Replies – Forums – Michelle McCue – Great Content Authority (GCA) Forums

Michelle McCue

Member

September 24, 2024 at 3:28 pm in reply to: Cash-Out Refinace Texas Chapter 13 Buyout

I have yet to find a non-qm lender that will do this loan in an active Chapter 13. ACRA and Deephaven seem to entertain it, but I do not have high hopes. A6 laws make cash out fairly problematic in Texas. The few times I have done this type of loan I have had the borrower properly get the BK dismissed, and then did the cash out at Oaktree.

Michelle McCue

Member

September 19, 2024 at 4:45 pm in reply to: What Credit Scoring Model Do Mortgage Lenders Use

The FICO 8 model used by credit card companies is more critical of high balances on revolving credit lines. Since revolving credit is less of a factor when it comes to mortgages, the FICO 2, 4 and 5 models have proven to be reliable when evaluating candidates for a mortgage.

106542425 1589821946493gettyimages 962633624

cnbc.com

Revolving credit vs. installment credit: What's the difference?

What's the difference between revolving credit and installment credit? While having both is important for a healthy credit score, one can be more harmful than the other.

Michelle McCue

Member

September 19, 2024 at 4:26 pm in reply to: Student Loans With IBR Payments

An important update from the Department of Educaton is below. Unfortunately, repayment options are paused in many instances while they work through the SAVE Program.

Department of Education Updates on Saving on a Valuable Education (SAVE Plan) | U.S. Department of Education

ed.gov

Department of Education Updates on Saving on a Valuable Education (SAVE Plan)

A Federal Court issued an injunction preventing the U.S. Department of Education from implementing parts of the Saving on a Valuable Education (SAVE) Plan and other IDR plans. The U.S. Department of Education is assessing the ruling.