TransUnion, Chicago, has announced the introduction of a customized approach to help mortgage lenders identify consumers who may have added "authorized user" accounts to artificially inflate their credit standing.The company said it examined nearly 2 million approved mortgage applicants and developed a set of "highly predictive" credit characteristics. The product is customized based on a lender's credit criteria and risk threshold. "The practice of artificially boosting one's credit score is not just limited to the mortgage industry, and the practice is not going to go away for quite some time," said Dina Anderson, a senior director in TransUnion's Analytic and Decisioning Services. "The key is to help the industry and our customers determine the difference between a legitimate use of an authorized user trade line and provide a meaningful risk assessment when the practice is being abused." The company can be found on the Web at http://www.transunion.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
March 28 -
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.
March 28 -
But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
March 28 -
Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
March 28