Will this Credit Change Hurt New Home Buyers?

Today in Mortgages

Today, on "Today in Mortgages," we discuss a proposed change to credit reports by the FHFA. The FHFA wants to go from three credit scores that are typically pulled to two credit scores. We think more homebuyers could be left out, because not all creditors report to all three credit bureau. This could lead to lower credit score, higher rates and higher fees. But one less report could hopefully lower the cost to pull credit. The fees are typically over $100.
As mortgage professionals, we need to make sure we know how to explain this potential change to credit reports to our borrowers. We want to coach them so that they can succeed and get into the home they want!
Article: https://finance.yahoo.com/news/mortgages-could-ultimately-become-more-150000225.html
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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.

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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.
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.