New Credit Report Criteria Questions and Considerations; Telephone Usage in Underwriting?

Posted To: Pipeline Press

The Fed reported US household net worth (total asset value minus total liability value) jumped to a record $92.8 trillion in Q4 driven by stock market strength and higher home prices. Some will argue that neither directly help most Millennials. Lenders are very attuned to net worth and income, so this caught my eye: tongues are wagging about how USA Hockey pays women who compete in the Olympics only $1,000 per month during the six months every four years that the women play. What the heck? Recently announced debt and the credit report changes are generating lots of questions. Rather than change underwriting criteria, starting this summer credit reports will exclude certain negative information. This, of course, will boost credit scores. The changes will improve credit scores for millions of…(read more)

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Source: Mortgage News Daily

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