Credit scores

Industry organizations indicated they want to be ready to analyze an advanced credit metric in early 3Q in line with FHFA plans, but they see some roadblocks.

Ohio-based Liberty Home Mortgage joins several companies who started using a more modernized FICO credit score for nonconforming mortgage originations recently.

Mortgages that homebuyers locked in March rose 17% even with FICOs at record high for Optimal Blue's dataset, suggesting there are many qualified borrowers.

State restrictions on the use of credit scores appear to help a wide range of consumers cut homeowner insurance costs to varying degrees, according to Matic.

The changes made to the schedule of bringing advanced credit metrics to major mortgage investors Fannie Mae and Freddie Mac affect bi-merged reports and Vantagescore 4.0's implementation.

Cardinal Financial's utilization of the FICO alternative credit metric could help pave the way for broader use as Fannie Mae and Freddie Mac move to adopt it.

One depository has now joined two nonbanks in publicly announcing they're using the advanced score ahead of planned broader implementation by the agency market.

Institutions obtaining financing from the FHLB that's secured by their mortgages can now use the advanced score to underwrite collateral loans.

The guidance also underscores consumer rights to obtain access to their own information as well as identities of sources providing data.

That's the higher-end estimate of people who will be eligible for government-related financing when expanded metrics are used as part of an initiative to expand access to homeownership.