The Key to Reducing Post-Refi Boom Borrower Churn

In this webinar, PRMG Chief Lending Officer Kevin Peranio will help attendees sort through the right technologies as he shares the tech investments that have had the biggest impact on his business.

Tracey Velt breaks down the latest RealTrends 500 rankings

During the episode, Velt highlights which brokerages achieved top rankings in both categories for 2020, and shares what stood out to her the most about the rankings.

Navigating Closing Struggles in 2021’s Purchase Market

Join this webinar to discover the most current information on hybrid and full eNote eClosings and discuss key criteria to successfully implementing your eClosing strategy.

About 7M refi candidates missed the “forever rate” boat

Rates jumped to 3.17% last week and Black Knight reported that there are now just 11.1 million “high quality” refi candidates. The smallest number of potential refi candidates in a year.

CoronavirusMortgage

Free credit reports are now available for everyone, every week

Big three credit reporting agencies switch from one free report per year

Under normal circumstances, people can access a free credit report once per year from each of the three main credit reporting agencies: Equifax, Experian and TransUnion.

But nothing about 2020 has been normal. As a result, Experian, TransUnion and Equifax announced Monday that everyone will able to get a free credit report from each of them every week for the next year, starting April 20, 2020.

According to the companies, they are making the free weekly credit reports available to help people “protect their financial health during the sudden and unprecedented hardship caused by COVID-19.”

As the credit agencies note, the “hardship” has been spreading rapidly over the last few weeks as the coronavirus shut down much of the country. That led to approximately 22 million people needing to file for unemployment. Beyond that, nearly 3 million borrowers are already in forbearance on their mortgages.

Under the CARES Act, companies are required to “report to credit bureaus that consumers are current on their loans if consumers have sought relief from their lenders due to the pandemic,” according to the Consumer Financial Protection Bureau.

And now, people will have the ability to monitor their credit reports every week to ensure that’s happening.

“Credit vigilance is critical during these uncertain times,” the companies said in a statement. “Consumers are advised to review their credit reports frequently to understand the information that is being reported about their payment behavior.”

“People are feeling scared and uncertain about the future,” Equifax CEO Mark Begor, Experian CEO Brian Cassin and TransUnion CEO Chris Cartwright said in the joint statement.

“To help play our part and reduce some of that anxiety, we are uniting as an industry to help people know the facts about their financial data,” the CEOs continued. “We are making credit reports more accessible more often so people can better manage their finances and take necessary steps to protect their credit standing.”

According to the companies, people can now access their free weekly credit report at AnnualCreditReport.com every week for the next year.

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