Announcement: Freddie Mac and FormFree automate assessment of direct deposit income Learn more

To advance mortgage lending, trust must take backseat to truth (HousingWire)

Once upon a time, loans were made on a handshake. That’s not just a platitude; before the Civil War, most Americans were self-employed, there was no federal income tax and banking was decentralized, making it practically impossible to verify a borrower’s employment, income and assets.

As the American financial system grew more sophisticated, so did our ability to document an individual’s financial history and capacity — but it still wasn’t possible for a creditor to access and review this information in real time.

Read the full article by Brent Chandler in HousingWire.

Related Articles

HW+ Member Spotlight: Eric Lapin

Read More

Deeper asset history unlocks new lending opportunities (HousingWire)

Read More

Rent-Payment History Expands the Borrower Universe (Scotsman Guide)

Read More