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Banking on Trouble

By NCS
IS BANK ACCOUNT DATA SOLELY ADEQUATE TO VALIDATE A BORROWER'S EMPLOYMENT & INCOME?


It’s been well over a decade since the financial crisis took shape in 2006. Mortgage underwriting was substantially adjusted in the midst of the great recession. Full income documentation/verification became the de facto underwriting practice during this time– producing the lowest mortgage delinquencies in decades. As lenders seek to broaden their nets for new applicants, they’ve focused on the POS craze, and seek to adopt data verification processes that fit inside a digital mortgage.

Additionally, lenders are also looking to cast a wider net via POS systems and less burdensome underwriting requirements. Non-QM lending is gathering some momentum and Fannie continues to adjust LTV, down payment and DTI levels for an industry that’s growing more desperate for originations, as 2019 industry estimates grow bleaker seemingly every day.

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