Items Tagged with 'FICO'

ARTICLES

Ellie Mae: Adjustable rate mortgages see uptick in 2017

Average FICO score drops in January
As interest rates rise, homebuyers and homeowners are locking in their loans – both for purchase and refinance. As a result, FICO scores dropped on all loan types and interest increased in adjustable-rate mortgages, a trend that Ellie Mae says it will continue to watch.
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For consumers seeking credit scores, VantageScores are no substitute for FICO scores

Here’s the truth
[Guest commentary] Consumers today are being bombarded by offers to get their credit score for free. These lead generation websites don’t provide the FICO scores used by nearly all lenders – but some experts say that doesn’t matter. They believe that if you rank high on one score, you’ll rank high on another score and that all these scores move up and down together. This is simply not true, and new research confirms it.
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House reintroduces bill to end "FICO monopoly" at Fannie Mae and Freddie Mac

Finally opens up the door for competition
After a little more than a year, three representatives are reigniting the fight to allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models beyond the FICO credit score the government-sponsored enterprises currently use. If passed, the bill would finally allow competition in the government’s credit approval process.
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National Association of Realtors declares support for alternative credit scoring

Says alternative models could make expand credit box
The National Association of Realtors sent a letter to two members of Congress this week, declaring the organization's support of alternative credit-scoring models that could be used to open the credit box to previously underserved borrowers. Here's why NAR thinks alternative credit scoring is so important.
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What's the fastest way to improve your credit score?

Attention Spring homebuyers!
Experian recently hosted a video on improving credit scores. Loan officers in the mortgage finance industry are well-aware of the credit challenges many potential homebuyers face. Need to direct clients to some decent advice on improving their scores? This article will do the trick.
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