The Federal Housing Finance Agency recently released a Request for Input seeking feedback about the possibility of changing the credit scores the GSEs requires lenders to use to evaluate borrowers. According to the FHFA’s press release, “The Enterprises currently use ...
Read More »Average Credit Scores for Potential Homebuyers Dip
The credit score for all borrowers dipped to 722 in November 2017 from 728 in November 2016, according to a report released by Ellie Mae, a cloud-based platform provider for the mortgage finance industry, on Wednesday. The report, which also ...
Read More »FHFA Credit Changes Could Expand Homeownership
With the Enterprises considering major changes when it comes to GSE credit score standards, a FICO representative says they welcome the competition—so long as it’s fair.
Read More »Credit Score is Holding Back Many Millennials
A survey indicates that millennials are aware of how much their finances will affect their ability to buy a home.
Read More »Which States Offer the Best Credit Scores?
A good credit score is necessary for many of life's necessities, especially for obtaining a mortgage loan. So where can lenders find borrowers with the best and worst credit scores in the U.S.?
Read More »Does Credit Score Matter? Not to a Lot of Baby Boomers
It is a "misperception" that having a healthy credit score loses importance later in life, according to TransUnion.
Read More »Lenders Offering More Second Chances With Increased Number of Subprime Loans
"Despite the continuing rise in overall subprime originations, banks are still greatly limiting their high-risk exposure," Cutts said. "The credit score of the borrower at the 10th percentile of newly originated first mortgages today is 650. For HELOCs, it's 700."
Read More »Survey: Americans Don’t Know How Credit Scores are Calculated
In a study commissioned by VantageScore Solutions and the Consumer Federation of America (CFA), more than 1,000 representative American consumers were asked 19 questions designed to gauge their knowledge of credit scoring. While the findings illustrate respondents are aware of a handful of facts surrounding their credit score, there are still some major gaps in their knowledge.
Read More »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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