Real Estate Continuing Education Online Courses Since 1998
Nebraska Real Estate Continuing Education - NEBRASKA Approved School: RealEstateCE.com
3.0 hours Valuation, Marketing, and Listings Course Syllabus
3.0 Elective Hours.
FICO, in business since 1956, introduced solutions such as credit scoring that have made credit more widely available. So, what is a credit score? A credit score is a number, generally between 300-850, assigned to rate how risky of a borrower a person is. The higher the score, the less risk posed to creditors and more the likely the chances of qualifying for a home mortgage.
Credit scores plays a vital role when lenders decide whether to extend credit for a home loan. According to FICO, over 75% of mortgage lenders and over 90 % of credit card lenders use credit scores when making their lending decisions. A low credit score may result in a denial of credit, or lenders may charge higher interest rates on loans to individuals with lower scores. This practice is known as risk-based pricing.
Equifax, Experian, and Trans Union dominate the credit reporting business. These three agencies use three different models for credit scoring. FICO develops scoring models for Equifax and Trans Union, which is why they are also called FICO scores.
This course will help you understand the role of credit scoring in the real estate industry and the steps involved in qualifying a buyer.