Fair Isaac has announced cross-industry confirmation that its FICO Expansion Score reliably and consistently predicts credit risk levels using nontraditional credit data.Results from a study -- including bankcard and auto lenders as well as mortgage lenders and investors such as Freddie Mac, HSBC, First Franklin, and Option One -- show that U.S. lenders can "confidently assess the credit risk of nearly 50 million Americans who have little or no credit information on file at the major credit reporting agencies," according to a Fair Isaac spokesman. The FICO Expansion score taps nontraditional sources of consumer data in order to assess the credit risk of adults, including recent immigrants and young adults, who have minimal or no credit history on file. Thirty-five percent of credit-underserved consumers in the study had FICO Expansion scores above 640, satisfying typical lenders' approval requirements.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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