Radian Issues Updates
Radian Guaranty Inc. has clarified its credit requirements, revised submission requirements and eased an appraisal requirement. The mortgage insurance company also expanded the list of qualified condominium projects.
The clarifications and changes were outlined in Radian eBulletin 2009-06 today.
When two of three FICO scores are identical, the identical score will be used, the bulletin said.
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Record Consumer Bankruptcy Filings
Monthly consumer bankruptcy filings reached a new high.
Credit Services for Originators, Lenders and Borrowers
Among a host of credit-related services are supplemental credit reports, integrated offerings and credit restoration. One firm claims that loan originators can boost their referral business with one of its products.
Credit Repair Firms Targeted by Regulators
Federal and state regulators have been on a recent rampage filing lawsuits and taking actions against credit repair firms. The companies -- many located in Florida -- are accused of collecting huge up-front fees and promising services that are not delivered. Meanwhile, the implementation of a new rule will require disclosures about free credit reports.
Firm Touts 560 FICOs on FHA Loans
A Florida firm claims it can fund mortgages insured by the Federal Housing Administration with FICO scores as low as 560.
FHA Business Lower, Reverse Higher
Despite a monthly increase in the volume of home-equity conversion mortgage endorsements, overall endorsements on loans insured by the Federal Housing Administration declined. In addition, average credit scores were lower. But new applications saw a healthy increase.
Over 1 Million Bankruptcies So Far in 2009
More than 1 million consumer bankruptcies have been filed so far this year.
Fannie Updates M.I., Credit Score Requirements
Fannie Mae unveiled a host of changes that impact minimum credit scores and mortgage insurance. The updates are being made in conjunction with the implementation of the latest version of Desktop Underwriter.
SS Verification Fees Soaring
The cost of verifying borrower social security numbers will increase by nearly 800 percent, according to a firm that provides verification services for lenders. The higher fee is expected to lead to more mortgage fraud and have a global impact.
More Mortgage Lawsuits Filed
The latest activity in mortgage-related litigation focuses on home-equity lines-of-credit, payment history reporting to credit bureaus and subprime ratings. Ellie Mae responded to allegations that it used its monopoly in the mortgage transaction process to put a document preparation firm out of business.
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