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July 12, 2005


NAMB continues to have concerns over Title III in H. R. 3915. Particularly troubling is the lowering of the“ points and fees” trigger for“ high- cost loans” under the Home Ownership and Equity Protection Act (HOEPA) from 8 percent to 5 percent, and the inclusion of all costs and fees charged to the borrower. This measure would adversely affect many people by making it impossible to obtain mortgage financing. NAMB will continue to work with policymakers on this issue.

Recall that FICO scores are calculated partly by looking at all of your available credit (whether used or unused). When your credit limit is raised but your spending and paying patterns remain the same, the credit bureau perceives you as using less of your credit. This in turn can quickly increase your three digit credit score and improve your credit rating!


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