Fair Isaac’s Mortgage Direct License Program is aimed at eliminating mark-ups charged by credit reporting agencies Equifax, Experian and TransUnion — backers of competing VantageScore. Continue reading
The tri-merge system is “an anachronism from the days when there were significant disparities in coverage by the credit bureaus,” MBA says in advocating new approach. Continue reading
Agents need to talk with buyer clients about credit and financing early in the process, Lindsey Harn writes, to avoid disappointment later. Continue reading
Once selling guides are updated, lenders will have the option of using either VantageScore 4.0 or the Classic FICO scoring model, but FICO Score 10 T remains in limbo, FHFA says. Continue reading
FHFA Director Bill Pulte is reportedly “on thin ice” with several Trump administration officials over lack of communication on new Fannie and Freddie credit score policy. Continue reading
While questions remain about the new policy, FHFA Director Bill Pulte says lenders must still use “tri-merge” process to obtain scores from all three major credit bureaus. Continue reading
Plan to require lenders working with Fannie and Freddie to use FICO Score 10 T and VantageScore 4.0 models by Q4 2025 has been dropped, with new implementation date “TBD.” Continue reading
Lenders won’t be required to use the more inclusive FICO Score 10T and VantageScore 4.0 scoring models before next year, but several are already using them to expand the pool of borrowers. Continue reading
Trainer Bernice Ross talks to popular TikTok credit expert Alisa Glutz to find out how you and your clients can optimize the potential of a credit profile for lower interest rates and better scores. Continue reading
Regulators order mortgage giants to eliminate upfront fees on many purchase loans in order to help first-time homebuyers of limited means, the Federal Housing Finance Agency announced Monday. Continue reading