FHA collects demographics

Today, the Federal Housing Administration (FHA) is informing mortgagees of planned changes in the FHA Connection (FHAC) system to capture expanded borrower demographic information that mortgagees must begin collecting on January 1, 2018, in accordance with the new Home Mortgage Disclosure Act (HMDA) Final Rule. This information is available to be collected on the Demographic … Continue reading FHA collects demographics

Credit Card Debt Is Rising, and Housing Costs Aren’t Helping by David Wharton

American credit card debt continued to creep higher in 2017, with the average American household now owing a balance of $15,654, according to a new analysis by NerdWallet. For a bit of context, NerdWallet’s study also found that the average American household holding any debt at all owed a total of $131,431—including mortgages. Furthermore, Americans … Continue reading Credit Card Debt Is Rising, and Housing Costs Aren’t Helping by David Wharton

Can scoring trended data help lenders expand credit access? And what’s keeping 50 million credit invisible in the U.S. by Joanne Gaskin

Americans who don’t have a FICO score present both an opportunity and a challenge for lenders. Lenders are keen to extend credit to consumers in new market segments, but need to ensure they’re making risk-aware decisions. Some lenders are asking can scoring trended data, or more accurately trended credit bureau data, as some credit score … Continue reading Can scoring trended data help lenders expand credit access? And what’s keeping 50 million credit invisible in the U.S. by Joanne Gaskin