realtor group asks that fico score be revised

BIGTXLENDER at 23:15 2010-11-30 said:

so NAR wants us to loosen Underwriting guides and change up FICO scoring, I am all for that but is NAR going to pony up the funds if and when these loans foreclose? I doubt that... so ...keep asking NAR.. until you put some skin in the game and stop taking with both hands, quit belly aching over your troubles.. Permalink

StephenF at 01:08 2010-12-01 said:

Agreed BigTex...When the NAR (or the members of the NAR :wink: ) actually take time to learn about what has been going on in the marketplace, then maybe they can make such bold requests...

I have spoken to a few R/E Agents who did not know that NoDoc Loans essentially ceased to exist :cry: This is only after they have recited their resume about how adept they are at Real Estate. Permalink

Alexius12 at 07:00 2010-12-01 said:

The NAR is challenging the FICO algorithm formula because a great majority of their executives and members have seen their FICO numbers drop like lead. Just like in our profession and most others.

I say remove the FICO formula all together. Ever since we started with automated FICO decision systems and Agency AUS robot decision making with DTIs in the hundreds getting approved it was the start of the demolition of all values, principles and the BK of our nation.

Go back to manual UW where each credit report is personally analyzed by a human being. Permalink

BIGTXLENDER at 02:27 2010-12-02 said:

I am all for fixing the FICO Fiasco,,, I also agree that FICO is a compensating factor not Gold Standard for loans. Permalink