Ted Rossman had plenty of insight to share about recent changes in FICO scoring models, invoking his expertise as a longtime industry analyst at Bankrate. During this episode, he described the significance of the introduction of FICO 10T, which incorporates trended data and the impact of Buy Now Pay Later services on credit scoring. He highlighted the generational differences in attitudes towards credit and debt, the regulatory landscape affecting consumer protection, and the evolving relationship between FICO and mortgage lending. Rossman also emphasized the importance of incorporating rent payments into credit scores and provides advice for real estate professionals navigating these changes.

Chapters:

00:00 Introduction to FICO Score Changes

01:58 Understanding FICO 10T and Trended Data

04:24 The Impact of Buy Now Pay Later on Credit Scoring

08:31 Generational Perspectives on Credit and Debt

13:38 Regulatory Landscape and Consumer Protection

16:54 FICO's Direct Approach to Mortgage Lending

20:32 Incorporating Rent Payments into Credit Scores

23:29 Advice for Real Estate Professionals

26:04 Future Outlook on Mortgage Rates and Credit Scoring

Get In Touch…

Host email: Mary Schuster - [email protected]

Guest email: Ted Rossman - [email protected]

For More About Ted’s Work & Expertise: Ted Rossman | Bankrate.com - Compare mortgage, refinance, insurance, CD rates

To find more episodes of “Keys to Real Estate” or learn more about October Research – the nation’s leading independent provider of market intelligence, industry news, expert analysis and regulatory information for professionals in the real estate, title, financial and settlement services industries – visit https://www.octoberresearch.com.

Episode sponsored by Closinglock – https://www.closinglock.com

Episode produced by October Research – https://www.octoberresearch.com