CIC Credit’s Post

After the latest data hack, should borrowers freeze their credit? https://lnkd.in/eQvMyz_i In the wake of recent data breaches, taking control of your credit is more crucial than ever. Here's what you need to know: - **Why Freeze Your Credit?** If you've been affected by a data breach, freezing your credit is like putting a lock on your financial identity. It prevents anyone, including fraudsters, from opening new accounts in your name without your permission. - **Mortgage Applicants, Take Note:** If you're in the market for a mortgage, **disclose to your loan officer that your credit is frozen.** Why? Because when it's time for the credit inquiry, you'll need to unfreeze your credit beforehand. This ensures your loan process goes smoothly without unnecessary delays. - **How to Manage Your Credit Freeze:** - **Unfreeze When Needed:** You can temporarily lift the freeze when you're ready to apply for a mortgage or any other credit. - **Inform Your Loan Officer:** They'll guide you on when to unfreeze your credit to align with the loan application timeline. - **Stay Vigilant:** Even with a credit freeze, keep monitoring your credit reports for any suspicious activity. Regular checks can catch issues early. For more detailed information on how to manage your credit in light of breaches, visit **https://lnkd.in/evq2C2jR. #CreditFreeze #MortgageLending #DataBreach #FinancialSecurity #Homeownership #RealEstateFinance #CICCredit #MBA #NAMB #MortgageLoan #Mortgage #Credit #CreditReport --- Remember, in the game of financial security, a credit freeze is your first line of defense. But communication with your mortgage professionals is key to keeping your home buying journey on track! 🏡🔒

Thoughts and Trends legal professionals are watching and planning to help protect their clients. I am adding a 7th thought to help prevent potential significant heal & financial impacts; along with traditional inspections as part of your "due diligence", test for methamphetamine toxins & mold before you buy a residential or commercial property, Do not hesitate to reach out for additional tips, tools, and resources to share #homebuyingtips #toxinfree #propertyinvestment #methtoxinsprevention

No predictions for real estate markets in the new year, but I’ll share thoughts on 6 trends we are watching and planning around. Things we think every homeowner, buyer, seller, and anyone helping them should be aware of. Risks and challenges that are coming to the forefront. Opportunities to delight clients. To improve their experiences. To optimize for successful closings. First up - Data breaches and cyber-attacks. Nearly 6 million records exposed in 1,404 incidents last year, according to IT Governance. No-goodniks use stolen personal, non-public information to (among other things) open and drain new credit lines taken out in victim’s names and to exploit existing credit accounts. Nothing new there. But recent attacks on loan servicers and title companies make clear that we are all in the cross-hairs: Two massive data breaches, LoanCare in late November, and Mr. Cooper on Oct 31 exposed personal data for 1.3 and 14 million customers respectively. Roughly 6% of all US homeowners in the last three months alone by my reckoning. And we still do not know the consequences of the Fidelity, CT and First American attacks. Or who else will be targeted.   We are encouraging all clients to take three defensive steps. Right now.   1.  Obtain and review a credit report to identify unfamiliar accounts. Check recent statements from known bank and credit cards for unusual or unexpected credit activity. Not just large, moon-shot charges. Some scammers fly under the radar by drawing out small, regular, recurring charges. Those can add up fast enough too. Everyone can pull a free credit report every 12 months at annualcreditreport.com   2.  Lock or freeze credit reports. TransUnion, Equifax, and Experian all allow you to do so. Freezing your credit reports makes it much harder for bad guys to open new accounts in your name. You can unfreeze your accounts temporarily, as needed, to support your next purchase or other credit application. The point here is to remain in control.   3.  Register with your county recorder or clerk’s office for (free) local property fraud alerts on every piece of property you own. Apply online to receive notifications whenever anyone records a mortgage, other lien, deed, or any other document that may affect title to your real property. All you need is your Property Index Number (PIN). Finding out quickly empowers you to act quickly, if anything unexpected pops up.   Three actions to protect your assets, your credit, your ability to buy a next home.   Easy. Online. Free.   That’s not to say we’ve forgotten wire fraud either. As always, never send wire transfers without double and triple checking the authenticity of bank wire instructions. Especially if anyone claims there is an 11th hour change.   Call, text or email if you have any questions about these fraud schemes, our suggested courses of action, or if you want to discuss any other security issue relating to your home or your next real estate transaction.

