Items Tagged with 'credit access'

ARTICLES

  • New FICO model could boost credit scores for millions

    New model taps into consumer banking data
    Experian, FICO and Finicity announced a new credit scoring model that could expand credit access for millions of Americans. The new model, UltraFICO, would look at more than just information reported to the three credit-reporting firms. It would go deeper still and look at the consumer’s banking data, including their checking and savings accounts.
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  • Lenders slowly easing credit standards, hits highest level since 2013

    Credit availability still historically low
    Lenders are slowly easing their credit standards as credit risk hit its highest level since 2013, according to the latest Housing Credit Availability Index from the Urban Institute. The increase in the fourth quarter was driven primarily by credit expansions within both government-sponsored enterprises and government channels thanks to higher interest rates and lower refinance volumes.
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  • Mortgage lenders begin to ease credit standards on GSE eligible loans

    Struggle with increasing competition
    A new survey shows that more lenders report they eased credit standards rather than tightened them, and many expect this trend to continue in the next quarter, especially for GSE eligible loans. Lenders’ comments suggest that competitive pressure and more favorable guidelines for GSE loans are reasons for this credit easing.
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  • Fannie Mae DTI increase could add 95,000 borrowers each year

    Disproportionate share to go to Latino and black families
    Earlier this year, Fannie Mae announced it was raising its debt-to-income ratio from 45% to 50%, but how many consumers will see these effects? A new study from the Urban Institute explains this ease in credit standards could allow for just under 100,000 new originations each year.
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  • Urban Institute: Where have all the borrowers gone?

    A new report on the shrinking borrower pool
    A recent report from the Mortgage Bankers Association showed that mortgage credit availability is increasing, meaning it’s getting easier to get a mortgage and has been since 2011. Or so it would seem. A new report from the Urban Institute suggests that it’s actually more difficult to get a mortgage now than it was before the crisis.
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  • Expanding mortgage credit availability isn't hard, if you do it right

    Carrington Mortgage Holdings' Dan Magder on how to open the credit box
    At meeting after meeting with mortgage industry executives, government officials ask all of us to expand mortgage availability to underserved borrowers. But those officials caution industry leaders in the very next breath, don’t loosen underwriting standards and return to the go-go days of the credit crisis. Hearing these seemingly contradictory requests, the lending community is left scratching its collective head. But there are ways to bridge the divide.
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  • Fannie Mae: Almost no lenders plan to ease credit standards

    Lender survey results suggest constrained credit box will continue
    A recent report from the Mortgage Bankers Association showed that mortgage credit availability is on the decline, with the Mortgage Credit Availability Index for May showing a decrease for the third straight month. And a new report from Fannie Mae suggests there's no light at the end of the tunnel for those who hope to see credit standards relaxed any time soon.
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  • FHA continues push for expanded credit access

    Supplemental Performance Metric will give insight about lenders
    Furthering a program that was initially announced in May of last year, the Federal Housing Administration announced the implementation of one of the key facets of its “Blueprint for Access,” which is designed to expand credit access to underserved borrowers. Click through for all the details.
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