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FHFA to write credit score rule rather than pick alternative score for GSEs

07.24.2018

The Federal Housing Finance Agency is suspending its ongoing review of new credit scoring models and will instead move forward with creating a regulatory framework for providers of alternative credit scores to apply and be evaluated for use by Fannie Mae and Freddie Mac.

Credit Scores vs. Lending Rates

07.18.2018

Borrowers with the best credit saw their average annual percentage rate (APR) barely drop from May to June. The upper 95thpercentile saw an average of 4.34 percent APR on conforming 30-year fixed purchase loans last month, which was down from 4.36 percent in May, according to the June Mortgage Offers Report from LendingTree.

Millennials vs. Credit Scores

07.12.2018

Credit scores of millennial homebuyers are varying significantly across the U.S., according to the latest Ellie Mae Millennial Tracker released on Wednesday. The tracker found that the credit score of young American borrowers on closed loan varied greatly from city-to-city in May, ranging from 662 in Madisonville, Kentucky to 757 in San Francisco, California.

Fannie Mae: Both renters and homebuyers feel pessimistic about affordable housing availability

07.03.2018

Renters and owners are more likely to be concerned about housing affordability when they have to find a new place to live compared to the affordability of where they already live, according to a report from Fannie Mae.

Mortgage application activity down due to mixed economic news

06.28.2018

Mortgage applications fell by nearly 5% last week as concerns over foreign trade and tariffs outweighed other positive economic news, according to the Mortgage Bankers Association.

Mortgage Lenders Become Frugal as Competition Heats Up

06.22.2018

As the market gets more competitive, mortgage lenders are looking for ways and means to cut costs. According to the latest Mortgage Lenders Sentiment Survey published recently by Fannie Mae, cost-cutting jumped from the second least important priority in 2017 to the third most important one for lenders, coming in after consumer-facing technology, and business process streamlining.

Mortgage Rate Movement Impacts Apps

06.14.2018

Mortgage rates that went up last week and changing market conditions impacted mortgage loan applications that trended downward during the week, decreasing 1.5 percent from the week earlier, according to the Weekly Mortgage Applications Survey released by the MBA.

FHFA Credit Scoring and Competition

06.05.2018

Homeownership—one of the core components of the American dream—is in trouble. Akin to speeding towards a cliff without brakes, America is facing some of the lowest rates of homeownership in 50 years. Meanwhile, the federal government continues to maintain the status quo regarding the credit scoring models that are permitted to usher consumers to the “doorstep” of underwriting approval. The homeowner demographics are changing significantly, but the credit scoring models have not, resulting in the disenfranchisement of potentially millions of Americans.

Most lenders rely on alternative credit score data to assess risk

05.29.2018

As mortgage lenders continue seeking ways get more trustworthy consumers into the housing market, a majority of them are utilizing alternative credit as a means of assessing borrower risk.

It's the law: Trump signs off on reg relief bill

05.24.2018

WASHINGTON — The most significant regulatory relief legislation since the crisis made it to the finish line Thursday as President Trump signed targeted reforms of the Dodd-Frank Act into law.

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