Thoughts and Trends legal professionals are watching and planning to help protect their clients. I am adding a 7th thought to help prevent potential significant heal & financial impacts; along with traditional inspections as part of your "due diligence", test for methamphetamine toxins & mold before you buy a residential or commercial property, Do not hesitate to reach out for additional tips, tools, and resources to share #homebuyingtips #toxinfree #propertyinvestment #methtoxinsprevention

Mortgage Term: Credit Report Today, let's unravel the mystery of something that impacts almost every aspect of our financial lives – the Credit Report. It's more than just a document; it's a reflection of your financial health. 🏦💳 📝 What is a Credit Report? Imagine a report card that tracks your financial behavior. This document, compiled by credit bureaus, details your credit history, including loans, credit cards, and payment habits. It's like a financial diary that lenders peek into before deciding to trust you with their money. 📚🔍 🤔 Why is it Important? Mortgage Approval: This is the first thing lenders look at when you apply for a mortgage or a credit card. A good credit report can be your golden ticket to approval. Interest Rates: Ever wondered why some people get lower interest rates? Lenders love borrowers with good credit reports and often reward them with better rates. Renting and Employment: Surprised? Many landlords and employers check your credit report. It's a measure of your reliability and responsibility. Identity Theft Protection: Regularly checking your credit report can alert you to any suspicious activity, helping protect you from identity theft. 💡 Building a Good Credit Report: Pay Bills On Time: Late payments are red flags. Keep Balances Low: High credit card balances can hurt your score. Old is Gold: The longer your credit history, the better. Diversify: A mix of credit types (like a car loan and a credit card) can show that you can handle different types of credit responsibly. 🔑 Final Thoughts: Your credit report is your financial fingerprint. Keep it clean, check it regularly, and remember, every financial decision you make leaves a mark on it. Stay informed, stay responsible, and watch as doors of opportunity open for you! #CreditReport101 #FinancialWellness #SmartMoneyMoves #CreditScoreMatters #credit #creditreport #mortgage #interestrate 📈💳💡

How often should you check your credit report? Answer: At least once a year, optimally twice a year You can check with one of the two major credit bureaus (Equifax and TransUnion) once a year if you want to avoid it impacting your credit score. The idea is to make sure you don’t have any issues that you wouldn’t have known otherwise. Monitoring your credit health can mean the difference between getting approved for a mortgage or not. Or getting approved for one with a good rate and terms, or not. On top of that, identity theft and fraud are growing. Keeping an eye on your credit can help prevent it happening to you and impacting you for years. ✅ Make sure you take advantage of free credit monitoring services (ask me for recommendations!). ✅ Check your #creditreport 1-2 times per year and dispute any errors or inaccuracies you find. If you’ve got any questions, send me a private message 📩! Part of my job as a mortgage professional is to help you with your credit. Send me a DM so we can chat. 👋 #CreditTips #CreditScore #CreditBureau #CreditHealth #yqr #sk #dubordmortgages

Checklist to Investigate Check Fraud: How the check was deposited. A mobile or ATM deposit increase risk due to the anonymity they afford the depositor. When did the customer open the account? Is the account balance inflated by other check deposits? Was there an immediate withdrawal after the deposit? What is the customer’s history depositing checks? What is the customer’s wider relationship with the FI? If there are sufficient funds in the account to cover the check value. The length of the institution’s relationship with the customer. A new customer brings an elevated risk compared to an established relationship. If the customer has multiple products with the institution. There is less risk if the customer has a range of products, such as a home mortgage, auto loan, credit card, and more. The customer’s deposit history. Is the check deposit abnormal based on the customer’s past behavior? The withdrawal pattern following the deposit. Was there an attempt to withdraw the funds on the same day as the unusual deposit? View and compare check images: it gives an investigator the ability to view an image of any check and visually compare it to images of past checks deposited in the account. This is particularly valuable in uncovering counterfeit checks. Additional stolen check and check kiting analytics. A complete view of a customer’s activity and history across transaction channels.

Mortgage fraud can have serious consequences, so it’s important to stay informed. Here are some common types of fraud and tips to keep you safe: Common Types of Mortgage Fraud: ❗ Misrepresenting your income to qualify for a larger loan. ❗ Using someone else's identity to secure a mortgage. ❗ Inflating property values to receive a higher loan amount. Red Flags for Borrowers: 🚩 If someone encourages you to misrepresent your financial information. 🚩 Unexpected or unexplained fees in your loan documents. 🚩 Offers that seem unusually favourable or out of line with the market. Lender Measures to Prevent Fraud: 🟢 Thorough checks of income, employment, and assets. 🟢 Using data analytics and fraud detection software. 🟢 Conducting frequent audits to identify and prevent fraudulent activities. Stay vigilant and informed to protect yourself from mortgage fraud. Always work with reputable lenders and consult with trusted professionals. For more information, contact us at enquiries@pioneermortgage.co.uk #MortgageFraud #FraudPrevention #HomeBuying 

