Credit scores

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.

The COVID-19 pandemic has exacerbated income inequality in America, and that has implications for banks and other lenders. Among those suffering most: renters, front-line workers and minority small-business owners.

The boom continues, with refinances making up a 61% share of all mortgage loans issued that month, according to Ellie Mae.

The Federal Housing Administration said in its annual actuarial report that the capital reserve ratio on its mutual mortgage insurance fund increased to 6.10% in fiscal year 2020, up from 4.84% a year earlier.

This deal comes a little more than two months after CIS combined with Avantus.

Mortgage volume continues to surge, driven by borrowers refinancing behind record-low interest rates, according to Ellie Mae.

The rescue bill enabled banks to protect loans in forbearance from an immediate hit to a borrower’s credit report, but experts say affected consumers may have trouble getting loans after the pandemic ends.

As the coronavirus takes a major toll on housing inventory and credit availability, pent-up buyer demand could lead to market recovery, according to Redfin.