FICO has unveiled a new credit analysis tool for mortgage professionals as it comes under scrutiny over potential price increases. The FICO Score Mortgage Simulator allows lenders to see potential impacts on a borrower’s credit score through various simulated changes in their report data. Changes like reduced credit card debt, paying off a loan, or…
By ROB ZIMMER Americans are experiencing an affordable housing epidemic. A shortage in housing supply combined with rising interest rates has impacted millions of communities across state and party lines – making it increasingly difficult for families to realize their dream of homeownership. Unbeknownst to many, there’s another factor significantly contributing to the housing affordability…
A new FICO collaboration is dedicated to expanding the mortgage industry’s understanding of social impact lending through education. The company partnered with the National Association of Minority Mortgage Bankers of America to boost its training and certification program on social impact lending. “This collaboration will help us expand the reach of our Certified Community Lender…
CrossCountry Mortgage has adopted FICO Score 10 T for non-QM loans and securities. The goal of using FICO 10 T is to expand the number of people eligible for mortgages based on their credit scores. FICO says its new model can increase mortgage approval rates by up to 5% without additional risk, as well as reduce delinquencies…
By Taylor Stork, President CHLA and EVP, COO Developer’s Mortgage Company and Kelly Welch, Executive Vice President, Equity Resources, Inc. When a consumer goes into the market to obtain a mortgage loan, they enjoy consumer protections that are arguably more extensive and specific than any other financial product. A few examples: TRID requirements for disclosures…
By KIMBERLEY HAAS Building credit is important for people who want to move into homeownership but some industry leaders are working to show lenders that there are alternatives to the traditional FICO score. A recent survey conducted on behalf of the technology company FormFree shows that of the respondents, 40% said that insufficient credit scores…
Blend Labs announced a new soft credit pull for the mortgage prequalification process. Blend says the move is a response to an increase in the cost for lenders requesting hard tri-merge credit reports. FICO and the national credit bureaus have raised prices for credit reports, saying the “vast majority” of mortgage lenders would see price…
The Federal Housing Finance Agency announced Tuesday that it had validated and approved the use of the Classic FICO credit score model by Freddie Mac and Fannie Mae as work continues to assess adopting more modern credit score tools. In February, FHFA sought input on new credit score models, but Tuesday’s announcement gives FHFA time…
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