How to navigate mortgage lending to a credit-invisible population

As this suggests, most consumers that are credit invisible or that have an unscored credit record are young. Panel (B) of figure 1 shows the distribution of the number of consumers who are credit invisible or have unscored records. Over 10 million of the estimated 26 million credit invisibles are younger than 25.

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Comprising more than 17 percent of the population. to loan products, especially for those of minority descent.” In fact, the Consumer Financial Protection Bureau issued a report in early May noting.

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Bureau Also Finds That Black and Hispanic Consumers Are More Likely to Have a Limited Credit Record. WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) published a report finding that 26 million Americans are "credit invisible." This figure indicates that one in every 10 adults do not have any credit history with a nationwide consumer reporting agency.

The Consumer Financial Protection Bureau issued a report saying that "credit invisibles," those people who have no credit report on file with the three major credit bureaus, make up about 19% of the U.S. population or about 45 million people. If you are a credit-invisible, should you pursue your dream of a no-credit home loan?

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procedures and tools that originators, servicers, and other parties in the mortgage lending process presently employ to assist lep borrowers, identify existing requirements, including laws and regulations that guide practices for interacting with LEP borrowers, and better understand the challenges in effectively serving this population.

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