What major change will lenders see in how they collect borrower credit reports under the new guidelines?
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The correct answer is...
Instead of being required to obtain three reports (a tri-merge), lenders may now pull just two reports (a bi-merge), though they still have the option to request all three.
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How do modern credit score models like FICO® Score 10T and VantageScore® 4.0 improve access to mortgage credit?
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The correct answer is...
They account for additional data, such as rent, utility, and telecom payments, and use trended credit history to provide a fuller and more accurate picture of a borrower’s financial behavior.
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What is one expected benefit of the new Credit Score and Credit Reports Initiative for borrowers and lenders?
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The correct answer is...
By lowering costs and using more predictive models, the initiative is expected to improve loan approvals, shorten processing times, and make risk assessments more precise.
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Transcript
What major change will lenders see in how they collect borrower credit reports under the new guidelines?
Flip flashcard to reveal answer
The correct answer is...
Instead of being required to obtain three reports (a tri-merge), lenders may now pull just two reports (a bi-merge), though they still have the option to request all three.
Next card
Go Back
How do modern credit score models like FICO® Score 10T and VantageScore® 4.0 improve access to mortgage credit?
Flip flashcard to reveal answer
Go Back
The correct answer is...
They account for additional data, such as rent, utility, and telecom payments, and use trended credit history to provide a fuller and more accurate picture of a borrower’s financial behavior.
Go Back
Next card
What is one expected benefit of the new Credit Score and Credit Reports Initiative for borrowers and lenders?
Flip flashcard to reveal answer
Go Back
The correct answer is...
By lowering costs and using more predictive models, the initiative is expected to improve loan approvals, shorten processing times, and make risk assessments more precise.
Go Back