Bankruptcies Rise 2 Consecutive Months
Although consumer bankruptcy filings have fallen from a year ago, they have increased two months in a row on a month-over-month basis.
CFPB Urges Creditors to Provide Free Credit Scores
The Consumer Financial Protection Bureau is prodding creditors to provide free credit scores to borrowers on monthly statements in a move to help consumers identify problems sooner.
FHA Lenders Ease Up on Credit Scores, DTIs
Federal Housing Administration mortgagees are making it easier to qualify by lowering required credit scores and lifting debt-to-income ratios.
FHA Drives Increase in Monthly Mortgage Risk
An increase in the government-insured share of agency mortgages last month helped drive overall risk levels on new agency originations higher.
Wells Fargo's Lower FHA Credit Scores Provide Hope
Though other lenders have yet to follow suit, consumers with bruised credit scores are hopeful now that Wells Fargo & Co. is lowering its minimum score for government-insured mortgages.
Mortgage Lenders Take More Risk
Lending standards eased last month, with average credit scores down three points in January. Over the past year, the closing rate on refinances has retreated while closing rates have risen on purchase financing.
Mortgage Credit Guidelines Ease
Home lenders relaxed credit standards last month. The easing was concentrated in jumbo mortgage lending and refinance originations.
Uptick in Bankruptcy Filings
The number of consumers who resorted to bankruptcy moved higher last month, though it's been more than three years since filings have risen from a year earlier.
Bankers See Improved Mortgage Quality Ahead
A significant share of bankers expect the quality of residential and commercial real estate loans to improve in 2014. Although demand for residential products has fallen, stronger demand was noted for commercial mortgages.
New Penn Adds Government Programs to Correspondent
Correspondent lending clients of New Penn Financial LLC will now be able to finance borrowers with low credit scores through a new government lending program.