Articles Tagged with ''credit box''

Will new FICO model be key to increasing homeownership?

FICO executives share vision, capabilities of UltraFICO
FICO announced its new credit score model earlier this week, but will it revolutionize the lending industry, or fall through the cracks? While time may be the only true way to tell the answer to that question, HousingWire spoke to FICO executives in order to determine the vision and capabilities of the new model, UltraFICO.
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First-time homebuyers key to opening access to credit

And why setting a homeownership rate goal doesn’t make sense
Access to credit remains tight not only compared to the housing boom years but also compared to historical levels. At the Mortgage Bankers Association Secondary conference in New York City, panelists at the Access to Credit session discussed how to safely open the credit box, and what some of the current hindrances are.
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[Charts] Lenders tighten credit availability in second quarter

Comes down off first-quarter peak
Mortgage risk decreased during the second quarter this year, yet data from the Housing Finance Policy Center shows even if the default risk was doubled across all mortgage lending channels, it would still remain within the pre-crisis standard. The drop was due mainly toward a shift away from government channel loans, which are much looser than other lending channels.
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Two major changes make getting a mortgage easier

Millions will suddenly qualify for home loan this month
Two changes coming this month will allow millions of buyers to enter the mortgage market as FICO scores improve. About 6% of Americans will see an improvement to their FICO scores due to the first change, and the second will allow borrowers to take on more debt in addition to their mortgage.
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Consensus from MBA Secondary: The time for GSE reform is now

FHFA acting deputy director gives an update on the secondary market
At the Mortgage Bankers Association’s Secondary conference in New York City, the FHFA gave an update on the secondary market in one of the first sessions of the day. FHFA’s acting deputy director gave the latest info on the credit box and touched on one of this year’s hottest topics – GSE reform.
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