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Items Tagged with 'FICO'

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Carrington opens mortgage lending to borrowers with bad credit

1 in 3 consumers have FICO scores below 650
Brena Swanson
Carrington Mortgage Services once again announced new initiatives to serve the underserved borrower. This time the benefits include no closing costs, appraisal fees or lender financing fees.
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Most Americans are wrong about their credit score

Think paying your cell phone helps?
Brena Swanson
A significant number of Americans are confused when it comes to what does and does not get reported to national credit bureaus. In fact, many Americans think paying the utilities on time helps with their score. They should think again.
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Carrington’s wholesale division eliminates underwriting fee

Simplifies process for brokers
Brena Swanson
The wholesale lending division of Carrington Mortgage Services announced on Wednesday that it is eliminating its underwriting fee in its wholesale division.
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Are your Facebook friends the future of your FICO score?

One financial expert thinks so
Ben Lane
“You could easily have a scenario in 10 years where a customer’s chances of credit are determined not only on their spending, but also on their friends, family members and their social profile,” Gi Fernando said. “By giving up a bit more information to the banks, you might stand to benefit in a wider choice of products.”
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Even credit-worthy borrowers struggle to get a mortgage

Regulations, credit and affordability challenges persist
Trey Garrison
The national homeownership rate continues to decline, and many say that it’s only going to get worse because of tighter lending standards, burdensome regulations that create lender uncertainty and affordability challenges.
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Redfin: Finding balance in mortgage credit standards

Not too tight or too loose
Brena Swanson
Before the financial crisis, the average FICO score hovered near 708. During the crisis, in 2007, the average came in around 693. Now in 2014, the average FICO is much higher, posting an average of 744 for Fannie and 742 from Freddie. So what is the perfect balance?
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NAR applauds FICO update

Continues to support the credit box widening
Brena Swanson
The National Association of Realtors applauded FICO’s new FICO Score 9 as a way to assess consumer collection information. "NAR will continue to support efforts to broaden access to credit for qualified homebuyers," NAR President Steve Brown said.
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FICO’s latest update draws VantageScore ire

New product is a "competitive response"
Brena Swanson
FICO introduced its new FICO Score 9 as a way to assess consumer collection information. Although its close competitor VantageScore was quick note that technology is similar to its own product released back in March.
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Wells Fargo loosens jumbo mortgage standards

Attempts to offset decline in originations
Brena Swanson
Wells Fargo has reduced some of its standards for high-priced home loans in order to combat the industry-wide plummet in mortgage volume.
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Moving from renting to homeownership could get easier

Study shows benefits of adding renting into FICO scores
Brena Swanson
In good news for borrowers struggling to get a mortgage due to their poor credit score, mortgage lenders might start considering rent payment history in credit scores. A new study shows that this could be the key difference for future homeowners.
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