Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate)

Spam prevention
Rainer
266,581
Caroline Gerardo
Pinnacle Home Loans - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

I'm going to start my own credit reporting agency and score people for kindness. We will put a webcam on the back of their car to see if they throw trash out the window, or pass in the no passing lane. We can record them when they wait in line at the DMV, Post Office or buy groceries. Then those with high kindness scores and generosity can all pool money to pay off student loans so people can qualify for mortgages.  

what do I think? Useless unless wall street or mine government accepts the new score as a measure of creditworthyness.  

I can build or fix someone's FICO for free. I don't like all this linking your life privacy to hackers...

Oct 23, 2018 01:43 PM
Rainmaker
1,230,387
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

I agree with Caroline Gerardo Plus I will add that it's just another way to get more people into more loans.   Personally, I prefer less debt rather than more debt. 

Oct 23, 2018 01:50 PM
Rainmaker
109,482
Jerry Thomas-Construction Loans
Cranbrook Loans - Farmington Hills, MI
Construction Loans in MI, OH, VA, GA, FL and AL

My experience as a loan officer tells me that anyone that might benefit from this already has a high FICO score. I don't run into too many 580 credit score borrowers that have money market accounts.

Oct 23, 2018 01:18 PM
Rainmaker
852,108
Doug Dawes
Keller Williams Realty - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

To me a credit score is a credit score you either have good, mediocre or bad

Oct 23, 2018 03:01 PM
Rainmaker
266,102
Joseph Domino 480-390-6011
HomeSmart - Scottsdale, AZ
Real Estate Made Easy

It's an interesting premise. I think it was intended for people that work gig type jobs that cannot build their FICO because they don't use credit. But I also think it might help older Americans that have substantial savings but have retired from their career jobs.

I think it just adds a little flexability to what a lender can approve. How many of them will use the new system? We will have to see if it is accepted.

Oct 23, 2018 01:22 PM
Rainmaker
1,599,796
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

It is good, let's get on with using it already. I really think that it will help a tremendous amount of people. This new Ultra is nonsense - let's start using the new one that was supposed to take effect 3 years ago. Arggg.

This has been years in the making & what is the holdup? Who is holding it up? The banks maybe?

Oct 23, 2018 02:40 PM
Rainmaker
1,075,399
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Last 14 years never have problem with credit reports only work with those who can do 20 min. Often they have to put down more as there are just so many who can afford homes these days. 

Oct 23, 2018 02:37 PM
Rainmaker
3,436,025
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I just have no idea... then again, the clients I deal with are not normally credit-challenged to that point.

Oct 23, 2018 02:23 PM
Rainmaker
503,356
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I have some great lenders who I entrust my clients to and to be honest I am not knowledgeable about this Ultra thing!

Oct 23, 2018 04:01 PM
Rainmaker
5,759,594
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I am not familiar with this.

Oct 23, 2018 03:26 PM
Rainmaker
3,547,575
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It has been years since I have dealt with any credit-challenged customers.

Oct 23, 2018 02:38 PM
Rainmaker
1,321,482
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I leave that to the licensed mortgage brokers. 

Oct 23, 2018 09:12 PM
Rainmaker
1,724,612
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Fred Griffin I'm thinking " enhances your credit score based on indicators of responsible financial behavior"   people who are responsible don't need it.

Oct 23, 2018 07:31 PM
Ambassador
4,640,697
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I could go on a rant about this one, but best to just say, no thanks.

Oct 23, 2018 06:16 PM
Rainmaker
3,612,540
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

It sounds like an ultra issue that I would refer to my trusted lender.

Oct 23, 2018 03:00 PM
Ambassador
2,974,209
Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

I honestly don't know about this. I look to Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi to cover this subject and give us all indepth info.  Our buyers aren't credit challanged hardly ever and if they do have some things to work through we send them to lender and lender shows them a path.

Oct 24, 2018 01:55 PM
Ambassador
3,674,207
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Well, I couldn't have said it better than Caroline Gerardo!

Hey, Caroline, would you like a silent partner in your company?!! LOL 

Oct 23, 2018 05:12 PM
Rainmaker
5,322,086
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

I don't ever want anything linked to my checking and/or savings accounts....

Oct 23, 2018 04:35 PM
Rainmaker
4,808,579
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Well,

And when they get hacked and should they decide to report that, a bunch of folks will have access to our checking and saving accounts...what else should we tell them?

Oct 24, 2018 05:49 AM
Ambassador
2,010,891
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

Another way to gain access to personal and financial information under the guise of a "benefit". Who would be the real beneficiaries of this system? 

