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Home | Tag Archives: FICO

Tag Archives: FICO

Ellie Mae: Refinances Decline Slightly in May

Ellie Mae released its Origination Insight Report for May, analyzing data from over 3.5 million loan applications that ran through Ellie Mae’s Encompass mortgage management solution. The company found that refinances declined slightly for the month to 33 percent of all loans, down from 37 percent in the previous month.

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Have Lower Lending Standards Pushed Credit Scores Down?

After years of too-loose and then too-tight credit access, average FICO scores are now slowly floating down, and the market looks a little more open for low-score borrowers. But do these steady declines really indicate a loosening in standards among lenders? “Afraid not,” say researchers at the Urban Institute’s (UI) Housing Finance Policy Center.

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Lenders Continue to Lower Credit Requirement Thresholds

seal-on-money

A new report from Ellie Mae shows credit standards ended 2013 at their lowest level all year. The company found that by December, criteria for first-lien mortgages had relaxed considerably, with the average FICO score at 727, loan-to-value ratios averaging 82 percent, and debt-to-income ratios at a yearly high of 39 percent. The company also found that loans originated in December took an average of 43 days to close, down from 55 days a year earlier.

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Commentary: What’s in Store for Housing in 2014, Part 2

DSN-DS

Despite recent gains, which some of us believe are more of a mirage than an oasis, the economy still isn't creating enough good-paying full-time jobs to drive a full recovery in the housing market. At the same time, stricter lending requirements--and a lending environment likely to get more challenging before it gets easier--are the other major headwinds that could slow down housing.

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What Does Fannie Mae’s New LTV Threshold Accomplish?

As of November 1st, Fannie Mae is no longer purchasing loans with loan-to-value ratios above 95 percent, which means borrowers must put up a down payment of at least 5 percent, as opposed to the 3 percent previously required. Industry experts with the Urban Institute's Housing Finance Policy Center argue this move is arbitrary and likely to provide little benefit to the GSE or to taxpayers.

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Prospective Borrowers Improving Their Chances of Getting Qualified

Tight lending standards may be keeping some prospective borrowers out of the market, but according to LendingTree, consumers overall are increasing their likelihood of getting approved for a home loan with higher credit scores and lower loan-to-value (LTV) ratios. Over the last year, average credit scores for prospective borrowers rose by more than 10 points, LendingTree revealed in a Q2 borrower health report. At the same time, average LTVs improved, falling 1.6 percent. According to the report, prospective borrowers in Washington D.C. have the strongest profile when it comes to qualifying for a home loan.

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Survey: 47% of Bankers Expect Mortgage Delinquencies to Decrease

More bank professionals expect mortgage delinquencies to decline over the second half of this year than to than to stay the same, according to a survey released by FICO. This is the first time in the quarterly survey's history the number of professionals expecting mortgage delinquencies to decline outpaced those who expect it to remain the same. Forty-seven percent anticipate a decrease in mortgage delinquencies over the last two quarters of the year compared to 41 percent who delinquencies to remain the same.

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Incorrect, Outdated Information Most Common Issue on Credit Reports

While 22 percent of Americans admitted they have never checked their credit report, nearly a quarter said they have encountered issues with their credit report, with incorrect or outdated negative marks leading as the main type of problem, according to a recent FindLaw. Overall, 23 percent of Americans said they have had a problem with their credit report, and 10 percent of problems were related to incorrect or outdated information about their credit history, such as delinquency payments, payment history, collection actions, court judgments, and bankruptcies.

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Mortgage Credit Eases as Demand Increases in Q2

The percentage of banks reporting stronger demand for mortgage loans rose in the second quarter, the Federal Reserve reported Monday, with more banks easing lending standards. Those results, revealed in the Fed's Senior Loan Officers Opinion Survey, are consistent with reports that mortgage loans are becoming easier to obtain. While the results suggest a trend in lending standards, they could be misleading: A bank which has tightened standards as much as possible may not necessarily ease them.

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