Listing the person with the higher credit score as the primary borrower," counsels Keith Gumbinger of HSH.com, a mortgage-information Web site, "may knock as much as two percentage points off the interest rate...
McLean, VA – Freddie Mac today announced it is releasing a list of the factors used by Loan Prospector®, Freddie Mac’s state-of-the-art automated underwriting service, to analyze mortgages for sale to Freddie Mac, and is calling for mortgage applicants to receive the credit scores used in the loan....
Fannie Mae is modifying the way in which its automated underwriting system, Desktop Underwriter®, analyzes credit risk by substituting the use of credit characteristics from credit reports for FICO scores. ....
The scores best known by the general public are commonly referred to as FICO™ (created by Fair Isaac), although there are really multiple versions of FICO™ each yielding a different number for the same person. Other scores have been created by credit reporting agencies, other credit modeling companies and even lenders...
Mon, 21 Feb 2005 MortgageNewsDaily If you have applied for a loan lately, you have probably heard about your credit score. You certainly heard about it if your loan request was denied - “Hey Mr. Jones, do you really expect me to finance a Humvee for someone with a credit score of 490?” You probably heard about it if your score was ...
Tue, 22 Feb 2005 MortgageNewsDaily It is one thing to know what credit scoring is, and yet another to know what it can do for you. Or, maybe, do to you. According to FairIsaac Corporation (FICO), the company that leads in the provision of credit scoring software, credit scoring offers consumers many advantages. Remember, these are their words, not ours ...
"One single derogatory item won't nail you to the wall unless it happened yesterday," she (Ginny Ferguson, Chair of NAMB Credit Scoring Committee) said. Ferguson said it is an absolute mistake for borrowers to pay off judgements and liens that are more than two years old because "old events" automatically become brand new items on the credit report. "Past dues will submarine you. They are right-now, in-your-face killers, so pay them off right away," she said. "But do not pay off a five-year old event. If the lender requires that a judgement be paid off, pay it off at closing, not before." She also warned against closing out old unused ...
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Brokers and loan officers need to be acutely aware of their borrowers' FICO scores and how to fine-tune them at the correct time in the application process. They also need to know when not to try to change them. ...
There she gives the 10 most frequent red flags that will nick your score: Serious delinquency. Serious delinquency plus public record or collection filed. Derogatory public record or collection filed. Time since delinquency is too recent or unknown. Level of delinquency on accounts. Number of accounts with delinquency. Amount owed on accounts. Proportion of balances to credit limits on revolving accounts is too high. Length of time accounts have been established. Too many accounts with balances.
