Industry Watch: Equifax expands credit reports, new non-QM products at LBC Mortgage and more

LBC Mortgage announced the launch of its non-QM lending program in California and its debt-service-coverage ratio (DSCR) program nationwide. The non-QM program is designed to meet the needs of borrowers who have unique financial situations, including those who are self-employed or have irregular income; those who have significant assets but lack regular income; and those who have experienced a recent credit event such as a foreclosure or bankruptcy. The program is also designed for investors who want to purchase properties for rental or investment purposes. The DSCR program is a unique product that allows investors to qualify for a loan based on the property’s cash flow rather than their personal income, ideal for investors who have multiple rental properties or who are purchasing a property with multiple units.

FormFree announced its strategic divestiture of asset-verification service AccountChek. According to a statement from the company, the fintech will “focus on products that advance its mission to decentralize and democratize the way consumers understand their financial data and access credit opportunities” moving forward. This will include an increased focus on blockchain and other decentralized technologies to give users greater control over their data and privacy. FormFree will continue to operate in the mortgage space but will also continue its ongoing expansion beyond mortgage origination into other phases of the homeownership journey, including home search, pre-purchase housing counseling and loss mitigation.

Equifax announced the availability of expanded U.S. mortgage credit reports, adding certain telecommunications, streaming TV and utility payments to provide a fuller picture of consumer financial profiles. The move potentially enables more than 191 million American consumers (80% of whom have traditional credit files but may benefit from additional insights into their financial profile) to have greater opportunities for homeownership.

Clear Capital announced the launch of Universal Data Collection (UDC), the latest in the company’s suite of products designed to support appraisal modernization. UDC supports Fannie Mae’s newly announced Value Acceptance + Property Data program, as well as Freddie Mac’s ACE + PDR solution, empowering lenders with immediate national scalability and coverage. When a lender becomes eligible for agency loan programs that allow for an inspection-based appraisal waiver, UDC offers fast and accurate collection and submission that meets both Freddie Mac and Fannie Mae data standards.


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