Market Kinetix LLC, Houston, has introduced Deal Maker, which the company calls "the only scientific analysis tool of its kind" that provides a customized action plan on how borrowers can achieve a target credit score.Previously, loan originators and borrowers had no tool for predicting how scores could change as a result of certain corrective actions, the company said. "Most originators have no idea how credit scores are derived and how the individual elements in a person’s credit history affect the final score," said Ron Litt, spokesman for Market Kinetix. ".... Deal Maker takes guesswork out of the equation and replaces it with clear, step-by-step instructions on how to correct any borrower's credit score, resulting in the desired increase." If a borrower is below the minimum score for a particular loan product, the broker can enter a target credit score and Deal Maker will produce a Mortgage Action Plan that spells out the steps needed to raise the borrower to that score. The recommendations include immediate, short-term, and long-term actions, along with a point value for each.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
April 18