mortgage underwriting will help expand the credit-profiles of millions of first-time homebuyers. Because landlords do not report rent payments to the bureaus, many historically disadvantaged populations have had difficulty obtaining the American dream of homeownership. However, on September 18th, Fannie Mae will take significant steps to change that, when it …
Dream of Home Ownership Starts with Educating Borrowers about Healthy Credit
About 8% of mortgage applications were rejected for single-family homes in 2019, according to the latest available data supplied by lenders to the federal government under the Home Mortgage Disclosure Act. What were the reasons for the denials? High debt-to-income ratio (35%) Poor credit history (22%) Lack of collateral or LTV (18%) Incomplete applications, insufficient cash, unverifiable information and spotty …
Is the borrower still in forbearance?
As we start to move beyond the COVID pandemic, some normalcy will return to the industry. However, federal law requires that lenders and servicers continue to take care in how they deal with and report on consumers who are still suffering from the crisis. For instance, as part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, servicers may …
Recent Updates to VOI/Es
Xactus is a certified reseller of The Work Number®, a solution offered through Equifax Workforce Solutions*, and the largest collection of payroll records contributed directly by employers. This past summer, enhancements were added to VOE/VOIs: VOI/E Optional 24 month selection Now you can select to receive up to 24 months of employment/income records instead of the borrower’s ENTIRE employment history. …
Be Alert to Possible Mortgage Fraud Schemes
The Federal Housing Finance Agency is encouraging individuals who work in the mortgage industry to closely watch for possible mortgage fraud schemes that are emerging in the midst of the pandemic. Below are three of them and the solutions Xactus offers to combat them. Appraisal fraud by individuals misusing flexible appraisal alternatives Onsite and drive by appraisals can be safely …
Retain Your Business with Portfolio Monitoring
A data solution from Xactus With Portfolio Monitoring, you’ll be better positioned to retain business by offering solutions when customers start shopping for loans. We offer daily mortgage inquiry alerts from all three bureaus – which can increase the number of leads you’ll receive by almost 50% over just single bureau monitoring. Monthly new mortgage inquiry alerts average 1.7% for …
Turning Data into Knowledge
There is a world of data out there – so much, in fact, that it can be hard to know how and when to use it. You’ve no doubt heard the term “big data.” It’s quite the buzzword these days. But what is it exactly and how can you take buzz advantage of it? What exactly is big data? The …