ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 10/10/2011

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 10/10/2011

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE

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Mortgage lenders will soon have access to new details about a prospective borrower’s past — such as past rental applications, inquiries to pay-day lenders, and missed child support payments — that will be factored in to a new credit score. Real estate and mortgage data aggregator CoreLogic says it’s signed an agreement to work with Fair Isaac Corp., the owner of the widely used FICO score, to develop new credit risk scores for the U.S. mortgage industry.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE

Much of the data CoreLogic collects on consumers hasn’t been available from traditional credit reporting agencies but is important to mortgage lenders, the company said. CoreLogic says it will serve as a “supplemental credit repository,” augmenting data provided by TransUnion, Equifax and Experian with property ownership and mortgage obligation records, property legal filings and tax payment status, rental applications and evictions, inquiries and charge-offs from pay-day and online lenders, and consumer-specific bankruptcies, liens, judgments and child support obligations.

The Santa Ana-based company will generate a CoreScore Credit Report for lenders to alert them to bad debts that might previously have gone undiscovered. The reports may also help some consumers by identifying previously hidden credit history that reflects well on them, the company said. CoreScore consumer information will be “instantly merged” with traditional credit report data “in a single, integrated report only available from CoreLogic,” the company said in announcing the new reports last week.

At that time, it was unclear whether the CoreScore reports would also be used to calculate borrower’s FICO scores. Today, CoreLogic and Fair Isaac announced that they plan to offer mortgage lenders a “credit scoring solution” that will combine data from CoreScore reports with Fair Isaac’s FICO 8 Mortgage Score. That product will serve as the basis for future solutions that “deliver additional loan level insight and support more intelligent and consistent lending decisions,” the companies said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL- 10/10/2011
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