Credit

American Mortgage Consultants has acquired the right to hire 50 employees from The Barrent Group and will add 150 more in response to increased private-label securitization.

The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae and Freddie Mac.

Senators at a hearing Thursday discussed a bill establishing an online portal for consumers to monitor their credit reports free of cost.

The average millennial borrower credit score remained unchanged in May, but values by city painted very different pictures, according to Ellie Mae.

Credit reporting firms with significant operations in New York will face new cybersecurity and registration requirements to stave off concerns related to a breach of Equifax's systems last year.

Higher interest rates on home mortgages drove the share of loans used to purchase houses rather than refinance to new heights in May.

As mortgage lenders continue seeking ways get more trustworthy consumers into the housing market, a majority of them are utilizing alternative credit as a means of assessing borrower risk, according to Experian.

As the mortgage industry moves farther past the housing crisis, access to credit remains tight, especially for first-time homebuyers.

The company has also hit its goal of having half of total loans tied to customers around Atlanta.

The post-recession boom in auto loans and credit cards for borrowers with marred credit histories has been winding down in recent months.

Supporters say pending legislation would help consumers with little or no credit history. But the bill would instead roll back key consumer protections.

Preferred Bank's experience with an apartment developer is a reminder of how important strict underwriting terms will be as loan demand increases, rates rise and lenders try to outdo each other.

Costs rose at the global bank, profit in North America fell 16% and questions are mounting for new CEO John Flint ahead of the release of his strategic plan.

As the mortgage industry makes more strides with technology, the time it took millennials to close loans for new-home purchases shrank to its fastest time yet.

Investors are growing worried about lackluster loan growth this year at community banks.

Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do.

Purchase loans made to millennial mortgage borrowers rose month-over-month in February despite interest rates increasing at the start of the year, according to Ellie Mae.

Some fear that the removal of such data from individual credit reports could lead lenders to believe a consumer is a better bet than they really are.

The annual progress report on the Fannie Mae and Freddie Mac conservatorships reiterated that a new credit score model will likely not be operational until after the implementation of a new Single Security Initiative.

As tight housing inventory continues challenging prospective borrowers, Newfi Lending has launched a new portfolio lending platform in an effort to make homeownership more attainable.