Monitor borrower information to protect against potential risk
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A primary concern facing lenders is identifying changes in an applicant’s data that might occur between application and closing date. By monitoring an applicant’s financial liability throughout the loan origination process, lenders can strengthen their compliance efforts with the Ability to Repay and Qualified Mortgage Standards under the Truth in Lending Act. While there is no one solution, there are several options lenders can pursue to protect themselves against unknown risk.
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