Articles Tagged with ''Credit score''

Equifax Launches Credit Risk Evaluation Tool

Equifax Inc. [stock EFX][/stock] said Monday that it has launched a tool that targets forward-looking valuations of mortgage-backed and related securities. Called Mortgage Market Risk Insight, or MRI, Equifax touted it as the first such tool on the market that can help investors assess credit risk tied to underlying collateral.
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Fannie Tightens Its Belt, Again

Fannie Mae on Wednesday said it was making changes to its automated underwriting system, Desktop Underwriter -- the new changes, effective May 31, represent the latest round of tightening on the mortgage origination side. Clearly, Fannie is attempting to keep the riskier stuff off of its books. Related links:
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Viewpoint: FICO - The Late, Great Credit Score?

Is FICO still relevant to the mortgage industry? I can see it now: no matter how this question gets answered, it’s certain to elicit some response, which in fact, is the reason for the article. As an industry that migrated with some reservation but eventually went "all-in" with the belief that FICO was a true indicator of performance, it’s a question that deserves discussion, particularly given the issues we’re facing.
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Commentary: Not Your Garden Variety Foreclosures

RealtyTrac announced today that foreclosures are up markedly. While the number of foreclosure filings, which includes default notices, auction sales notices, and bank repossessions, rose 8% in January compared to the previous month, the new figures represent a 57% increase compared to a year ago. While the number of subprime mortgages, especially those that were written in 2006 when rational lending guidelines took a hiatus, is a major factor contributing to this increase, another trend that’s emerging is painting a disturbing picture.
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Occupancy Fraud Seen as Growing Problem

Via the Wall Street Journal Wednesday comes a look at just how prevalent occupancy fraud really is -- something that lenders and servicers across the nation are just now starting to come to terms with. From the story:
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Fair Isaac Touts Rental, Bill Payment Information in FICO Program for Mortgage Lenders

Fair Issac Corporation -- purveyor of the ubiquitous FICO score used to score most mortgage credit applications -- said this morning that it has partnered with Payment Reporting Builds Credit (PRBC) to provide rental payment and bill payment histories as part of its FICO Expansion Score suite. Fair Issac characterized the new score as a tool "U.S.
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