Lenders Want More Credit Information

Fair Isaac Corp., or FICO, the company behind our credit scoring system has announced that beginning next year lenders will be requiring more information than ever before from those applying for loans.  A separate score that will include pay day loans, evictions and over due child support payments will be provided to mortgage lenders through [...]

FHA Planning Stricter Loan Requirements

The Federal Housing Administration is taking the first steps toward stricter loan requirements.  The FHA plans to “hold lenders accountable for their origination quality and compliance with FHA policy”.  These planned changes could put more pressure on an already struggling housing market.  Their plan is designed to limit the risks to the FHA loan portfolio, [...]

Mortage Rates Low, But Fees Up

New rules instituted by Freddie Mac and Fannie Mae are raising fees for borrowers with less than perfect credit ratings.  Borrowers must have a FICO score of 740 or higher in order to avoid the additional fees known as Loan Level Price Adjustments. Event borrowers with perfect credit now have to paying additional points in [...]

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