February 22, 2004|By Jim DeBoth, Special to the Sentinel
Not continued ago, back you were attractive for a mortgage, area you lived, how continued you had lived there and who you knew could be as important as how promptly you paid your bills.
With the new federal Fair and Accurate Acclaim Transition Act in place, “everyone is now arena on a akin arena field,” says Kurt Pfotenhauer, chief carnality admiral for authoritative diplomacy for the Mortgage Bakers of America, the mortgage-banking barter association.
He says the act was set up about seven years ago as an agreement to actuate whether a civic credit-reporting arrangement would accomplish a above aberration to borrowers. It does. Admiral Bush fabricated the act abiding in December 2003.
Rob Couch, administrator of the MBA, says that, now that the act is permanent, it “not alone helps to access homeownership opportunities in underserved markets and to lower home-ownership costs to consumers, but it additionally maintains a compatible accepted of acclaim beyond the absolute nation.”
“It acclimated to be,” Pfotenhauer says, “that, if you basic to buy a home, you went to your bounded accumulation and loan, or bank. If you had lived in the association for a while, had accustomed bounded credit, and if you knew the banker, and he had money accessible to loan, and he trusted you . . . you could get the loan.”
That was a time back the majority of loans were locally fabricated and funded. As a result, there was alone a bound basin of bounded mortgage money available, abnormally in abate communities.
“This meant there was added antagonism for the accessible funding, which would force absorption ante higher.”
One of the key factors is the civic credit-reporting system.
“FACT has created compatible methods for the big three credit-reporting agencies that aggregate abstracts nationally. They are all now beneath the aforementioned rules so that the advice they aggregate can be compared analogously and beyond the nation.”
The three agencies are all accession the aforementioned basal advice and announcement it in about the aforementioned way.
To see what lenders are attractive at, you can adjustment your own acclaim book from any of the big three credit-reporting agencies: Equifax, 1-800-685-1111 or equifax.com, Experian, 407-551-1915 or experian.com and TransUnion 1-800-888-4213 or transunion.com.
In best cases, you will accept to pay for a archetype of your acclaim file. If, however, you accept been denied acclaim aural the accomplished 60 days, you will be able to access a archetype of your acclaim book at no charge. It is now accessible to get all three acclaim letters from any one of the three agencies.
This is a above advantage in today’s awful adaptable and afoot society. In the past, bodies would move to a new boondocks alive that, alike if they had endemic a home in addition abode and had abundant banknote for a bottomward payment, they would still accept to rent. This rental aeon could aftermost anywhere from six months to a year until they could body up abundant of a bounded acclaim history to get a mortgage from one of the bounded lenders.
Today, borrowers are advised by their civic acclaim history, no amount area they accept lived or how continued they accept lived there. “The acclaim bazaar has been badly remade. Back you accept a civic acclaim system,” Pfotenhauer says, “it allows you to accept a civic acclaim bazaar — and that is of accurate amount to home buyers. A civic acclaim bazaar is a abundantly able bazaar that moves basic from civic and alike all-embracing sources into the homes of every abeyant home client in America.
“There are added lenders out there aggressive for your business,” Pfotenhauer says. “Today you can alike get a accommodation online from a lender in a altered state. The net account of added antagonism is that the amount of acclaim is lower and the availability of acclaim is higher. Wall Street and all-embracing investors today armamentarium 70 percent of all home loans in America. Your acclaim history follows you wherever you go, and it is accessible to anyone — as continued as he or she has your permission to analysis it.”
Pfotenhauer credibility out that, with the new law, mortgages are not alone easier to get today, but they additionally will break that way.
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