To responsibly expand credit access and streamline the lending journey, the mortgage industry must look beyond the traditional credit file and embrace a multi-dimensional view of the consumer
Equifax data shows fallout rising and score costs driving nearly half of credit report expense while VantageScore 4.0 introduces new competition
RiskRatio upgrade gives lenders earlier visibility into borrower performance as delinquencies rise and credit cost pressures intensify
New pricing from major credit bureaus expected to deliver over $1 billion in industry savings
Demola joins Equifax as credit data takes center stage in mortgage market
New pre-qual offering will assist lenders in assessing borrowers earlier in the loan process
As a counterpunch to moves by competitors, changes to VantageScore 4.0 pricing seek to reduce costs for lenders and homebuyers
Also, company’s pilot program gives nonprofit lenders access to modern credit scoring while helping them maintain sound lending practices
The CFPB filed a lawsuit against fellow credit-giant Experian two weeks ago alleging the same
The CFPB says the rule will produce 22,000 more mortgages each year, but some disagree with its premise