A new battle is brewing between bank and non-bank mortgage lenders over the use of credit score models. The battle over FICO versus VantageScore has begun. Which is the better scoring system to use for qualifying mortgage applicants and which is the best indicator of potential default. For a while now, the Federal Housing Finance Agency (FHFA), the agency that…
You may not like the answer. In the category: “Things you should know, but would rather not,” comes some info on the status of housing. According to a recent ATTOM Data Solution’s Rental Affordability Report, buying a median-priced home is more affordable than renting a comparable property in about 54% of the counties reviewed. Sounds good for mortgage lenders, eh?…
A couple of banks in North Carolina are trying some new tactics to attract more customers, especially Millennials. Millennials have drawn much attention as they now represent the single largest group of consumers. Companies of all sorts, including banks and mortgage lenders, are now vying for their attention and their business. New Dominion Bank of Charlottesville has gone through a…
They say (whoever ‘they’ are) that if you stick around long enough, you’ll things come back around. Like clothing styles. You look at men’s suits today and they look a lot like the ones the Beatles wore back in the 60’s. Women appear to once again be wearing Capri pants. Ties are thinner and skirts are shorter. Slight variations. But,…
Minnesota is flying high, just like their receiver Stefon Diggs, after their miracle finish to win the NFC Divisional game on Sunday. What a finish! But that ain’t all. Experian’s annual State of Credit report reveals that Minneapolis posted the highest average credit score for 2017 at 709. Minnesota must be doing something right. Besides the miracle finish, two other…
Every once in a while, we should step back and take a look at the big picture. Take a little break from loan production goals, operational issues, training, staff management, and regulatory affairs. Take a breath and keep in mind what’s really important. Today is one of those days. A day to remember and honor Dr. Martin Luther King Jr. and all…
