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Lenders: Don't Shrug Off Borrowers With Low Credit Scores
That was the message from FICO to the mortgage industry in this article from RealtorMag dated 05/13/2014...
Executives at FICO, the creator of a credit score widely used in the mortgage industry, say that the high credit score “cutoffs” that mortgage lenders imposed following the housing crisis are stricter than necessary, and executives urge lenders to consider lowering minimum score requirements.
FICO credit scores that were once acceptable risks in the early 2000s — the 640 to 680 range — for mortgage applicants are rarer these days. In more cases, borrowers with FICO scores of 700 are struggling to get approved. (FICO scores run from 300 to 850.)
But the risk of default on more recent borrowers is much lower than at the onset of the recession, says Joanne Gaskins, senior director of scores and analytics for FICO. The company’s analysis shows that more borrowers are paying on time.
For example, in a FICO-run analysis of a FICO score level of 700 in 2005, about 36 borrowers paid their loans on time for every one who went into serious default. In 2011, about 91 borrowers paid their loans on time for every one defaulting mortgage borrower, marking a big decrease in ... more

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