MGIC Tightens DTI Requirements
An alarming number of loans with high debt-to-income ratios have Mortgage Guaranty Insurance Corp. tightening its DTI and credit requirements.
Credit Scores Climb to 5-Year High
Last year, Americans' credit scores improved to the highest level in five years thanks to improving economic conditions. Credit scores progressively rise with age.
Mortgage Credit Tightens to 5-Month Low
After easing to the loosest levels since the financial crisis, credit conditions in real estate finance contracted to the tightest level in five months. Government programs constricted most.
Monthly Consumer Bankruptcies Lowest in Decade
As the annual volume of new bankruptcies decreased for the eighth year in a row, monthly consumer filings declined to the lowest level in a decade.
Mortgage Credit More Flexible Than Year Ago
Compared to a year ago, average credit scores have declined, average loan-to-value ratios have increased and average debt-to-income ratios have risen. Closing ratios have deteriorated, but turnaround was faster.
Feedback Sought For Credit Score Changes at GSEs
People in the mortgage industry are being invited to give their thoughts about changing credit score models that are utilized by the government-sponsored enterprises.
Mortgage Credit Risk Dips from Prior Quarter
On a quarter-over-quarter basis, mortgage lenders have reduced the amount of risk they took. But there was an increase from a year earlier as refinance share retreated.
Fannie Updates Lending Requirements
The Federal National Mortgage Association has made changes to its policies on frozen credit reports, premium pricing and Texas home-equity loans.
New Post-Crisis High for Mortgage Credit Conditions
Home lenders were more flexible with loan approvals last month than at any time since the financial crisis. Jumbo conditions eased most as investor offerings expanded.
Low Credit Scores Cost Borrowers 59 BPS
Home buyers who financed the purchase of their house and had high credit scores saw rates that were 59 basis points better than their poor-credit counterparts. Loan amounts fell with credit scores.