Tight credit is delaying the recovery of the housing market and the economy as a whole. The importance of reasonable underwriting policies is necessary to increase the availability of credit to qualified borrowers who are good credit risks.
On September 8, 2014, NAR submitted comments to FHFA on its proposed draft Private Mortgage Insurer Eligibility Requirements (PMIERs) for companies that insure mortgage loans owned or guaranteed by Fannie Mae and Freddie Mac. The proposed requirements are important to NAR members as private mortgage insurance is often required for borrowers with down payments less than 20 percent. In its letter, NAR focused on three points:
Credit Scoring Resources
Federal Reserve Webinar: Addressing the Credit Impacts of Foreclosure
Frequently Asked Questions: FICO Score (PDF: 289 KB)