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Mortgage lending boom? Equifax reports massive increase in home credit

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Credit Reports Designed to Meet the Needs of Mortgage Professionals. 1, 2 and 3 Bureau Merged Credit Reports – Easy-to-read mortgage credit reports with a choice of FICO scoring models; fraud-prevention add-ons such as TransUnion Hawk Alert and equifax safescan (identity scan); and OFAC checks.

A mortgage credit report is a credit report times three! Since a mortgage loan is for a substantially larger amount and for a longer time frame than most loans, there is more is at risk for the lender. Therefore, to qualify for a mortgage more information is required in the underwriting process than for a credit card or auto loan.

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Mortgage Credit Reports for Mortgage Loans. Mortgage credit reports are used for real estate loans. They are used to underwrite the original loan to buy the real estate, for refinancing the original loan, and perhaps in second mortgages or home equity situations when the loan applicant is increasing the original loan to improve the unit or to take money out of the accumulated equity in the.

Last weeks interest rate rise may be unpopular with home buyers. shift to lending practices that allowed an explosion in personal credit in the first place, feeding a housing boom that could never.

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Mortgage balance increased on credit report with no warning. – If you really want it to stabilize, diversify your credit. Mortgage, credit cards. Home improvement loan, car loan. Keep the CC balances at or below 10% of the credit line. Pay all the other loans on time. But unless you have a big purchase coming up: mortgage application, car loan application, just keep on doing what you should be doing and.

Can you get a Mortgage with Frozen Credit? September 11, 2017 by Rhonda Porter Leave a Comment In light of Equifax’s recent massive credit breach, many people are going through the process of "freezing" their credit with each of the credit bureaus.

Washington Mutual was doomed by its focus on option-payment adjustable-rate mortgages, also known as option-ARMS, which were among the riskiest loans made during the real estate boom. increase,

New York’s Department of Financial Services is cracking down Equifax. One day after announcing that additional regulations would be coming for credit agencies, NYDFS lowered the boom on Equifax.