Tag: score

Secure email delivery #appraise, #appraiser, #appraisal, #appraisalport, #appraiser #network, #appraiser #listings, #residential, #collateral, #cms,

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FNC, INC

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More Business. Less Work.

AppraisalPort connects you to lenders

And to others who engage in real estate appraisal services. Once you are connected, AppraisalPort provides tools to build your reports quickly, accurately, and deliver them straight to your client. Learn more about AppraisalPort

Secure communication with your clients

AppraisalPort is a secure, Web-based work site from which appraisers can receive orders, send completed reports, and communicate with their clients. It is integrated with FNC’s Collateral Management System®, used by many mortgage lenders, banks, and appraisal management companies. Read more AppraisalPort® FAQs

AI Ready™

New order information is auto-populated into your forms software package if you use AI Ready software. This helps to eliminate typos and reduce time spent re-keying information. Read more about AI Ready

  • “Appraisal Port is an intuitive and easy to use platform.
    It is an efficient way for us to interact with our clients while
    maintaining compliance with regulations. It’s an
    essential tool for managing our business.”

– Kevin Allin, San Diego, California

  • “Simple log-in, automatic report acceptance and seamless
    integrated delivery system maximize my clients’ and my time. In
    addition, regular polls and newsletters enhance the
    sense of belonging to a community of appraisers.”

    – Susan Bender-McGoldrick, Lexington, VA.

  • “It’s nice that we can upload quickly and easily.
    It’s convenient to have all of our clients organized on
    one site and makes it very efficient to receive orders.”

    – Beverly Pogue, Bethesda, Maryland

  • “AppraisalPort provides the convenience of auto accepts and
    receiving of orders, and the communication you receive on each one.
    The GAAR option is great for checks and balances, and the rules can
    fire back quickly and reject the report back to
    appraisers to correct the fired rule.”

    – Norma Lorence, Williamston, Michigan

  • “As an appraiser, I am able to post messages and
    communicate 24/7. This has helped eliminate unnecessary phone calls
    and callbacks which tend to grind up time. My productivity
    has increased 25% since I can communicate using AppraisalPort.”

    – Judy DeLeon, Bowie, Maryland

  • “Castle Associates, Inc. strongly endorses AppraisalPort as an
    essential tool for appraisers and lenders. AppraisalPort provides the
    interface necessary to become the fastest and most efficient
    appraisal firm in the Las Vegas Valley.”

    – Aaron Alyea, Las Vegas, Nevada

  • “The structure of AppraisalPort allows for the
    fastest turn times with the highest efficiency. The website is
    reliable and simple to use. AppraisalPort is the premier
    name in appraisal servicing.”

    – Aaron Alyea, Las Vegas, Nevada

  • “Appraisal Associates has had such success
    with the system, it works beautifully, there is no lender pressure,
    and we are freed up to do the job. I have increased
    my production by 30%.”

    – L. Michael Gandy, Las Vegas, Nevada

  • “Your staff always handles any problem that
    comes my way in a courteous manner; they seem to understand how
    difficult and challenging appraising can be. I would like to thank you
    for the opportunity you have given Appraisal Associates.”

    -L. Michael Gandy, Las Vegas, Nevada

  • “I love that it is so easy to add new clients through AppraisalPort.
    Just a couple of clicks and we are connected.”

    – Clint Bruce, San Diego, California

  • “I’ve used several appraisal ordering companies
    over the years but when a lender asks me which one I prefer
    and recommend I always tell them AppraisalPort.
    Quick, easy to use, and reasonable fees.”

    – Clint Bruce, San Diego, California

  • “The few times I’ve had a problem; the customer
    service department has gotten back to me quickly and
    always resolved the issue. I wish all companies were
    as caring and quick to respond.”

    – Clint Bruce, San Diego, California

    Are you sure you don’t want to share your profile?

    You have instructed AppraisalPort not to provide your profile information to any other FNC Clients. While clients may use your profile information in different ways, the most common way they use this data is to ‘board’ appraisal panels at our lender institutions. By opting out, your information will not be provided, which may limit additional assignments you could receive through AppraisalPort. Are you sure you want to take this action?

