Tag Archives: Low Credit Scores Hold Back Many Borrowers

Would-be borrowers who have credit scores below 620 are increasingly being denied a mortgage, struggling to meet lenders’ more stringent underwriting standards, Elizabeth Duke, member of the Board of Governors for the Federal Reserve System, told attendees at the recent Housing Policy Executive Council. According to Credit Sesame, from 2007 to 2012, mortgage originations for borrowers who had a credit score between 620 and 680 fell nearly 90 percent, Duke said. During that time period, mortgage originations fell only 30 percent for borrowers who had credit scores of more than […]