With business getting a little harder to come by, and more Millennials entering the housing market, credit scores are on the decline. A recent Ellie Mae Millennial Tracker Report revealed that borrower credit scores across all loan types declined in 2017. The report revealed that borrower credit scores for loans made in 2017 were 723. This is slightly down from…
With rates rising, refinances declining, and fewer homes on the market for sale, it is no surprise that mortgage lending is tight. Although the outlook for the 2018 purchase mortgage market seems good, overall business will be off from prior years with the same lenders all vying for their piece of a smaller pie. To compensate, lenders are loosening their…
The CFPB recently issued what it calls their new ‘no-action letter’ to Upstart Network, a San Carlos, CA company that makes personal loans to consumers. The reason; Upstart will use and evaluate certain alternative credit and other consumer data when making credit decisions on their applicants. The CFPB’s apparent intent, through these no-action letters, is to encourage lenders to develop…
The government, the agencies, consumer groups, and trade organizations are all looking for more ways to increase homeownership. The homeownership rate has hit a wall and seems to be stagnant at its lowest levels in the past 50 years. In part, this is due to fewer homes now on the market for sale, with even fewer in the ‘affordable’ category;…
Fannie Mae announced that they are expanding their DU credit box to accept/approve mortgage loans up to 50% total DTI (Debt to Income) ratio, as of July 29th. Some see this as a good thing. This means that Fannie will approve loans where the borrowers total recurring monthly debt payments, including the new mortgage payment, equal to 50% of their…
In case you missed it, or just plain forgot, effective July 1st the 3 credit repositories, Equifax, Experian and Trans Union, will discontinue reporting most tax liens and civil judgments, as well as, any unpaid medical bills of 6 months or less, on consumer credit reports. This is the result of an agreement they made with 31 state Attorneys General.…
