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Rocket expands on VantageScore 4.0 pilot for agency, VA loans

Credit Score, FHFA, FICO, HWmember, LendingLife, Mortgage, Origination, Rocket Companies, Rocket Mortgage, VantageScore /

Rocket Mortgage and Rocket Pro provided additional details this week on their rollout of VantageScore 4.0 in mortgage lending after officially announcing last week that they have started using VantageScore 4.0 alongside Classic FICO scores. Heather Lovier, chief operating officer of Rocket Companies, told HousingWire that VantageScore 4.0 can currently be used for Fannie Mae, Freddie Mac and […]

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Rocket Mortgage, Rocket Pro adopt VantageScore 4.0

Credit Score, FICO, HWmember, Mortgage, Mortgage Broker, Origination, Rocket Companies, Rocket Mortgage, VantageScore /

Rocket Mortgage and Rocket Pro announced Thursday that they have begun using VantageScore 4.0 alongside Classic FICO scores in the mortgage qualification process, a move the company said is aimed at expanding access to home financing. Rocket’s crosstown rival, United Wholesale Mortgage (UWM) began allowing its brokers to access both FICO and VantageScore credit scoring models for conventional loans

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Lenders wrestle with the nuances of modern credit score pricing

Credit Score, FICO, Guild Mortgage, HWmember, LendingLife, Mortgage, Mortgage Bankers Association, NewRez, Origination, VantageScore /

Mortgage lenders are currently wrestling with a high-stakes puzzle: how to accurately compare the new credit score models hitting the market. The differences are significant and carry major implications for risk assessment, loan pricing and secondary market returns. In late April, the Federal Housing Finance Agency (FHFA) rolled out a program allowing the exclusive use

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S&P says VantageScore 4.0 could work for MBS ratings

Credit scores, FICO, Secondary markets, Servicing /

Standard & Poor’s has found that VantageScore 4.0 and classic FICO produce similar enough results when used to assess credit risk that mapping between them could be done to incorporate the former into rating models based on the latter. Processing Content To test this, S&P modeled theoretical loss coverage and foreclosure frequency rates for a

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Mortgage industry welcomes new credit score models, urges further reform

Bill Pulte, Credit Score, FHA, FHFA, FICO, HUD, HWmember, LendingLife, Mortgage, Origination, VantageScore /

The majority of mortgage industry trade groups and professionals reacted in a supportive but pragmatic way following an announcement from federal housing agencies that detailed moves to modernize mortgage underwriting by introducing newer credit scoring models. They largely welcomed the shift while emphasizing that the real test will be in execution and follow-through. The announcement

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FHFA launches VantageScore 4.0 pilot; HUD signals FICO 10T for FHA

Bill Pulte, FHA, FHA loan, FHFA, FICO, HUD, HWmember, LendingLife, Mortgage, Origination, Scott Turner, VantageScore /

Federal agencies on Wednesday took steps to bring newer credit scoring models into the mortgage underwriting process, marking a significant shift in how borrower risk is evaluated. U.S. Department of Housing and Urban Development (HUD) Secretary Scott Turner announced the adoption of FICO 10T and VantageScore 4.0 for Federal Housing Administration (FHA) loans in the

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Portable credit reports spark debate over costs, feasibility

Community Home Lenders of America, credit report, Credit Score, FICO, HWmember, LendingLife, Mortgage, Origination, VantageScore /

While the mortgage industry lobbies to reduce credit report costs, the idea of allowing borrowers to use the same file across multiple lenders has slowly emerged. In this consumer-controlled portable credit report model, borrowers would authorize the use of a single credit report during their mortgage search across different lenders. The concept mirrors tenant screening

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Missouri senator opens investigation into FICO’s mortgage credit score pricing

Credit Score, FICO, First-Time Homebuyers, HWmember, Missouri, Mortgage, Origination, Senate /

U.S. Sen. Josh Hawley (R-Mo.) has opened an investigation into Fair Isaac Corp. (FICO)’s pricing practices in the mortgage industry and is urging Federal Trade Commission (FTC) Chairman Andrew Ferguson to do the same. FICO dominates the credit scoring market for mortgage lenders, largely due to decades of exclusive acceptance for loans sold to Fannie

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TransUnion fires latest volley in credit-score price war

TransUnion fires latest volley in credit-score price war

Credit scores, FICO /

TransUnion has further slashed its mortgage origination price for VantageScore 4.0, a metric the government-related secondary market is seeking to promote as an alternative to traditional measures available from FICO. Processing Content The considerably lower $0.99 price is down from $4, which already was a 50% discount relative to earlier pricing, said Satyan Merchant, the

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Experian imposes another price increase on mortgage lenders

Credit Score, Experian, FICO, HWmember, LendingLife, Mortgage, Origination, Xactus /

Experian is imposing another price increase on credit reports sold to mortgage lenders — an unusual move at this time of year, according to resellers who spoke with HousingWire. “I have never seen a price increase after a price increase in January,” said one reseller executive, who requested anonymity to avoid potential retaliation. “It comes

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