CoreLogic announced today that it has fully integrated its 4506-T income verification product with Fannie Mae’s Desktop Underwriter® (DU®) platform to provide income calculation and asset verification while lowering the risk of potential borrower fraud through altered bank statements. (more…)
A new report by the American Banker’s Association (ABA) shows that consumer delinquencies in closed-end loans were on the rise in the first quarter 2017. The ABA said the increase was mainly caused by more consumers becoming late on their auto loans and the fact that delinquencies rose in 7 of the 11 individual consumer loan categories.
Delinquencies are measured by any loan that where the borrower is 30 days or more late on payments. (more…)
The Consumer Financial Protection Bureau (CFPB) announced today that one of the largest of the major credit bureaus, Experian was fined $3 million for deceiving customers about the use of credit scores it sold to consumers. (more…)
Anyone who is looking for a loan to buy a home or refinance their mortgage, should keep a very close eye on their credit. Your credit report and credit score are two very important factors used by mortgage lenders to ascertain whether you can qualify for a mortgage or not.
If you have a great credit profile, you will get a great mortgage with a good interest rate and terms that can save you thousands of dollars. On the flip side, OK or bad credit with a lower credit score will most likely result in a less favorable loan that may also cost you thousands of dollars in the long run, or you may even be turned down for a mortgage altogether. Hence, your credit should never be taken lightly.
Here are 5 things you should do with your credit before you apply for a mortgage; (more…)
The serious mortgage delinquency rate declined, credit card popularity is on the rise and both personal and auto loans are at all time highs in the second quarter of 2016, according to a new survey by TransUnion. (more…)
Credit card use and consumer spending is increasing, according to the American Bankers Association’s (ABA) latest Credit Card Market Monitor report.
The ABA said the volume of monthly credit card purchases from January through March went up 10.1% for subprime accounts, 8.9% for prime accounts, and 9.9% for super-prime accounts compared to the same time last year. (more…)
The items listed on your credit report are extremely important to your credit rating. This information can very well determine whether or not you will be eligible for a line of credit, mortgage, car loan, credit card, etc.
Disputing inaccuracies and correcting any errors will raise credit score. For example, one late loan payment correction can increase your credit score by as much as 40 points. So you will want to make sure everything on this report remains as accurate as possible.
Borrowers who apply for a new home loan are on average two to three times more likely to obtain new credit such as an car loan or credit card account over the next 12 months, and many of these same borrowers will open these line of credit as early as one month after getting a new mortgage, according to a new study by TransUnion. (more…)
A foreclosure, short sale and/or bankruptcy will remain on your credit report for seven years, and most lenders will not offer you a mortgage for approximately one to three years. A good way to rebuild your credit is to have a few open credit accounts that are in good standing such as a vehicle loan and a couple credit cards with low balances that you pay on time every month, which should help you get your scores backup overtime.
Please keep in mind that you do not want to have too many open credit accounts or to max out your credit because this may hurt your scores in the long run. Items on your credit report such as “maxed-out” credit cards can take a heavy toll on your credit score. In fact, your total outstanding debt compared to credit, or credit utilization, accounts for approximately 1/3 of your credit rating. (more…)
Most mortgage lenders today require that you have an established credit history in order to obtain a mortgage. One of the first things a lender will do when you apply for a home loan, is check your credit in order to see if you have established credit, and also what your current credit scores are to determine your creditworthiness.
However, some of you may have no credit because you have not taken out any loans, credit cards, or you may have chosen to live a “cash only” lifestyle. Please understand that this does not automatically prohibit you from getting a mortgage. (more…)
Improving your credit score is crucial when it comes to obtaining financing such as a new loan or credit card, especially when you credit is poor. To help get your credit rating back on track you need to go straight back to the source, which is your credit report. Your credit report is what contains all of your financial information and data on which your credit is based off of. If you change the data on the credit report, your credit score will change. This can potentially make your financial life much better. For this reason, checking your credit report a couple of times a year is essentially vital. (more…)