New credit scoring models and disclosures to know about
“Landing a mortgage in 2011 is going to be a bruiser,” writes HSH.com contributing writer Kerry Hannon. “The recession may be over, but mortgage lenders, still feeling the sting of foreclosures, strategic defaults (walk aways) and underwater homeowners are not letting down their guard.”
Revamped scoring models from both FICO and VantageScore are designed to focus more on a borrower’s recent credit history as opposed to their long-term history: Read the rest of this entry »