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  • Your credit score may jump starting in July #how #can #u #check #your #credit

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    YahooFinance

    Your credit score may jump starting in July

    Consumers may be a few days away from a higher credit score.

    Improved standards for new and existing public records in the databases of the three major credit reporting companies will be implemented on July 1. As part of this change, a majority of civil debts and tax liens will be excluded, which means some credit scores will edge higher.

    The new standards follow a report by the Consumer Financial Protection Bureau that found problems with credit reporting companies and recommended changes to help consumers.

    Altogether, about 7 percent of the population will have a judgment or lien removed from their credit file, according to a report by Fair Isaac. The company calculates and sells FICO scores, one of the most commonly used scores by lenders.

    Once that information is stripped out, their numbers could rise by up to 20 points, Fair Isaac said.

    “Analyses conducted by the credit reporting agencies and credit score developers FICO and VantageScore show only modest credit scoring impacts,” the Consumer Data Industry Association, which represents Equifax, Experian and TransUnion, said in a statement.

    Still, credit reporting and scores play a key role in most Americans’ daily life. The process can determine the interest rate a consumer is going to pay for credit cards, car loans and mortgages — or whether they will get a loan at all.

    In the near term, “it will lower the cost of borrowing,” said Andrei Andreev, an adjunct professor of finance at San Diego State University.

    For consumers who are not directly affected by the changes, there could be consequences as well. With more borrowers now qualifying for better terms, banks may eventually have to increase interest rates to compensate for that additional risk,” said Thomas Brown, a senior vice president for LexisNexis Risk Solutions. LexisNexis also provides lenders with data to make credit risk decisions on consumer loans.

    What it really means is that there is vital information that is being ignored and the net result will disadvantage the other 93 percent of consumers,” Brown said.

    “It will take us a little while to know exactly what the overall impact is,” said Ofer Mendelevitch, the vice president of data science at online lender LendUp.

    For now, by eliminating those large sources of potential for errors, “we think it will represent credit worthiness better,” he said. (Incorrect information on a credit report is the top issue reported by consumers, according to the CFPB.)


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    Make your tough refinancing work with an FHA loan #fha #loan, #bankruptcy, #credit #score,

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    Make tough refinancings work with an FHA loan

    You can refinance with an FHA loan even if you have little or no equity in your home, a damaged credit score or higher debt than lenders usually accept.

    You may even be able to refinance with an FHA loan if you’re currently unemployed. Try that with conventional financing.

    The Federal Housing Administration (FHA), a division of the U.S. Department of Housing and Urban Development, doesn’t actually make loans.

    It guarantees that private lenders will be repaid even if you default.

    Of course, you’ll pay for that guarantee in the form of up-front and monthly mortgage insurance premiums.

    But with the government standing behind you, banks and mortgage companies can make loans they wouldn’t normally offer at competitive interest rates that could cut your monthly payments by hundreds of dollars.

    You should know there are maximum loan limits for FHA loans. In 2017, you can borrow up to $275,665 for single-family homes in most places or up to $636,150 in high-cost cities like New York and San Francisco.

    But your new loan may exceed these limits if it meets certain guidelines, especially if you’re refinancing an existing FHA loan or you took out your original loan when the upper limits were higher.

    Here are the 3 most common options for refinancing your home with the FHA’s help.

    Who is the typical FHA refinance applicant?

    Streamline refinancing

    For borrowers who already have an FHA mortgage, regardless of how much home equity they have. An appraisal isn’t required.

    This isn’t a foreclosure rescue program.

    If you’ve had your loan for less than 12 months, you must have made all payments within the month due.

    If you’ve had the loan longer, you must have no more than one 30-days-late payment in the last 12 months and have made all payments within the month due for the last three months.

    Nor is streamline refinancing a way to get cash out of your home. Borrowing more than you need to pay off your existing loan is prohibited.

    You can pay closing costs yourself or pay a slightly higher interest rate to a lender who pays the costs for you. You cannot have the loan origination charges, title insurance or other costs added to your loan.

    The only cost you can add to your new loan is the up-front mortgage insurance premium.

    If you’re refinancing an FHA loan that you’ve had for less than 36 months, the FHA applies part of your original premium toward the new premium.

