In October 2022, we sat down with Ken Tromer, Director of Mortgage Market Engagement at Experian, to discuss Experian Verify. In this episode, Ken joins us once again, alongside Paul Robinson, VP of Sales at Certified Credit, to explore the evolving landscape of Verification of Employment (VOE) and discuss the advancements in Experian Verify and Cascade VOE.

Throughout the conversation, Ken and Paul will cover:

• Different types of VOEs and the challenges they present lenders. 

• Trends in VOE and tips for ensuring your process meets the needs of your lenders, borrowers, and operations. 

• How lenders can improve their hit rates, while also reducing costs.

• Unique ways to overcome the challenges of manual verification of employment. 

• Recent advances to VOE technology, specifically Experian Verify and Cascade VOE.

• What’s next for VOE – a thought-provoking discussion about the future of VOE, emerging trends, speculation on how VOE will transform in the coming years, and how these changes will impact the mortgage industry. 

Check out this episode to discover the path to a streamlined, efficient, and future-forward verification process.

Learn more about Cascade VOE, Certified Credit’s automated, one-time ordering solution for multi-vendor verification of employment. 

Learn more about Experian Verify, Experian’s Instant income and employment verification powered by exclusive, industry-best data:

By 2027, over 50% of the US workforce is likely to participate in the gig economy.1 So, how will this impact mortgage lending? The gig economy and self-employed individuals pose unique challenges for mortgage underwriting due to the variable nature of their income and the need to demonstrate stability and consistency over time.

In this episode of Talk Data to Me, we delve into the world of gig economy and its impact on the mortgage lending process with Jillian Sorensen, Vice President, Account Executive at Flagstar Bank, and Heather Lundy, Contract Processor at Mortgage Pro Shop. Our expert guest sheds light on the unique challenges faced by gig workers, self-employed individuals, and independent contractors when it comes to qualifying for a mortgage. We explore the qualifications criteria, income verification, and loan programs available for these borrowers and how lenders can help support them.

Join us as we unravel the complexities and provide valuable insights for lenders looking to help gig workers secure a home loan. In this episode, we discuss:

• The gig economy's impact on mortgage lending and how it has transformed the traditional employment landscape.

• Differentiating gig work from business owners and independent contractors, including the differences in qualification criteria, who qualifies as a "self-employed" borrower, and how seasonality and second jobs can impact a borrower's ability to qualify with their gig work income.

• Demonstrating income stability for gig workers and ways to show a history of consistent income and demonstrating the likelihood of future earnings.

• When the two-year self-employment rule applies, and when it does not. While most lenders and investors require a two-year history of self-employment, we explore the exceptions to this rule.

• Interest rate implications for gig workers and the factors that the factors that lenders consider when determining interest rates for gig workers and self-employed individuals.

• Loan programs are available for self-employed borrowers; shedding light on the guidelines and options provided by FNMA, FHLMC, FHA, and VA loans.

Check out the video version of our podcast at Certifiedcredit.com/podcasts.

About Our Guests

Jillian Sorensen

Vice President, Account Executive - Flagstar Bank

Jillian started in the Mortgage industry by chance in 1998. After buying her first home, she befriended her Loan officer who brought her into the industry. She started as an LO assistant, moved through processing, office manager and then struck an agreement to buy the mortgage company.

She met Flagstar early on and began using their warehouse line and technology. Flagstar taught her to do more with less. Flagstar’s dedication to education and training inspired her and in 2003 her Mortgage company became delegated with Flagstar. Flagstar continued to grow and innovate with new products and services and eventually helped her to become a full-service mortgage bank. She sold my company in 2005 and went to work for a large mortgage company where she gained experience managing a large staff and full delegated operation, including secondary and sales.

Heather Lundy

Contract Processor - Mortgage Pro Shop

Heather is an experienced Mortgage Underwriting Manager with over 30 years of industry expertise. She has a strong background in DU/LPA/HELOC/JUMBO/NON-QM underwriting, making sound product recommendations while effectively managing risk. Heather excels in fostering collaborative relationships with sales teams, brokers, correspondents, retail sales, and processing departments. Her focus on maintaining high-performance standards and identifying opportunities for improvement has consistently driven success throughout her career.

