If you think these increases need to stop reach out to Senator Jack Reed. He is on the banking and finance committee and recently (Dec 1) questioned the CFPB on trigger leads. He is former military and a consumer advocate. You can share your thoughts with him here www.reed.senate.gov/contact/email (You do not have to live in Rhode island)
I looked you up to make a comment about how I managed to increase my credit, save some money, buy a house by myself. I actually did something to improve my lot and now I find out from you these scumbag leeches are charging more to people struggling now. Every time you make a video and tell us what is happening it is just incredibly useful. Thank you for your integrity and positivity. It is rare and you’re videos are valuable. Ty
Thankfully my lender warned me before the hard pull to go to the bureau and opt out. I think I got one call. Maybe she can do a video on how to do that. ❤
Thank you for getting the word out on this. As a small business owner in the mortgage space, it is very important for consumers to understand what is happening in our industry as ultimately it will affect their wallet. Unfortunately, with the high amount of rate shopping and the increased cost of credit reports, I now find myself in a position where I need to shift the cost of The Upfront credit report on to the consumer. I just can't afford to cover the cost of the credit report with current conversion ratios. Verification of employment fees are astronomical too.
Thanks for the content you post, I have a question. I live in California and wanted to purchase a second home in Las Vegas for my mother to live in. I contacted a representative at my bank ( Navy Federal), and she told me if my elderly mother lives in the house I can purchase the home as another primary home and the down payment would be 5 to 10%. I wanted to know if this is something you can offer as well, thanks.
Jennifer, we have worked very hard to raise out credit scores. We have paid off all our credit cards and also our car. Our lowest credit score was 814 and when we paid off our car, it dropped 36 points on experian. We are just devastated! Why did that happen?
It happened because when you paid off the car, the credit line closed. Whenever you have a credit line that closes, it can affect your score, generally cars are a longer trade line that you would have and that is why. Sounds crazy I know.
I have had that done here in IN twice for hard pulls. They charge you the $65 upfront for the hard credit report pull and the appraisal fee of $700 upfront, as well, instead of charging it in the closing costs. Then you really feel like you cannot shop lenders.
Yeah, I think it’s really harmful for consumers. I think at the very least if they’re going to increase their charges this much, they need to make it so that the consumer actually owns the report. Right now the consumer does not own the report and we can’t even give you a copy of the report. Those are the rules. Ridiculous agreed
@@JenniferBeestonI agree! That would be great if you could pay to pull and take it with you to shop lenders for a set amount of time until re-pulling is necessary because it expires. Maybe with enough people, it can happen!
You ever feel like your in a building full of a million people screaming at the top of your lungs, but no one can hear you, if so, that means your telling the truth and on the right path..... everyone wants the truth until you have it and are ready too give it away for free, then tbey ignore it, but have filthy drama and you can't shake them off with a stick. Crazy old world.
I definitely feel that way sometimes especially on topics like this. It just boggles my mind how something can be so obviously wrong, but everyone just accepts it as a status quo.
We just had a meeting the other day about credit prices. The increase that's in place for us is just over what you mentioned. Upfront fees just maybe an option. DU have to go hard pull! The best thing we can all do is get the word out that the increase is not done by us and we are not giving a mark-up on anything 3rd party. However, it can look like it.
How far off is credit karma reporting from the other reports? Most consumers use that one, but I hear it’s usually 50 points off from actual credit reports.
Yep and now it’s going to $50-$100 depending on how it gets sold to the mortgage lender. The $24 I cover in the video is an estimate of fico cut. On top of that you have equifax, experian and transunion and then the companies that sell it to mortgage companies. it’s really messed up. National mortgage news did a story on it yesterday and housing wire did a story today and the mortgage banker association finally wrote something up about it, but there’s just not enough people talking about it so please tell everybody you know.
Great video. Soft pulls are going from $22 to $75 with Xactus and Advantage doesn’t seem to be better. It’s insane. I’ve never charged up front for a credit report in my 20 year career but I might have to now. Great video
They are likely in a tier that got hit hard in 2023 with pricing increases. 2024 get rids of the tiers and hoses everyone and increases on top of that #goodtimes
2023 had tiered pricing so if a lender did more loans they were charged less. There was volume pricing so if you’re working with a smaller lender that’s probably potentially why you were being charged 65 upfront but in reality it’s going to go up even more for that same Lender that already got hit last year.
Yeah, it’s completely insane and should be illegal. They say it’s to help Con$umer shop but it’s such BS. I’ve had so many veterans tell me that people are calling them saying that they work for VA and that VA does loans. such a scam.
But how is this costing "A LOT" more if it's only costing me an additional 30-bucks for a credit report? I don't get it. I'm more worried about the price of housing going up by tens-of-thousands... Am I missing something?
Check out housing wire www.housingwire.com/articles/credit-reports-will-be-more-expensive-for-mortgage-lenders-in-2024/?cx_testId=3&cx_testVariant=cx_1&cx_artPos=1&cx_experienceId=EXZNOASUT0V6&cxTrackingId=%7Bkpdx%7DAAAAqRO1R8rzbAoKbnZCdWZxcThwdRIQbHBuZjdkZzNkc2w2NmhuZxoMRVhaTk9BU1VUMFY2IiUxODA3aWFnMDkwLTAwMDAzMzE4OW91ZjVyODUyZXFjcTZnYXRvKiJzaG93UmVjb21tZW5kYXRpb25zMVBVWDVETlMxM0NER1ozUhJ2LW0A8Bg2d3FlOHd1bXBaDTI0LjIzMy4xNzYuNzFiA21pY2iBya-rBnAEeBg#cxrecs_s
It's good to know what goes on inside the mortgage industry. It gives us a better picture of how the process works. Now we know how pulling credit works when buying a house. Keep us informed!
Very informative. I think you will find information from Armstrong Economics very helpful in your work. His forecasts are exremely accurate. Free to subscribe.
Check out National mortgage news coverage of the issue www.nationalmortgagenews.com/news/fico-ratchets-up-credit-score-soft-pull-prices-in-2024#:~:text=A%20two%2Dperson%20tri%2Dmerge,to%20about%20%2450%20next%20year.
Every time i think about the continued changes that are happening in the homebuying process I thank GOD I decided to continue and purchase when I did a few months ago!
The benefit of the few, at the cost to the many. Do credit bureaus contribute to political campaigns? Big Money looks out for those who protect THEM, and they are above accountability.
Yeah it’s pretty interesting because if you really start digging into it, you’ll see that there’s been a lot of articles over the last 20 years that say that it’s a problem and that it’s a monopoly and there’s even been a couple bills put together to try to stop some of this yet It’s all dead on arrival.
