It appears that there will be a new credit scoring model. The new model is being dubbed “FICO 08.” Supposedly, this model is designed to help more qualified borrowers get the loans they deserve and filter more borrowers from potential default. Mostly, it’s geared towards punishing repeat default borrowers more. Borrowers who have an [...]
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Diane Tuman from Zillow.com recently blogged the recent slow down in Loan Modifications. Much of this information came from a recent article posted in The New Yorker in an article called “Not Home Yet”. One very interestin statistic used was 30% of all homeoners requesting a loan modification eventually bring their payments back to current. [...] In the coming weeks, I’ll find more details on what criteria HUD (Departmeng of Housing and Urban Development) is looking for. The announcement came at the end of last month. Here is a link to HUD’s announcment. HUD regulates and writes the rules and regulations for FHA loans. Yesterday I posted part 1 of a 3 part series that helps explain adjustable rate loans to consumers on Zillow’s Mortgages Unzipped blog. Here’s an excerpt: Here are some basic questions you should ask yourself before looking for an ARM: 1.) Do I know how long I will keep this loan or property? 2.) Will I be [...] |
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