1 Gig Economy Statistics: Demographics and Trends in 2023. Team Stage. 2023.

https://teamstage.io/gig-economy-statistics/#:~:text=4.-,Over%2050%25%20of%20the%20US%20workforce%20is%20likely%20to%20participate,likely%20to%20have%20joined%20it.

71.5% of Gen Zers plan to buy their first home in the next 1-6 years, while 37.2% plan on buying as soon as 1 – 3 years.(1) So, how can today’s lending professionals help them navigate the homebuying process?

In this captivating episode of Talk Data to Me, we dive into the intriguing topic of Gen Z's hesitance and challenges of entering the housing market with Ally Carty, Gen-Z Guru and National Account Manager atActiveComply. She shares her invaluable insights on how today's environment is impacting Gen Z's journey to homeownership and sheds light on the reasons behind their hesitations.

As our conversation unfolds, we explore the key factors influencing Gen Z's outlook on the housing market. We address the pressing question of why this generation seems reluctant to take the leap into real estate. Ally draws on her research and interviews with Gen Z to provide compelling insights into their mindset and decision-making process.

Furthermore, our discussion delves into the role of lenders in helping Gen Z make their dreams of homeownership a reality. We uncover actionable strategies and recommendations that lenders can adopt to support this generation and empower them to start making moves into the real estate market. From tailored education programs – including credit and financial education— to suggested marketing strategies, we explore various ways the lending industry can bridge the gap for Gen Z.

This episode of Talk Data to Me is a must-listen for anyone interested in understanding the unique challenges and opportunities faced by Gen Z in the housing market.

Learn more about Ally Carty & follower her Gen Z series on LinkedIn.

Start helping your borrower achieve their dream of homeownership with the Certified Credit First-Time Homebuyer Guide.

Zillow’s 2022 Housing Trends Report mentioned in this episode.

1 “2% Of Gen Zers Plan To Buy A Home In Under 6 Years, But How Are They Preparing?”.Rocket Mortgage. 2022. https://www.rocketmortgage.com/learn/gen-z-home-buying#:~:text=Despite%20current%20conditions%2C%20Generation%20Z,soon%20as%201%20%E2%80%93%203%20years.

From growing expenses and declining revenue to the impacts of increasing consumer debt and decreasing creditworthiness, competing in today’s mortgage market is more challenging than ever before.

Join experts from Certified Credit and the Capital Markets Cooperative, as they provide valuable insights and strategies to help lenders, like you, stay ahead of the competition and qualify more borrowers despite these industry trends. During this LIVE event, we:

• Explore the latest mortgage lending tools and tactics that can help you reduce costs and inefficiencies in the qualification process.
• Teach you how to coach borrowers to success using score improvement tools.
• Uncover how the changes in the reporting of medical debt will impact credit scores.
• Outline ways to capture more qualified borrowers and help them achieve the dream of homeownership.
• Discuss the upcoming changes to credit and how lenders can begin to prepare.
• Answer your burning credit and lending questions with ample time for Q&A.

See the video version of this Episode at CertifiedCredit.com.

The current economic situation has left many individuals worried about the potential of facing foreclosure or bankruptcy. With growing uncertainty surrounding employment, income, and overall financial stability, it's no surprise that people (and servicers) are concerned about the future of homes and financial well-being.

On this episode of Talk Data to Me, we’ll dive into the residual effects of forbearance agreements resulting from the pandemic and the interplay between foreclosures and bankruptcy.

Experts from Weltman, Weinberg & Reis Co., LPA, Scott Fink and Ben Hoen, explain how foreclosure affects bankruptcy and walk us through how loans migrate back and forth. We'll also take a look at the economic indicators in bankruptcy and foreclosure and the current trends in bankruptcy filings and real estate. As well as discuss the Federal Housing Finance Agency (FHFA)’s announcement from March 2023 about payment deferral for borrowers facing financial hardship. Finally, we'll share our thoughts on the Federal Reserve's reaction to bank failures and how it's affecting mortgage servicers.

