Items Tagged with 'FICO'


  • Can scoring trended data help lenders expand credit access?

    And what’s keeping 50 million credit invisible in the U.S.
    [Expert Commentary] Americans who don’t have a FICO Score present both an opportunity and a challenge for lenders. Some lenders are asking can scoring trended data, or more accurately trended credit bureau data, as some credit score companies claim, actually help expand credit access to these consumers? The short answer is no and here’s why.
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  • From HW Magazine

    Harnessing the power of alternative data

    When Facebook meets FICO
    The secret sauce of underwriting varies from lender to lender and is often a closely guarded secret. Increasingly important is the use of “alternative data” – a variety of information about a prospective borrower that, while not directly related to credit, has proven to hold great predictive value. Using alternative data means a lot of data to sort through and find patterns. Accordingly, the latest advances in artificial intelligence and machine learning are put to work by lenders and data providers to get the most out of this data.
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  • Low credit score? In some markets you'll qualify for a mortgage, but not for a lease

    Hottest renting markets require credit scores over 700
    An analysis into some the most competitive markets in the U.S. shows buying a home is not only financially better than renting, but it could also be easier to qualify for. A new study from RENTCafé shows many of the nation’s hottest renting markets expect tenants to hold FICO scores of at least 700.
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  • Watt: Shift away from FICO is among “most complicated” decisions for FHFA

    FHFA considering alternative credit scoring but it’s going to take time
    Just as he did back in August in a speech before the National Association of Real Estate Brokers’ 70th annual convention in New Orleans, Federal Housing Finance Agency Director Mel Watt told the crowd at the Mortgage Bankers Association Annual meeting in Denver not to hold their breath waiting for Fannie Mae and Freddie Mac to begin using alternative credit scoring models.
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  • Equifax, Wells Fargo fiascos prove housing needs immediate reform

    Dear Congress, the time is now
    [Commentary] Dear Congress: The Equifax debacle is your signal to fast track housing reform. This is the opportunity you’ve been waiting for; never has there been more of a need to rework Fannie Mae and Freddie Mac, and no one wants this more than the great people who work there. Besides, the exposure of millions of hardworking Americans' credit score provides so much political willpower that you’re unlikely to get a shot like this again.
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  • Huge housing trade groups push FHFA for FICO alternatives

    Calls grow for Fannie and Freddie to use alternative credit scoring models
    A coalition of the housing industry’s largest trade groups want Fannie Mae and Freddie Mac to look beyond FICO and begin using alternative credit scoring models. In a letter sent last week to Federal Housing Finance Agency Director Mel Watt, the groups express their disappointment in Watt, who recently threw cold water on the idea that Fannie and Freddie would begin using alternative credit scoring models at any point in the next two years.
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  • Purchase mortgage market slows with slight boost in refis

    Ellie Mae report shows closing rates increased in July
    The purchase market slowed slightly in July, and while the purchase market continues to take over, refinances saw an uptick. The latest origination insights report shows the percentage of adjustable rate mortgages decreased in July, but remain up from last year.
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