Just how important is it to know about credit scores? You may think you dont need to know your score if you are not applying for a mortgage or a car loan, but you may be wrong. Low scores can cost you money, so it pays to know your score.
Credit bureaus, such as Experian, and nonprofit associations, such as the Consumer Federation of America, study the state of credit. Based on a recent survey, the CFA reports that consumers greatly underestimate the cost of low credit scores.
Here is an example of how a low score can affect a car loan, which I will put to you in the form of one of the CFA survey questions:
On a $20,000, 60-month auto loan, about how much more would a borrower...
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New specifications for Fannie Mae and Freddie Macs common mortgage application unveiled Tuesday add data points and remove obsolete questions, as well as include additional capabilities to promote digital mortgage workflows.
The completely redesigned Uniform Residential Loan Application commonly referred to as the Fannie Mae Form 1003 or Freddie Mac Form 65 wont be effective until Jan. 1, 2018, the same implementation date for collecting expanded demographic information under the Home Mortgage Disclosure Act.
In addition to collecting the expanded HMDA data, the new application requests information like the borrowers email address and cell phone number details that lenders...
Whats up with mortgage rates? Jeff Lazerson of Mortgage Grader in Laguna Niguel gives us his take.
RATE NEWS SUMMARY
From Freddie Macs weekly survey: This week the 30-year fixed averaged 3.43 percent, 2 basis points better than last weeks 3.43 percent. The 15-year fixed averaged 2.74 percent, also two basis points better than last weeks 2.76 percent.
The Mortgage Bankers Association reports a 4 percent decrease in loan application volume from the previous week.
BOTTOM LINE: Assuming a borrower gets the average 30-year conforming fixed rate on a $417,000 loan, last years rate of 3.93 percent and payment of $1,974 is $118 more than this weeks payment of $1,856.
It has become increasingly commonplace for South African employers to consider the credit record of a job applicant as part of the recruitment process. Doing so precludes any applicant with a bad credit record from the possibility of employment unless he could settle or renegotiate his outstanding debts; a challenging task for a person who might not currently be employed, whether due to retrenchment or otherwise.
Business would argue that this is a reasonable measure as someone who has a poor credit record is more likely to steal, or commit fraud; but is it really?
Interestingly, no South African study has found any evidence linking credit behaviour to workplace fraud, corruption,...
2. Lenders Have Their Own Credit Scores: Even if you identify the exact type of credit score used by a given lender, down to the credit report, youre still going to be missing one thing: the secret sauce. You see, most major lenders wind up using proprietary credit-scoring formulas, which are derived from one or more publicly available scores but modified with in-house analytics, to evaluate the creditworthiness of applicants. That means no over-the-counter credit score can exactly replicate what lenders use
Wells Fargo Home Mortgage names Kristy Cowell home mortgage consultant
Kristy Cowell recently joined Wells Fargo Home Mortgage, a division of Wells Fargo Bank in its Great Falls office.
Cowell has more than 14 years of financial and industry experience. Prior to joining Wells Fargo Home Mortgage, she served as a mortgage originator with First Interstate Bank
“We are excited to have someone of Kristy’s background join our organization,” said Ken Krantz, branch manager of the Great Falls office. “Kristy has extensive knowledge of the mortgage financing industry and the Montana real estate market. I’m sure she will have an immediate impact on our ability...
The number one residential mortgage lender in the state of Indiana, Ruoff Home Mortgage, has earned a position on the 2016 Inc. 500|5000 list of fastest growing companies in America for the fourth consecutive year.
According to Inc. magazine, there are 18,204,600 businesses in the United States and Ruoff Home Mortgage ranked No. 1712 out of the top 5000 companies, increasing their foothold on the list from No. 2022 in 2015.