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Lenders Decrease FICO Requirements For Homebuyers

March 27, 2019 Raymond Bartreau

Lenders are continuing to lower FICO score requirements for homebuyers, according to HousingWire. Between November 2018 and January 2019, median FICO scores decreased by four points to 726 for both bank and nonbank lending institutions. At 745, the average agency FICO score is still high, compared to 713 at nonbank lenders — however both show FICO requirements on a downward trend. This decrease echoes a trend covered in the Q4 2018 Mortgage Consumer Profile Report, published by Best Rate Referrals.

“Fair” And “Good” Credit Scores Increased In Q4 2018 For Purchase Mortgages

An increased share of purchase mortgage inquiries had “fair” and “good” credit scores in Q4 2018 compared to Q3 2018, while the share of volume (SOV) for “excellent” credit scores declined during the same period. The SOV for “good” credit scores for the purchase mortgage market was up considerably in Q4 2018 compared to 2017. Download the Q4 2018 Mortgage Consumer Profile Report for more details on purchase mortgage trends.

Best Rate Referrals Consumer-Estimated Credit Score ― SOV for Purchase Mortgages ― Q1 2017-Q4 2018

Download The Q4 2018 Mortgage Consumer Profile Report Today

Featuring trends on loan type by region and credit score, home market values, top consumer segments and more, the Q4 2018 Mortgage Consumer Profile Report highlights mortgage market audience trends for the period of January 2017-December 2018, with an emphasis on October-December 2018.

About the Author

Raymond Bartreau

Raymond Bartreau is the Senior Vice President of Lending Partnerships at Digital Media Solutions, LLC (DMS), an industry leader in the world of customer acquisition and retention that helps clients maximize their digital marketing to beat the competition and accelerate growth. In this role, Raymond heads DMS subsidiary Best Rate Referrals, an award-winning consumer finance marketing firm with NMLS operating licenses in most states. In 2018, Best Rate Referrals expanded into the world of personal finance with the launch of Loan Advisor, a new online marketplace designed to provide consumers with simple and fast personal loan quotes from lenders for free. A leader with more than a decade of combined financial services and direct marketing experience, Raymond Bartreau has spent his career providing lenders with the strategies and insights to better connect with consumers amid an ever changing, rate-driven market. An impressive list of accolades speaks to Ray’s steady stream of success. He was a 2017 recipient of the HousingWire Insiders Award, made the National Mortgage Professional magazine list of the top 40 under 40 and became a Mortgage Professional Association “Hot 100” on two separate occasions. An experienced speaker, Ray has shared his insight at a number of national conferences, including HousingWire’s Engage.Marketing Summit and the Power Originator Summit. As Senior Vice President of Lending Partnerships at DMS, Raymond oversees operations for DMS Consumer Finance, comprised of award-winning consumer finance marketing companies including Best Rate Referrals, Better Loan Choice and Got Consumer.

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