Credit

The Federal Housing Finance Agency is adding advanced models that include rental payment histories and trended data, but others tap cell phone or consumer-permissioned bank data.

Removing such debt information from consumer reports generated an uptick in home loan inquiries in one study and other industries have found advanced score use pays off.

Industry executives coming off a tough year are wondering what the transition will cost and how many borrowers it'll bring in.

This first step in updating borrower assessments was seen as the easiest and could reduce costs, but stakeholders fear change that reduces data inputs.

The decision from the Federal Housing Finance Agency to allow lenders to review only two credit reports for mortgage applicants will harm homebuyers with less than perfect credit, writes the founder and CEO of Financial Services Innovation Coalition and a certified general appraiser at the Dawson Valuation Group.

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.

After a Supreme Court ruling, forgiveness for education debt looks unlikely but some of those exiting forbearance for it get a year-long break on credit and fees that could be helpful.

Transgender and nonbinary people who switch their names to fit their gender identity must send documentation to all three national credit bureaus in order to avoid a hit to their credit — and many aren't aware of the need to do so.

The proposed legislation from Tennessee Republican John Rose calls for limiting the sale of consumer information to mortgage lenders, but includes stipulations for those with existing relationships.

Cullen/Frost, Columbia, Synovus, Valley National and Associated all have relatively large exposures to the office sector, which has been hurt by the popularity of remote work. Their executives point to factors that offer protection, including the geographic composition of their portfolios and the types of buildings that serve as collateral.

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.

Taking a second look at those who were denied credit is very costly for lenders under the FHA's antiquated rules, writes the Chairman of Whalen Global Advisors.

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

The latest quarterly numbers from TransUnion show both closed end products and HELOCs rose over the course of the past year as mortgage originations fell.

The Pittsburgh bank posted a solid profit and said that it expects continued loan growth. But the pace of business expansion could slow alongside an economic downturn.