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Mortgage
and Loan News for Feb 23/05, 9:19 pm
Mortgage originators now can even make house
calls carrying laptops equipped with software that allows them to
pre-qualify or pre-approve borrowers in minutes. Credit scores are a
big part of a lender’s ability to make these quick credit
decisions. This same technology is in play on those quick decision
Internet web sites....click
here for a low cost loan.
Mortgage
and Loan News for Feb 22/05, 9:30 am
While FICO does not divulge its methods (trade
secrets and all of that) we presume that historical credit data on
large numbers of individuals are grouped into credit score groups or
cohorts and tracked to evaluate ongoing credit performance. If, from
a group of credit subjects with a FICO score of 550 in 1994, 60%
ultimately had a car repossessed while 40 percent subsequently
managed to pay off large loads of credit card debt, that cohort’s
scores would be weighted to reflect those statistics. This weighted
number, supposedly, allows lenders to predict the risk inherent in
lending to others with that score. The higher the score, the lower
the risk....click
here for a low cost loan.
Mortgage
and Loan News for Feb 21/05, 5:00 pm
If you have applied for a loan lately, you
have probably heard about your credit score. You certainly
heard about it if your loan request was denied - “Hey Mr. Jones,
do you really expect me to finance a Humvee for someone with a
credit score of 490?” You probably heard about it if your score
was spectacular – “Wow, 830! Are you sure you wouldn’t like to
buy two houses?” However, if you fell somewhere in the middle, you
might not realize the impact that this technology-based underwriting
wrinkle may have had on the quality of your loan....click
here for a low cost loan.
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