Credit scores

The association thinks this could simplify and manage the costs of two new pending credit requirements by allowing companies to add the one that's been through a price hike second.

Realtor, mortgage banking, depository, securities, community lending, building, insurer, credit union and fair housing groups foresee operational complexities.

The findings from Standard & Poor's show little impact from the Federal Housing Finance Agency's proposal regarding what information is required to underwrite a conforming mortgage.

Residents in the five cities with the lowest scores have an average median credit score of 499.8 in 2022, according to WalletHub.

Residents in the top five cities have an average median credit score of 800.4 in 2022, according to WalletHub.

Some stakeholders have worried about the estimated date for the transition to a new way of calculating credit worthiness, but an official assured attendees at an industry conference that the agency won't act prematurely.

Lenders who have started using these have saved up to 71% compared to all hard inquiries, Blend's co-founder says.

Letting consumers share their VantageScore data with crypto lenders is expected to help them get a better deal on crypto loans. 

The Federal Housing Administration also announced it would incorporate similar borrower history into its underwriting beginning at the end of October.

A "Big 3" credit bureau is testing a direct data feed into a FICO score, and a top multifamily mortgage lender signed a multiyear contract with a high-profile fintech platform.

Silvio Tavares, the credit score company’s relatively new leader, is honing its models to be more inclusive, for instance by taking into account rent payment data and bank account data. 

The credit reporting agency is trying to get a CFPB lawsuit dismissed by claiming the consumer bureau didn’t sign off on a 2017 consent order for the same violations.

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

The use of rent data in credit models is allowing people with low credit scores or thin credit files to get loans. But consumer advocates warn the use of that data could harm the very people it’s supposed to help. 

Fannie Mae and Freddie Mac asked originators to resubmit applications that contained errors and adjust sold mortgage information due to incorrect life-of-loan representations and warranties.

In the fourth quarter of 2021, home equity line of credit volume was up 31% from the same period the year before.

Mortgage finance stakeholders must pay careful attention to “nuts-and-bolts” which, if ignored or misunderstood, can become landmines when implementing even the most well-intended new policies or practices writes a senior advisor at the Milken Institute Center for Financial Markets

If lenders get to choose the credit-scoring model, the Big Three credit bureaus will likely set a price for VantageScore that is super low, so low that FICO cannot compete, just as Uber decimated the taxicab industry by setting prices artificially low until the taxicabs were gone, writes an attorney at the National Consumer Law Center.

Esusu, a financial technology company that aims to help bridge the racial wealth gap by reporting rent payments to credit agencies, has become one of only a few Black-owned startups to reach a valuation of $1 billion after closing a Series B round led by SoftBank Vision Fund 2.

Ratings jumped largely because white-collar workers have raced to take advantage of the lowest mortgage rates in history.