Tag Archives: Credit Scores

A good credit score is necessary for many of life's necessities, especially for obtaining a mortgage loan. So where can lenders find borrowers with the best and worst credit scores in the U.S.?

The H.R. 4211 bill, or the “Credit Score Competition Act of 2015,” would allow Fannie Mae and Freddie Mac to consider alternative credit-scoring models instead of just the FICO model, which would provide homebuying options for many consumers whose credit does not meet the current standards.

Millennials face a variety of challenges, which may impact the future of the housing market. Editor's note: This select print feature appears in the December 2015 edition of MReport magazine, available now.

Lenders across the U.S. appear to be offering borrowers a second chance at obtaining a mortgage by originating more subprime mortgages for borrowers with credit scores under 620.

The scrutiny borrowers face when seeking jumbo loans might be as tough as ever, but qualifying one is at least getting easier.

Credit scores have become an increasingly important rating factor when it comes to how much a consumer pays for homeowner's insurance. According to a new insuranceQuotes.com study, homeowners with low credit scores pay twice as much for homeowner's insurance compared to those with excellent credit.

According to a recent survey from Experian Consumer Services, 95 percent of homebuyers are aware that credit scores play a significant role when purchasing a home, and those who know their credit scores feel more prepared to buy. In addition, 45 percent of future homebuyers say they put off buying a home in order to work on their credit so that they can qualify for better interest rates.

FICO has announced it is expanding its Score Open Access program, which offers complimentary credit score access to consumers with credit management problems. Now, the program will also provide credit and financial counseling to approximately one million Americans.

In a study of borrower profiles and lender behaviors, Zillow found that self-employed loan applicants receive only six loan quotes for every 10 received by non-self-employed borrowers. That's even worse than in June 2011, when the ratio was seven for every 10.

Mortgage loans are aging, particularly loans to borrowers with lower credit scores, according to the latest data from Jacksonville, Florida-based Black Knight Financial Services. In fact, the average loan age is currently at an all-time high of 54 months, according to the firm. The average mortgage loan age has been on the rise for about nine years, although the uptick in loan originations last year brought on a "temporary slowdown," according to Black Knight.