Fannie Mae announced operational changes that will pave the way for lenders to opt for use of advanced credit scoring models later this year. This shift potentially allows them to reach and approve an expanded group of borrowers through the use of trended repayment data. The government-sponsored enterprise is preparing its web-based PoolTalk technology and […]
Fannie Mae updating disclosures to pave way for VantageScore Read More »
Adobe Stock Mortgages no longer sit atop the payment hierarchy, as distressed consumers are 19% more likely to pay their auto loans first, according to FICO’s inaugural Score Credit Insights report released Tuesday. Mortgages had previously held the top spot from 2020-22. For consumers with open auto loans and mortgages, the 90-plus-day delinquency rate from
Auto loans pass mortgages on payment hierarchy Read More »
Tenant interest in rent reporting has grown since the Federal Housing Finance Agency reaffirmed plans to include those payments in mortgage credit decisions. Instances of self-reported rent are up so far in 2025, at 13% compared to 11% in 2024, according to credit bureau TransUnion. That could help increase the use of a credit score
Tenant self-reporting grows as GSEs add rent-based score Read More »
Credit bureau TransUnion disclosed Wednesday that a July cyberattack compromised the personal data of more than 4.4 million consumers, according to a filing with the Office of the Maine Attorney General. In a letter to affected customers, the company stressed that the breach did not involve its core systems or credit files. Instead, hackers gained
TransUnion discloses cyberattack impacting 4.4M consumers Read More »
The Mortgage Bankers Association announced Wednesday that its Residential Board of Governors has passed a resolution calling for two influential government-sponsored enterprises to end their requirements for tri-merged credit reports. The move follows FHFA’s decision to allow score competition without changing tri-merge rules, and MBA’s earlier plan to explore the viability of using a single
MBA urges GSEs to end costly tri-merge credit reports Read More »
Americans are increasingly worried about financial fraud, a new survey finds – even if many of them are willing to bend the rules themselves. In a new report from FICO, 32% of Americans ranked fraud protection as their most important consideration when choosing a financial account, with 71% putting it in their top three issues.
Consumers fearful of fraud, but willing to exaggerate income Read More »
The rise in home equity lending should continue through the end of next year as conditions feeding current growth in the product will drive the market, a new study from the Mortgage Bankers Association has found. In 2024, the total combined HELOC and outstanding home equity loan debt grew 10.3%, according to the MBA’s 2025
Home equity products set to grow in 2025, 2026, study finds Read More »
Black Americans have long faced an uphill struggle to homeownership, and new data suggests that those problems aren’t going away anytime soon. Black homebuyers are 1.7 times more likely to be denied a mortgage than other races, according to the latest report from Lendingtree. In 2024, 19% of Black applicants were denied mortgages, significantly higher
Black Americans still struggle to get mortgages, study finds Read More »
A plaintiff in California is claiming that Xactus and Equifax did not conduct a “reasonable” investigation into claims of identity theft, which harmed her credit and violated the Fair Credit Reporting Act. The suit was filed in late May in the Superior Court of San Bernardino County, California, by plaintiff Junnan Guo, who is representing
Lawsuit claims Xactus, Equifax, others violated Fair Credit Reporting Act Read More »
FICO has updated its latest credit score models to include buy now, pay later data, showing how important this pandemic-era tool has become in the overall consumer debt market. The credit score algorithm provider has introduced the capabilities in FICO Score 10 BNPL and FICO Score 10T BNPL. “Our clients tell us that FICO’s initiative
FICO adds BNPL data to credit-scoring models Read More »