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Mortgage underwriting is often an automated process — software decides whether you are approved, rejected or asked for additional information. Credit score is the most important factor in ...
If your loan was rejected, your lender will issue a mortgage denial letter to let you know. In this letter, you’ll find information about why you received a turndown, as well as the credit ...
If either of these ratios is too high, you could be rejected for a mortgage. To avoid issues in the future, make sure the amount you apply for is realistic for your income and other debt. 4.
A mortgage loan application can feel like an IRS audit: tons of paperwork and a thousand questions about your finances. Unfortunately, even when you think you've done everything right, you could be...
The 30-page document was intended to serve as a guide to loan officers to help curb discriminatory lending [13] "Closing the Gap", instructs banks to hire based upon diversity needs, sweeten the compensation structure for working with lower income applicants, encourages shifting high risk, low income applications to the sub prime market, by ...
The largest credit union in the US has the widest disparity in mortgage approval rates between White and Black borrowers of any major lender, a trend that reached new heights last year, a CNN ...
As for the average rate on the 30-year fixed mortgage rate (FRM), it rose to 7.70% on Oct. 4, according to Mortgage News Daily. To put this in context, a year ago at this time, the 30-year FRM ...
Mortgage lenders received 14.3 million home loan applications in 2022, which were reported under the Home Mortgage Disclosure Act (HMDA). Of those, 8.4 million resulted in loan originations ...