    With a streamline refinance, since you already qualified when you took out your existing loan, the FHA doesn’t require you to qualify again. There’s no requirement for a credit check or income verification.

    Lenders, however, may have stricter standards. If you know your only chance at qualifying is under the FHA’s minimum requirements, ask lenders about a non-credit-qualifying streamline refinance.

    Repeat customers are welcome in streamline refinancing, as long as 210 days have passed since your last closing date and you can save 5% or more on your monthly payment (after factoring in the annual mortgage insurance premium) by refinancing again.

    With the FHA’s half-point reduction in monthly mortgage insurance premiums, and mortgage rates that are lower than this time last year, it’s worth finding out if you could benefit from refinancing.

    To get started, call your lender and ask if you could qualify for a lower rate through this program.

    Paying off your home loan more quickly can save tens of thousands of dollars in interest charges. But before you start sending your spare cash to your lender, you need to make sure your overall finances are in order. Paying extra on your mortgage isn’t always the smartest use of your money.

    Rate-and-term refinancing

    For borrowers who have a non-FHA loan and as little as 3.25% equity in their homes.

    Conventional lenders want borrowers to have at least 20% equity to refinance. If you have 5% to 19.99%, you’ll have to pay private mortgage insurance. With equity between 3.25% and 5%, the FHA is your best bet.

    The FHA’s rate-and-term refinance might also make sense if you have plenty of equity but your credit score has declined. Conventional lenders might turn you down or might charge higher interest rates. Just make sure you’ll still come out ahead after factoring in the FHA’s up-front and annual mortgage insurance.

    “A borrower could refinance from a conventional loan to an FHA loan, but seldom would it be to their benefit,” said California home loan consultant Greg Cook of the First Time Home Buyers Network.

    If someone had to get out of their current loan because of a balloon payment or rate adjustment on an ARM, and they had only fair credit and not enough equity to refinance with a conventional loan, an FHA loan might be their only option, he says.

    To obtain this financing, you’ll have to qualify for an FHA mortgage much as you would if you were buying a home.

    But you’ll find many of the financial requirements are less stringent than those for a non-FHA loan.

    Your credit score, for example, can be surprisingly low. As low as 500 as far as the FHA is concerned.

    But lenders are allowed to set higher minimum standards — and they do.

    FHA borrowers who refinanced in June 2017 had an average credit score of 647, according to Ellie Mae, a California-based mortgage technology firm whose software is used by many lenders.

    That’s significantly lower than the borrowers who refinanced a conventional loan; they had an average credit score of 729.

    Dodging these pitfalls will make you a happier homebuyer now and more satisfied homeowner down the road. You’ll know that you got the best possible mortgage and won’t be overwhelmed by unexpected costs.

    Besides poor credit, these things automatically disqualify you for an FHA loan:

    • Chapter 7 bankruptcy within the last two years. You might qualify after one year if extenuating circumstances caused your bankruptcy, you have re-established good credit and the lender is amenable.
    • Foreclosure within the last three years. If you can prove the foreclosure was caused by involuntary job loss or income reduction, and if your payment history has been good since then, the waiting period can be as little as one year.
    • Delinquency on a federal debt like a student loan or income taxes.

    To qualify for a rate-and-term refinance, you typically need a two-year history of steady employment, though there are exceptions. You might still qualify if you took time off work to raise kids, were unemployed for just a few months or were attending school.

    You can also carry more debt. For most conventional refinances, borrowers must be spending no more than 41% of pretax income on all debts, including mortgage payments, student loans, credit cards and auto loans.

    With an FHA mortgage, you can stretch that ratio up to 50% if your finances are strong in at least two “compensating factors.”

    Your two compensating factors might be savings in the bank equal to at least three total monthly mortgage payments and part-time or seasonal income that you’ve received for more than one year but less than two years.

    If your credit score is below 580, however, the ratio can’t exceed 43%.

    Here again, lenders can impose tougher requirements than the FHA minimums. You’re more likely to get approved if your debt-to-income ratio is less than 43%.

    Most banks and mortgage companies offer FHA refinancing. Here’s where to find FHA-approved lenders in your area.

    Glossary More Terms

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