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ECRID Offers Federal Housing Finance Agency (FHFA) Credit & Lending Platform to Immediately Assist Low-Credit and No-Credit Home Buyers, and Others
ECRID Offers Federal Housing Finance Agency (FHFA) Credit & Lending Platform to Immediately Assist Low-Credit and No-Credit Home Buyers, and Others.
About this update from Ecrid, Inc.
[{"type":"text","content":"\n Stuart, FL, Nov. 21, 2022 (GLOBE NEWSWIRE) -- Ecrid, Inc. (OTC: ECDD) (“ECRID”) announces today details on the Company's FHFA Lending Platform. The revolutionary platform is detailed below:  A New Measure of Credit   The traditional FICO credit score that Fannie Mae and Freddie Mac rely on to approve home buyers will soon be a thing of the past. After about eight years of working toward a better solution, the Federal Housing Finance Agency (FHFA) announced a new model that will make it possible for a wider range of borrowers to qualify for home loans. While it could take a few years to implement, the dual-score model is designed to expand credit access and make it easier for home buyers with “non-traditional credit” to get mortgage-qualified. Give Credit Where Credit is Due The government-sponsored enterprises Fannie Mae and Freddie Mac are the safety net of the mortgage industry and guarantee the majority of U.S. home loans. For the last 20 years, they used the classic FICO score to help judge the creditworthiness of loan applicants. Traditional FICO had some “blind spots.” Among other things, it did not include the entire picture of a person’s financial profile. Plenty of would-be home buyers have been denied in the past, simply because they didn’t demonstrate the right type of credit history to qualify under FICO’s model. FHFA’s targeted adjustments... are well-timed and will improve access to credit for low- and moderate-income households, first-time buyers, and minority buyers.” –Bob Broeksmit, President and CEO of the Mortgage Bankers Association ECRID (OTC: ECDD) The New Credit Bureau and a Game Changer There’s a new publicly traded Credit Bureau ECRID (Stock Symbol: ECDD) with a lending component that builds on and augments what FHFA is attempting to do with the changes it is making to the traditional FICO. The ECRID Credit Report provides an expansive snapshot of “creditworthiness and will yield a more inclusive pool of borrowers.  All credit bureaus should take notice. The ECRID Business-to-Customer (B2C) model operates with transactions between ECRID (business), and its ECRID Credit Report holders/Borrowers (Customers). This eliminates the possibility of erroneous or inaccurate activity ever occurring on their ECRID C...