Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard discuss the changes on how we view credit scores — which might help with credit score evaluation for buyers. Today’s article is from the US Federal Housing website FHFA.gov says “FHFA announces release of historical VantageScore 4.0 credit scores by the enterprises.” We’ve heard whispers of changes to credit scores over the last few years, but Bill Pulte announced immediate acceptance of this new method VantageScore 4.0 which uses machine learning. It’s been hard for people who aren’t big credit users to build a credit score with the FICO model. What’s different, is it is using trending data. It even takes into account rent payments, cell phone bills, and other real time payments people are making. There are a lot of buyers who have limited credit that are hurt by the FICO model who have the money, but just don’t use a lot of credit to build a good credit score. We don’t know all the pricing yet, but we know it will be less expensive! And as always competition brings prices down. Listen in as we discuss this and more!
Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.
About Today in Mortgages
Today in Mortgages, the show where we try to make sense out of the click-bait headlines in Mortgage and Real Estate news that clients and buyers are being flooded with every day. We’re trying to find our what’s real and what’s hype in the market news and discuss how mortgage and real estate professionals should be navigating these tricky conversations with clients who are getting scared away from the housing market.
This is how we coach our people every day. If you’d like to see more of the tools we use to make our best better, click below to get started.
With home prices rising and affordability tighter than ever, many younger buyers are struggling to enter the market. This episode explores practical ways families can help bridge the gap, including gifting funds, co-signing, and intra-family loans. It highlights how structured lending between family members can provide financial flexibility while preserving long-term wealth, offering a creative solution to today’s housing challenges.
Do you have buyers trying and trying to get in to a home but struggling to come to terms with their monthly payment now that rates have shot up? When it’s available, a temporary buydown can go a loooong way to easing a buyer’s mind about their payment. We use a recent article from USA Today to outline how you should be using this method to coach your buyers and clients.
Mortgage rates are volatile — but relief could be closer than you think. In this episode of Today in Mortgages, Michael and Rich explain what’s really driving rates, why the Fed isn’t the only factor, and what buyers and loan professionals should be watching this May.
The Biden Administration is cutting mortgage insurance fees for some borrowers. How can you talk to your clients about this that may be on the fence about entering the real estate market right now? We break it down in this episode of Today in Mortgages.
You must be logged in to post a comment.