The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Mortgage

Average FICO score reaches 700 for first time ever

Continue rising after hitting Great Recession low

Americans are seeing higher credit scores than ever as the average national FICO score reached an all-time high, hitting 700 for the first time ever.

Average credit scores bottomed out at 686 during the housing crisis after a sharp increase in foreclosures, FICO vice president for scores and analytics Ethan Dornhelm explained, according to an article by Jessica Dickler for CNBC. FICO scores range from 300 to 850.

From the article:

A score of 700 is considered "very good credit," Dornhelm said. "Consumers will likely qualify for the credit they want at favorable terms."

On the other hand, credit card balances and delinquencies are also steadily creeping higher.

A new report from the Urban Institute showed the average FICO score for originations dropped in April as lenders eased lending standards for refinances. For purchases, however, the standards remained tight.

But while credit standards remain tight for now, a new Fannie Mae survey shows the majority of lenders expect to loosen credit within the next few months.

And even as credit loosens, two major changes could make getting a mortgage easier for millions of Americans and continue boosting FICO scores.

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