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Paying bills on time is about to become more important for American consumers, and this as their debt levels are reaching new highs. Fair Isaac Corporation, the company which creates the FICO credit score models, will introduce two new ones this summer, the FICO Score 10, and the FICO Score 10- T. The company says its new models "incorporate trended credit bureau data to further enhance predictive power" and that lenders could reduce defaults by as much as ten percent among newly originated bankcards and nine percent among newly originated auto loans, compared to using FICO's previous models. The reduction , the company says, could be 17 percent for newly originated mortgage loans compared to the version of the FICO Score used in that industry. The trended credit bureau data to which Fair Isaac
Housing News
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Paying bills on time is about to become more important for American consumers, and this as their debt levels are reaching new highs. Fair Isaac Corporation, the company which creates the FICO credit score models, will introduce two new ones this summ... (read more)
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MBS Commentary
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As the week comes to a close, we find bonds continuing to trickle toward the lower end of the range that has prevailed for nearly 3 months. In terms of 10yr yields, the upper boundary is clearly established at 1.95%. The lower boundary is... (read more)
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Rob Chrisman
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Yes, the change in FICO scores garnered some attention, but much of the focus is on Wells Fargo which just can’t stay out of the spotlight… for all the wrong reasons. Ten days ago we learned that the Bank had $2.9 billion of income in th... (read more)
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Housing News
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The average interest rate on closed loans inched up in December and the share of those loans that were for refinancing moved lower. Ellie Mae's Origination Insight Report for the month says the average 30-year fixed rate in December rose to 3.99 perc... (read more)
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Mortgage Rate Watch
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Mortgage rates remained in line with 3-month lows today for the average lender. Several lenders offered marginally better terms compared to yesterday, but in those cases, the only changes were to the upfront costs associated with the same rates quote... (read more)
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Housing News
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Even though many of the measures are already at record lows, mortgage delinquencies continue to tick downward according to Black Knight's "first look" at December loan performance data. At the same time, the Single Month Mortality (SMM) rate, an indi... (read more)
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