Fair Isaac Corp., Minneapolis, and Payment Reporting Builds Credit, a credit information repository based in Annapolis, Md., have announced the introduction of the PRBC Credit Report With FICO Expansion Score, a credit risk-management tool for mortgage lenders.The new tool will combine Fair Isaac's FICO Expansion Score with the PRBC Credit Report, which includes rental and bill payment data, nontraditional credit history data from third-party sources, and traditional tri-merge credit bureau data (when available). The FICO Expansion Score will incorporate the data when calculating the credit risk of individuals with minimal or no credit history on file, the companies said. "PRBC's alliance with Fair Isaac is an important step toward freeing mortgage lenders from the expensive and time-consuming manual underwriting procedures they encounter when they try to lend to people who have little or no documented credit experience," said Michael Nathans, founder of PRBC. The companies can be found online at http://www.fairisaac.com and http://www.prbc.com.
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Doxo plans to fight the FTC complaint, which focuses broadly on consumer finance, but there are signs of confusion about the company's role in mortgages too.
April 25 -
Members of the LGBTQ community were most likely to have experienced housing bias, according to a Zillow survey, which also found many people don't recognize how fair lending laws could help.
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Senior executives making over $151,000 would still be subject to such clauses should the rule go into effect this year.
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
April 25 -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
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Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
April 25