An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

Short sales and foreclosures equally degrade FICO scores

Distressed homeowners looking to preserve their credit are unlikely to gain a FICO-score advantage by launching short sales in lieu of foreclosure, according to a recent post on the credit score database’s Banking Analytics Blog. FICO made this conclusion after studying mortgage delinquency data from the nation’s three major credit bureaus. FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below). At one credit bureau, homeowners that entered short-sales found themselves with FICO scores in the 575-to-595 range — the same range reported for parties with foreclosures on their records. At the remaining two credit bureaus, parties in short-sale and foreclosure faced similar outcomes, with their FICO scores landing in either the 570-to-590 range or the 620-to-640 range, depending on the credit bureau. Homeowners that offloaded properties through short sale and foreclosure also faced the same three-to-seven year credit restoration period, FICO said. Write to Kerri Panchuk.

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

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Mortgage execs better prepare for redlining enforcement

Since Rohit Chopra was confirmed as the new director of the CFPB in September, there’s been one particular word on the lips of mortgage executives. And it gives them chills: redlining. HW+ Premium Content

Oct 20, 2021 By
3d rendering of a row of luxury townhouses along a street

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