Key Mortgage Events of 2010
Minimum Credit Scored Raised to 640
During 2010, the mortgage lending industry saw credit requirements tighten. The minimum mid FICO score was raised from 580 to 640. That alone removed almost 30% of potential home buyers from the market place. For those considering on purchasing or refinancing in the next six months, it would be beneficial to obtain all three FICO scores issued by Experian, Transunion and Equifax. The mortgage lender will use the mid of the three FICO scores to determine if the consumer meets the minimum mid FICO score requirement.
Federal & State Licensing For All Georgia Mortgage Loan Officers
The State of Georgia required all mortgage loan officers be Federally and State licensed beginning