March 10, 2010
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Where the Heck Did FICO Come From?
By Marla in Credit, MortgageNot too long ago, the credit world was much different than it is today. Credit bureaus operated in near secrecy, gathering information in ways that may surprise you. For instance, did you know that Retailer’s credit (now Equifax) received information about you gathered by the Welcome Wagon hostess?
Tags: Credit, credit worthiness, Equifax, Fair Issac, FICO, Risk Model Scoring, TransUnion, TRW, Welcome Wagon
February 12, 2010
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HVCC on FHA Loans
By Scott in Big ChangesIt’s official…FHA is adopting the same basic premise as the HVCC ruling on Conventional Mortgages.
We posted on May 1, 2009 about HVCC on Conventional loans which stated:
Up until now the loan officer had the control to select an appraiser they felt had the best ability to appraise the house that would be used for the [...]
February 12, 2010
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Is it Double Dipping?
By Marla in Assistance, Special Programs, TaxesOn February 17, 2009, in Denver, President Obama signed the American Recovery and Reinvestment Act (ARRA). This bill had substantial changes to the federal First-Time Home Buyer Tax Credit, including eliminating the 15-year repayment obligation of the Borrower which was part of the 2008 Housing and Economic Recovery Act (HERA).
However, and most pertinent, Section 1006 (e) [...]
Tags: Assistance, CHFA, down payment, tax credit
