FICO 8 was just introduced and made available to the three credit reporting agencies in order to better measure the lender's risk and the buyer's likelyhood to repay as agreed. FICO 8 was developed specifically for real estate purposes.
One article claims that the new valuation system improves the predictablity by 15% over present systems used today. Loan servicers will find that it aids them in early detection of a borrowers future risk, and therefore initiating mitigation early to avoid foreclosure.
Several articles were released over the past few days so more should be on the horizon as to what effect this should have on future real estate transactions.
For specific home sales information or free Market Analysis contact:
Ellen Dittman, Watson Realty Corp.
904 535 1199
Short Sale Help!
Watson Realty Corp.
153 Blanding Blvd
Orange Park, FL 32073
Cell (904) 535-1199
Office (904) 269-1270
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