debttoincome ratios: Arriving Summer of 2020: The New FICO 10 Scoring Model. Here's What to Expect ... - 03/04/20 11:40 AM
 
 
Arriving Summer of 2020:  The New FICO 10 Scoring Model
Here's What to Expect ...
 
 
Hotter temperatures aren't the only thing that will soon be rolling in.  A hot new FICO Scoring model will also make its entrance at some point during the upcoming summer months ... 
A new credit scoring model isn't that surprising of a development.  Since its inception in 1989, FICO Scoring has evolved and changed many times.  
This new and latest version, called "FICO Score 10 and FICO Score 10 T", is to be released to credit bureaus this coming summer or early fall.  It will feature some broadened elements to the calculation of credit scores.
The latter … (25 comments)

debttoincome ratios: What Matters Most When Seeking a Mortgage Financing Approval? - 01/19/15 12:00 PM
  What Matters Most When Seeking a Mortgage Financing Approval?              With all the changes that have taken place in the Mortgage Industry over the last few years (and those to come soon), I've come to believe that my job as a Mortgage Lender comes equipped with a text book.  This text book has no last chapter. It has no back cover.  It's never-ending ...
     Even with all the changes though, one constant has remained. That constant? 
     INCOME ...  
     A Borrower's income matters immensely.  It might be said that it even trumps credit.
     According to recent statistics … (10 comments)

debttoincome ratios: The ABC's of DTI's (Debt-to-Income Ratios) - 07/21/14 06:55 AM
The ABC's of DTI's  (Debt-to-Income Ratios)  
 
     Definition of Debt-to-Income Ratio:   The figure that represents how much of your income is spent repaying your recurring monthly debts.  The HIGHER your Debt-to-Income Ratio is, the more of your monthly income is being devoted to paying back your debts.   
     Formula Used to Find Your Debt-to-Income Ratio:  Monthly debts owed divided by monthly income.  This includes utilizing ALL Recurring Monthly Debt VS Gross Monthly Income, as determined ultimately by an Underwriter at Final Approval.   
            Those clients I speak to regarding Mortgage Pre-Qualifications and Mortgage Applications … (26 comments)

 
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656)

Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi

708.921.6331 - 40+ yrs experience

New Lenox, IL

More about me…

NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656

Address: Gene Mundt, Mortgage Originator c/o American Portfolio Mortgage Corp., 318 Alana Drive, New Lenox, IL, 60451

Mobile: (708) 921-6331

Office: (815) 524-2280

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