The federal reserve bank of NY recently published a report showing consumer debt jumping to the highest levels ever recorded with every category growing from mortgages, autos, credit cards, lines of credit, etc… Is some consumer debt better/worse than others…
The swiftness of the changes in the real estate market are astonishing, yet not unexpected. I predicted last year mortgage rates would top 5% and they already have come close. This has led to a 60% drop in refinances and…
Buy now pay later included on credit reports, impact on real estate financing Buy now Pay Later loans are a million-dollar industry and yet until now these loans were invisible to lenders. This is all changing as Equifax is now…
The Urban Institute think tank says nearly two out of three loans made in 2019 would fail to meet at least one of the stricter standards lenders have imposed since March. Banks are tripping over themselves to be the first…
We are still lending in cash! It is amazing that the federal reserve has flooded the markets with cash enabling banks to borrower at historic rates. Furthermore, banks are considerably healthier today than they were in 2008. Unfortunately, this is…
After years of increasing credit scores, FICO, the fico credit score used by the majority of lenders, has done an abrupt shift. FICO Score changes in how the most widely used credit score in the U.S. is calculated will make…
Last week, I woke up, checked my phone only to see it blowing up with alerts. I was getting alerts about random charges that were not mine from my credit card. Not the best way to wake up, but not…
It’s like getting a free scoop of ice cream 😊 Experian is rolling out a new product called Experian Boost which will allow you to “instantly boost your credit score”. Experian expects over 65% of consumers will see a boost…
Although we are a hard money lender and do not rely exclusively on credit for our loan decisions (we are an asset lender focusing on the property), we do pull credit on every borrower to verify identity, etc… …