Items Tagged with 'FICO'

ARTICLES

[CHARTS] Notably fewer rejections for mortgage refis as credit profiles improve

Lower credit consumers stay away from rising interest rates
As interest rates continue to increase, mortgage refinance applications are decreasing. However, as the last few households rushed in to apply for a refi before rates increased further, rejection rates dropped. These charts from the Federal Reserve Bank of New York explain the latest trends in mortgage refinances.
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SXSW: Leveraging big data to reach the credit invisible for purchase mortgages

Amherst InsightLabs panel on the impact of a fully quantified housing ecosystem
Last year, investment in real estate tech startups totaled more than $6 billion, which isn’t surprising given the implications of big data on the housing economy. Everything from evaluating risk management to analyzing the next trend in housing depends on gathering “clean” information on mortgage borrowers and home sellers. But one group remains largely absent from this data collection, and this is the group that most intrigued a panel of big data experts assembled by Amherst InsightLabs at SXSW on Sunday.
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From HW Magazine

HOT or NOT: What is trending in housing right now?

Cordray, Dodd-Frank and GSE conservatorship
President Donald Trump issued an executive order to roll back the Dodd-Frank Wall Street Reform Act, but it doesn’t do much by itself. The core principles in the executive order should simply be viewed as a policy placeholder for the re-thinking of Dodd-Frank, in terms of both potential legislative and regulatory changes.
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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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