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Are mortgage lending standards easing?

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Mortgage and Lending with LoanOfficerSchool.com NMLS 291249
MORTGAGE INTEREST RATE LOCK ADVISORY
February 18, 2014  8:30 AM PST 

  

LOCK ADVISORY

7 Day Mortgage Interest Rate lock or Float Advice: FLOAT With Caution

The cost for a 3.50% rate based on Mortgage Backed Securities is up 0.21 point

30 Day Mortgage Interest Rate Lock or Float Advice:  LOCK 

 

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REAL ESTATE & MORTGAGE NEWS

Are mortgage lending standards easing? 

by Ryan Smith - Could mortgage lending standards finally be starting to ease? Wells Fargo seems to think so. The big bank has announced that it will lower its minimum credit score for certain government-backed mortgages.


Wells Fargo will begin origination Federal Housing Administration-backed purchase loans for borrowers with credit scores as low as 600, the Journal reported. The bank previously had a limit of 640 through its retail channel. Borrowers with credit scores below 620 are usually considered subprime.  >>
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