Credit

Late-stage mortgage delinquencies hit the highest level since January 2020 in September, a new report from VantageScore found.

The North Carolina bank is the latest lender impacted by the bankruptcy of U.S. auto parts maker First Brands. First Citizens executives said credit was in good shape overall.

Other studies have found fewer credit pulls could be viable, but this shows millions more would be adversely impacted than in a bi-merge.

Equifax will hold costs for scores from FICO rival Vantagescore through 2027 and offer other incentives meant to drive adoption of the alternative metric.

Through a new program, mortgage resellers will be able to calculate and distribute credit scores directly to customers, reducing their reliance on credit bureaus.

The credit scoring agency's rollout comes after years of criticism from home lenders over its prices, with delivery costs rising over 40% in the past year.

Orlando-based Cogent Bank has hired a team to finance single-tenant net lease properties, an asset class characterized by exceptional credit quality.

High interest rates and tough economic conditions played a role in the credit woes that overcame BayFirst Financial's small-dollar lending effort.

A FICO survey shows 33% think exaggerating income on credit applications is acceptable. Ironically, many also prioritize strong fraud prevention from banks.

As high interest rates make refinancing impossible for many homeowners, increasing numbers of them are turning to HELOCs and home equity loans for cash.