home equity lines of credit

Potential borrowers unfamiliar with or reluctant to obtain home equity lines of credit; Fed rate hikes discouraging applicants

MAITLAND, Fla. – APRIL 27, 2017 — A decade after the housing market crisis, most homeowners say they are reluctant to take out home equity lines of credit (HELOCs) to meet other financial needs. At the same time, one in five are unfamiliar with the common loan instrument and 30 percent do not know how to apply for one, according to survey data released today.

The survey of 1,038 U.S. homeowners by Digital Risk, the nation’s largest independent processor of mortgage loans, also found that ongoing hikes in interest rates by the Federal Reserve are deterring 92 percent of those who might borrow HELOCs from applying at this time.

The survey of was taken March 14-18, just as Chairwoman Janet Yellen announced an increase in the benchmark federal funds rate by 0.25 percent.
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As Interest Rates Fall

As Interest Rates Rise and Fall

Jay Hinton, Senior Director in Corporate Quality and Compliance at Digital Risk, recently got published in BAI.org in his article titled “As interest rates rise and fall, behold the constant of quality control” discussing the impact of fluctuating interest rates on quality control.

While designing a quality control group, consistency is something which is looked at to ensure that the mortgage applications meet forecasted expectations, defects identified and coached to the disappearance of issues and zero percent attrition.
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Debbie Hoffman Equal Lending Fair Lending

Debbie Hoffman on Equal Lending or Fair Lending

Debbie K Hoffman, Chief Legal Office, Digital Risk; recently featured in Secondary Marketing Executive Magazine in her article titled “Equal Lending or Fair Lending” co-authored along with Rick Roque discussing the impact of Fair Lending violations subjecting the institution to regulatory penalties , operational and technical changes.

Earlier, lenders would engage in lending practices, knowingly or unknowingly, which were predatory in nature and thus, steered borrowers to higher-paying loans. In a lot of cases, lenders violated the fair lending law unaware, which was primarily due to a lack of clear guidance, a true misunderstanding of the law, lack of technology or processes to detect unacceptable variances, or a lender’s lack of focus.

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Digital Trends in Home Purchasing

Digital Trends in Home Purchasing

Debbie Hoffman, Chief Legal Officer at Digital Risk, LLC, recently published an enlightening piece titled “Digital Trends in Home Purchasing”

There is a whole virtual world existing parallel to the real human world. There are websites and apps for anything and everything. If you were looking for a house, you won’t call up the agent, instead you will go to Trulio. Need the house tour? Just login Redfin and get an online tour sitting at your workplace and similarly many apps to calculate a mortgage payment. The millennial generation who exist in both the worlds effortlessly are expecting to buy a home too entirely online.

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Debbie Hoffman on Bloomberg Radio Regarding Trump Rolling Back Dodd-Frank

Bloomberg Radio

 

Debbie Hoffman, Chief Legal Officer, Digital Risk recently spoke to Bloomberg radio regarding Trump’s effects on Finance Industry

Debbie amongst other who’s who of the Finance world spoke about the impact of Trump’s deregulation of policies and predicted that it might actually make financial firms more likely to use third party services.

Finance firms currently are spending as much as one fifth of their revenues on compliance as they find themselves under scrutiny like never before. Historically banks were pretty hesitant to outsource because of heavy handed Dodd Frank which is anticipated be eased now but there are still other kinds of regulations like FEC for which they will require the third party vendors to comply with. They will be more likely to outsource because they will be less scared now of getting a canopy under Dodd Frank Act.

Listen to the full Radio clip on Trump Rolling Back Dodd-Frank and its effects on Finance Industry by press play on the audio file.

Curious about Debbie Hoffman? Learn more about her on LinkedIn.
 

The future is now

The Future is Now – Jeffrey Taylor on President Trump’s Impact on Housing

CTW Features

Jeffrey C. Taylor, Co-Founder and Managing Director at Digital Risk LLC, was recently published in CTW Features’ article titled “The Future is now” regarding the impact of the Trump Presidency and his policies on the housing industry.

The most prevalent question of the Trump Presidency is its effect on housing. Republicans and Democrats have contrasting opinions on the expectations. Positive impacts are speculated because Mr. Trump made his bones in real estate and his policies are favorable to businesses.
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