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Keep pulling the thread on United States.
The total value of the U.S. housing market has reached an all-time high of $55 trillion.
U.S. mortgage holders have a total of $11.5 trillion in tappable equity, defined as having at least a 20% equity cushion.
In the U.S. mortgage market, only 34% of hard inquiries for first mortgages result in a loan origination.
In states like Florida, the rising cost of home insurance has become a primary driver of housing expenses and a major barrier to affordability.
Experian research indicates that incorporating cash flow insights in addition to traditional credit data can increase model accuracy and risk differentiation by 35%.
U.S. mortgage rates have remained above 6% for most of the current year.
The VantageScore 4.0 credit scoring model incorporates trended data and alternative data.
In the current U.S. housing market, first mortgage originations have remained selective while the volume of HELOCs and second liens has continued to grow.
Federal Housing Administration (FHA) loans are a growing segment in the U.S. mortgage market, particularly for first-time homebuyers.
Department of Veterans Affairs (VA) loans have been a strong growth segment in the U.S. mortgage market.
The primary reason for low mortgage conversion rates is a lack of clarity and confidence from consumers about what they qualify for, rather than a lack of interest.
Lenders are using mechanisms like Experian's PowerProfile to start with a single-bureau credit pull at the beginning of an application and only converting it to a full tri-bureau report for consumers who proceed further in the pipeline.