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 … (3 comments)
mortgage qualification: FICO Scores Drop Again
- 01/21/18 07:40 PM
FICO® Scores on Approved Home Loans Drop Again According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans. FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements. Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684. Joe Tyrell, EVP of Corporate Strategy at Ellie Mae commented … (0 comments)
Celia Chen, an economist for Moody’s Analytics, recently reported on her projections regarding mortgage standards throughout 2013. “The housing recovery began in earnest in 2012, despite constraints placed by a still-tight mortgage lending environment. This year promises improvements as the drivers of tough credit standards reverse. First, consumer credit quality is improving, which will help increase the number of creditworthy borrowers. Second, policymakers, regulators and courts are ironing out the legal and regulatory issues that cast a pall of uncertainty over the mortgage industry. Combined with mortgage interest rates that will remain low, … (2 comments)
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