Tune in to gain valuable insights and stay ahead of the ever-evolving mortgage industry.

Listen to the full episode, see speaker bios, and more.

Learn more about Weltman, Weinberg & Reis Co., LPA. Connect with Benjamin Hoen on LinkedIn. Connect with Scott Fink on LinkedIn.

From the latest in automation to improving the digital borrower experience, we are covering all things ICE Mortgage Experience23.

In this episode of Talk Data to Me, we sit down with SVP of Product Development, Ron Carlson, to discuss key takeaways from Encompass’ Experience23 and explore the pressing issues facing the mortgage industry today. Throughout our conversation, we look at the importance of transparency in mortgage manufacturing and how it can help homebuyers achieve their dream of homeownership. We also discuss the changing expectations of borrowers, including the need for an immediate response, exceptional customer service, and digital experiences.

Next, we examine the challenges facing lenders in attracting more borrowers and improving approval rates, and solutions to help them overcome them including the use of Velocify with Cascade Alerts, Cascade Prequal, and alternative underwriting opportunities. We also discuss the growing demand from first-time homebuyers and the affordability concerns facing the industry due to rising mortgage rates, the cost of origination, and limited inventory.

Finally, we explore the latest technological advances in the industry, including ASO and other advances within Encompass, and how they can help lenders reduce costs and improve the customer experience.

Join us as we explore these issues and provide insights into the latest trends and hot topics in the mortgage industry.

Learn more about anywhere, anytime customer retention & lead generation with Cascade Alerts & Velocify.

Discover data-driven insights for faster, simplified prequalification with Cascade Prequal.

Streamlining your VOE processes and eliminating the hassles and inconsistencies with Cascade VOE. 

In this episode of Talk Data to Me, recorded at ICE Mortgage Technology Experience 23, we discuss everything you need to know about Private Mortgage Insurance (PMI).

Whether you are a homebuyer wondering about the ins and outs of PMI or a mortgage professional looking to better educate your borrowers, this episode is for you! Many people have misconceptions about PMI, but in this episode, we will define PMI and debunk the myths surrounding it. We'll also dive into PMI pricing, what factors affect its cost, and the impact of credit on PMI.

Throughout our conversation with Susan Shaffer, VP, National Account Manager at National MI, we’ll also examine the latest changes made by Fannie Mae & Freddie Mac to Loan Level Pricing Adjustments (LLPA) and its effect on PMI. Finally, we uncover how MI influences loan quality and a loan’s resale on the secondary market.

Listen to our previous episode on credit refreshes and LLPAs.

Learn more about PMI at NationalMI.comor connect with Susan Shaffer on LinkedIn.

Check out the 2023 NextGen Women’s Homebuyers Report from National MI and Kristen Messerli.

Check out the live video recording from Experience 23 at CertifiedCredit.com.

Today’s lenders are leveraging data to make smarter, more intuitive business decisions, especially when it comes to creating more equitable lending. In this podcast, we'll explore how lenders are using data to drive inclusive lending and support underserved markets and minority borrowers.

With special guest, Laird Nossuli, CEO of iEmergent, we'll dive into topics such as:

· The use of data and analytics to assess your local markets for homeownership gaps that lead to opportunity.

· The impact of current market trends on underserved markets and minority borrowers.

· Strategies for reducing the racial homeownership gap and increasing access to homeownership for all communities.

· Best practices for offering products and services that are accessible and affordable for minority borrowers and those in underserved markets.

· The importance of choosing the right partners to help you build relationships in minority communities.

· How your vendors and mortgage industry partners can support you and your borrower by expanding access to credit and coaching your borrowers to success.

This episode offers an insightful conversation on using data to drive inclusive lending and support underserved markets and minority borrowers. We'll also share real-world examples and actionable tips to help you build a more inclusive mortgage business.

See the full podcast video at CertifiedCredit.com/podcast. 

Resources:

Learn more about iEmergent.

Discover Certified Credit’s score improvement tools.

Access credit education resources.

Connect with Laird Nossuli on LinkedIn.