Oct 24, 2018 05:08 AM
Rainmaker
710,928
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes

I can only think of one client who would have been vastly enhanced. Not trusting banks, they created their own cash-based transaction lifestyle. Because of this, they didn't have a vast credit history but they did have substantial holdings. They would distrust this new scoring system as well.

Oct 24, 2018 04:30 AM
Rainmaker
1,903,743
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

FICO could use some tweaking !

Oct 24, 2018 04:28 AM
Rainmaker
760,829
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Time will tell if this is helpful or not.

Oct 23, 2018 09:12 PM
Rainmaker
879,817
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

 

Too intrusive for me and the only benfit will be those who don't need it due to already having a high score and good resources.

 

Oct 23, 2018 08:14 PM
Rainmaker
2,995,073
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Fred Griffin it might help, but depends on the buyer.

Oct 23, 2018 05:34 PM
Rainmaker
2,867,654
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

I am with Caroline Gerardo - worthless unless .... 

Oct 23, 2018 05:13 PM
Rainmaker
1,266,603
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Fred Griffin ... appreciate you introducing this topic here on AR.  It's definitely one that is cropping up often and spurring many articles and much conversation.

From what I've found and read so far, I've ascertained the few points below:

  • These changes will have minimal impact, except on those that are more "lower-end" Credit Score Borrowers/Consumers
  • Those with Scores ranging from 600 to 640 could be helped most
  • Bank Statements that are already provided to a Lender could be made available for review ... but assurances and portals must be offered/provided to Account Holders for secure and safe transmittal/sharing
  • It appears that the maximum benefit in Credit Scores would be around 20 points.  And while that doesn't sound like much, keep in mind that increments for interest rates run much the same.  For some consumers, this could offer the difference in interest rate that they need to reach Approval 
  • Unless the GSE's of Fannie Mae, Freddie Mac ... and FHA/VA/USDA endorse the new scoring, there will be little, if any, measurable impact for Mortgage Customers/Applicants
  • Little guidance or info has been provided directly to me, as of this writing.  (That leads me to believe that these changes are under scrutiny and possibly remain open to changes being made yet)

So bottom line, I can't provide much of an opinion, until provided with more info and direction as to how, as an Originator, I will be allowed to view and use this new info.  Until then, I remain cautious ... and will pass on endorsing or downplaying ...

Gene

Oct 25, 2018 11:38 AM
Rainmaker
1,777,755
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

Interesting, will check.

Thank you, Fred.

Oct 25, 2018 11:06 AM
Ambassador
3,985,028
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I vote for the kindness scoring because that seems what we are lacking most in this business. 

Oct 24, 2018 02:03 PM
Rainmaker
1,295,172
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Not liking this AT ALL.  Too much of an invasion of privacy and too much risk for WHEN these reporting agencies get breached again.

Oct 24, 2018 08:56 AM
Rainmaker
2,544,226
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Giving any authority access to private data makes me pause

Oct 24, 2018 07:11 AM
Rainmaker
705,843
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

So far, according to the TV talking heads, apparently would automatically boost everyone's credit score. I asked a couple of lenders for their opinion, and they have none, so far.

So more people would qualify for credit and mortgages without changing anything in their lives or behavior? Could this be another Wall Street scam?

Oct 24, 2018 06:49 AM
Rainmaker
4,798,469
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It may help some buyers.  It may eventually hurt some lenders.

Oct 24, 2018 06:35 AM
Rainmaker
4,311,991
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Had not heard of this Fred, will need to do some inquiries.

Oct 29, 2018 11:39 AM
Ambassador
2,943,540
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

two of my credit cards give me my score monthly.  I don't need them connected to anything they don't already have, remember they got hacked a couple of years ago... don't want my bank account info there to be hacked.

Oct 26, 2018 10:34 PM
Rainmaker
768,002
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

I think it will depend on how liberal/aggressive a bank's policies might be. A conservative bank will still stay with its traditional practices. Also issues of information security might become more acute.

Oct 26, 2018 06:46 AM
Rainmaker
1,331,779
Valeria Mola
SIB Realty - Miami, Sunny Isles Beach - Sunny Isles Beach, FL
305-607-0709 SIB Realty Condos for Sale and Rent

Interesting, will read.

Oct 25, 2018 11:26 AM
Rainmaker
3,985,513
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

WEll just pay on time and the rest will fall in place

Oct 24, 2018 09:13 PM
Rainmaker
1,159,858
Joyce Marsh
Regal | Christie's International Real Estate - Ormond Beach, FL
Regal Christie's International Real Estate

Thanks for the links. I’ll be reading when I have time. The majority of my clients have very high credit scores or pay cash but I will read to learn more about it for future reference 

Oct 24, 2018 07:11 PM
Rainmaker
3,396,997
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I would think this is a scam

Oct 24, 2018 04:27 PM