Mortgages Are Bad for the Environment. Here’s What Can You Do About It

Mortgages Are Bad for the Environment. Here’s What Can You Do About It.

credit.com

Leo Loomie, SVP Business Development at Digital Risk LLC, Florida was recently published on Credit.com in the article titled “Mortgages Are Bad for the Environment. Here’s What Can You Do About It” regarding the impact of technology on the environmental impact of the mortgage process.

Mortgage industry is definitely paper intensive but exactly how much paperwork Americans buying homes consume annually may come as a surprise. FreeandClear, a mortgage education website, says about 2.2 billion sheets of paper are used each year in this country for mortgages. That translates into 264,000 trees felled to print mortgage documentation.

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HELOC Survey @ TheStreet.com

Digital Risk was recently quoted in TheStreet.com for its recent survey on HELOC. The article titled You Have No Idea How to Use a Home Equity Line of Credit highlights interesting statistics from the survey.

US consumers have no problem piling up debt, but they’re petrified of a home equity line of credit mostly because of lack of awareness. One in five are unfamiliar with HELOCs altogether, while 30% do not know how to apply for one!
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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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corporate 5k

Corporate 5K 2017 – D-Riskers Run For a Greater Cause

Year 2017 saw the 23rd year of Corporate 5K, Central Florida’s premier night-time corporate run and Digital Risk has been a regular participant for the sixth year in a row. Last Thursday, D Riskers from the Maitland office had the opportunity of coming together from different departments and run for a greater cause , the proceeds of which support thousands of young people of all abilities to run, swim, play, sail, horseback ride, row, or attend summer camp.

Also called “Orlando’s largest office party”, the Corporate 5K took place at Lake Eola in Downtown Orlando. A total of 17,000+ participants ran or walked the 3.1 mile route. After the race, the D-Riskers celebrated their experience in Downtown.
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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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