Fannie Mae to Drop Minimum Credit Score for Homebuyers
Fannie Mae is lowering its minimum 620 middle credit score requirement for purchases and refinance loans—a move that could broaden access to homeownership for borrowers with thinner credit files or lower scores. Following Freddie Mac’s lead, Fannie Mae is removing the threshold from its Desktop Underwriter (DU) eligibility determination system. While DU may no longer […]
Massachusetts Updates Money Transmission Laws
Massachusetts is the latest state to update its money transmission laws—a move welcomed not just by consumers but also by the fintechs the law is meant to regulate. The primary goal of the new legislation is to strengthen consumer protections for users of services such as Venmo, PayPal, and CashApp, “With this new law, consumers […]
The Challenge of Monetizing Value in Digital Banking
The financial services industry has been increasing the pressure on digital channels to produce revenue, diversify revenue streams, and provide returns on investment. Because digital banking is becoming more expensive, the challenge is to not just save money but also actually create new revenue. For forward-thinking financial institutions, the opportunities are there to turn their […]