Fraud is in many industries and leaves many individuals victims. Just Last week in North York, a tragic & fatal incident occurred involving alleged suspects and a victim of suspected syndicated mortgage fraud.   Let's talk about protecting yourself from real estate and mortgage fraud, specifically when dealing with mortgage representatives, real estate agents, and investing in syndicated mortgages. Regarding mortgage representatives, there are mortgage agents/brokers and mortgage advisors/specialists.  Mortgage agents/brokers work with a multitude of different lenders and financial institutions to find clients the right mortgage solution. They and their brokerages have to be licensed by the province(s) they operate in. For Ontario, use this website (https://lnkd.in/e8dXSdsU) to search and verify an agent/broker and their brokerage. Mortgage advisors/specialists normally work for one financial institution. Always verify them on their financial institution's website, regardless if you visit them working in a branch, talk on the phone or meet online.   You can verify and search Real Estate Agents in Ontario too. Ontario real estate agents have to be registered with the Real Estate Council of Ontario (RECO). You can search any real estate agent, their brokerage, and their registration status using this website (https://lnkd.in/exppbZRJ). If they're not listed on that site, consider that as a red flag.   Now, let's talk about syndicated mortgages. Usually, they're a type of investment where investors pool their money together to form a mortgage to fund a real estate development or project. Typically, they're safe investments but like I said, fraud can find itself anywhere. If you're an investor in a syndicated mortgage protect yourself by asking to see the appraised property value, read over your investor disclosure, get independent advice from someone not involved in the project, verify mortgage broker licenses, know your investment limits and always know where you're positioned in line for repayments in case the project fails. These types of investments are risky and aren't guaranteed to succeed. Always protect yourself and know your rights. (https://lnkd.in/eh5sGFjm). To talk about your mortgage questions and needs, here's my contact info: - my shareable, digital business card: https://lnkd.in/gpztJExb - To book a time for a virtual meet: https://lnkd.in/gRaf63vZ - My instagram: https://lnkd.in/eiKbrndG #LinkupMonday #realestate #realestateadvice #gtarealestate #ontariorealestate #realestatecanada #entrepreneurship #gtahomes #mortgage #gtamortgage #realestateinvestment #finance #ontariomortgages #gtahousing #canadianrealestate #canadianhousing #property #home #Canada #Ontario Edward "Eddie" Manso Mortgage Agent Level 1 Swivel Mortgage Group FSRA # 13569

Staying up with the new changes with the mortgage industry and FINTRAC is a priority to our brokerage. How FINTRAC’s New Anti-Money Laundering Requirements Affect You as a Mortgage Client 📢 As of October 11th 2024, new regulations from FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, have come into effect, impacting the mortgage industry. These updates are part of a broader effort to combat money laundering and protect the integrity of the Canadian financial system. ❓ But what does that mean for you as a mortgage borrower? Here’s a breakdown of how these changes might affect your mortgage application process: 1. More Detailed Documentation In the past, the required documentation for mortgage applications has been straightforward. With the new #FINTRAC requirements, you might be asked to provide additional information to verify your identity, income, and the source of your down payment. This is a key part of preventing financial crimes such as fraud or money laundering. While it might seem like a bit more paperwork, it’s all in the name of ensuring a safe and secure transaction for you. As your mortgage broker, I’ll guide you through every step to make sure the process is as smooth as possible. 2. Enhanced Background Checks Another part of the new regulations involves more robust background checks. #Financial institutions and brokers are now required to be even more thorough in their evaluations to ensure that the mortgage process remains transparent. This means you may notice some additional questions or forms, but rest assured, it's to protect you and your investment. 3. Improved Protection for You These new requirements are ultimately designed to protect you. They reduce the risk of #fraud, identity theft, and other financial crimes, making the home-buying experience safer for all Canadians. By ensuring that all funds are legally obtained and properly documented, FINTRAC is safeguarding your investment and maintaining the health of our financial system. 4. What This Means for Your Application Process In practical terms, the new regulations may mean a slightly longer approval process, but there’s no need to worry. I am committed to handling all the details so you can focus on your home-buying journey. My role is to ensure that your application meets the new standards, so you don’t have to stress about compliance. Bottom Line: Protection Through Regulation The latest FINTRAC regulations are an important step toward making sure that your mortgage process is safe, transparent, and secure. As your mortgage broker, I am here to help you navigate these changes with ease, ensuring your experience remains stress-free. Have questions about the new requirements or your mortgage application? Feel free to reach out—I’m always happy to help.