12:00 PM - 1:00 PM
VantageScore Webinar
Credit Scoring and Mortgage Modifications:
What Lenders Need to Know
Room: Bordeaux
The recent economic downturn and the credit market crisis combined to produce immense pressures on American consumers and the real estate banking industry. Rising unemployment, continuing decline in property values, together with much tighter credit requirements have resulted in increasing numbers of seriously delinquent mortgages and foreclosure actions. Most recently, prime loans, which represent two-thirds of all mortgages, experienced the highest percentage increase in serious delinquencies in recent quarters. To mitigate the negative impact caused by the crisis, the U.S. government and mortgage lenders developed various programs aimed at helping homeowners better manage their mortgage debt and meet monthly mortgage payments, ultimately hoping to stem foreclosures and keep families in their homes.
This webinar provides insight into the impact of various mortgage restructuring programs on consumers’ credit scores, including the government sponsored modification programs, short sales, foreclosures, and bankruptcy. Further scenarios are discussed, showcasing the range of score changes based on the financial magnitude of the restructured events. A final area of the webinar focuses on how a consumer may rehabilitate their score in order to gain access to reasonably priced credit.
Speaker:
Sarah F. Davies, SVP, Analytics & Product Management, VantageScore Solutions, LLC