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FICO’s scoring tweaks won’t impact most mortgages

Fair Isaac is updating the secret formula for FICO scores in a way that will make it tougher for some consumers to get credit. Before breaking glass and pulling the fire alarm, it’s worth noting: It won’t have much of an impact on the $2 trillion of mortgage originations expected for this year.

“It’s not going to have a huge impact for mortgages, other than some people who are looking for private-label,” said Christopher Low, chief economist at FHN Financial. That’s only about 10% of originations, he said.

“It’s a lot more likely to affect people who are trying to get car loans and credit cards,” Low said.

Read the full HW article here.

Housing Wire Bulletin

John A. Rodriguez

John A. Rodriguez is a Senior Mortgage Banker with iFinance Mortgage Inc. His passion is educating families and individuals to better understand the home loan process, to secure the best financing available, and then to protect their mortgage. Contact John today at jrod@ifminc.com or 949-456-7056! LinkedIn: http://ow.ly/fttL50xQAUi

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