"Does the Mortgage Industry Rely Too Heavily on Credit Scoring Models?
Few factors affect the mortgage lending process as much as a borrower's credit score.
Mortgage bankers and their Wall Street counterparts have long relied on the FICO score to judge the ‘credit worthiness’ of the borrower.
For individual borrowers, their credit score at the time of loan application has a major influence over the amount of interest they pay or the next 30 years, not to mention the amount of cash required to close and whether or not they even qualify for the loan"…Read the entire article by Cindy Dixon at Mortgage News Daily.
FICO Scores Not a Simple Concept to Grasp You On Here » Credit Scores , Mortgages » FICO Scores Not a Simple Concept to Grasp
