Credit

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.

The Consumer Financial Protection Bureau said it found deficiencies in how credit-reporting companies handle complaints about consumer data.

The acting comptroller of the currency said new CECL standards will help banks weather current economic uncertainty. He also touted the benefits of diversity in risk management.

Mortgage experts generally expect the switch to open up lending and potentially improve the predictability of loan performance — but some are worried about potential costs.

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.

Late-payment rates are rising at nonbanks that lend to people with lower credit scores. "We're probably entering a stretch where you're going to see a separation between those that are relatively good underwriters and those that are not," one analyst said.

Even though delinquency rates were previously at extremely low levels, the recent uptick among poorer consumers is worth monitoring, New York Fed researchers said.

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.