Hi, I'm Tony, a Web Services Consultant (WSC) based in Woodbridge, NJ. Most of my professional years were spent in commission sales as a real estate sales associate, real estate broker, mortgage broker and mortgage lender representative, a position in which I spent the last twelve years of my sales career before being forced into an early retirement which I hadn't anticipated. Currently I manage the online activities and business operations of TPJaveton & Associates, a Web-based entity I established at my New Jersey residence in 2009, with the intentions of generating continuous income after leaving the mortgage lending business. However, because my departure from mortgage lending came sooner than I expected, I now devote most of my time to the WSC activities.

Hi, I'm Tony, a Web Services Consultant (WSC) based in Woodbridge, NJ. Most of my professional years were spent in commission sales as a real estate sales associate, real estate broker, mortgage broker and mortgage lender representative, a position in which I spent the last twelve years of my sales career before being forced into an early retirement which I hadn't anticipated. Currently I manage the online activities and business operations of TPJaveton & Associates, a Web-based entity I established at my New Jersey residence in 2009, with the intentions of generating continuous income after leaving the mortgage lending business. However, because my departure from mortgage lending came sooner than I expected, I now devote most of my time to the WSC activities.

Discrepancy in FICO Scores From Banks and MYFICO Site

Today’s post is brought to you by the credit specialists and consultants at North Shore Advisory, Inc.


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Discrepancy in Fico Score Pulled by Banks vs. the MYFICO Site Scores

Fico scores are the scores that most bankers use when assessing the risk of a potential loan applicant. When a banker pulls credit scores they usually get a merged credit report showing all three credit bureaus (Experian, Trans Union, and Equifax), as well as three Fico scores, each one representing the risk of the consumer related to information on each bureau. Most bankers use the middle score number as the basis for calculating the price of the loan.

What is unknown in most cases is Fico scores come in many variations. There are actually 53 different Fico scores. Since the myFICO site has recently settled a 4 year rift with Experian allowing consumers to buy all three Fico scores, we are getting many complaints that the scores pulled by bankers are sometimes different.

Because there are many versions of Fico scores a lender may have an older or newer version of the Fico score which could cause a difference in the score pulled at the consumer site. The newer version of the Fico score is the 08 version as opposed to the 04 and 98 versions.

Besides the different models, there are also varied brand names of the model used by each of the credit reporting agencies. For example, the 08 version is called Fico Risk Score Classic 08 for Trans Union, Beacon 09 for Equifax, and Experian calls it Experian/Fico Risk Model v08.

These brand names are listed on the merged report pulled by the banker. There are many reasons why banks might use different models or generations of the Fico score. Some don’t want to spend money on implementing the new version and others may still be evaluating whether they will approve it.

In addition to the different versions of scores causing variations, discrepancies in scores can occur if information changes on credit in between the first pull by the consumer at the Fico site and when the banker pulls credit. For example, if a credit card balance was updated on credit hours after an individual pulled reports and scores from the Fico site, there could be quite a difference when the bankers merged report is generated later on with the update.

When the banker gets the tri-merged credit report and score from the pulling service the scores could vary 10-100 points depending on what balance to limit ratio the individual had prior to the update. The same goes for closing an account or new accounts being updated to credit. Changes of information on credit can cause drastic or small score differences. Although the Fico site is not guaranteed to be the same, it is a good indication of where the scores are.

Northshore Agency encourages you to…

Call us with any questions or feedback on credit challenged clients or credit in general! And they want you to know that…

Making sure credit is analyzed with future financial goals in mind is a MUST before taking an action that can foil those plans and limit a consumer’s options for a better quality financial life.

“Great credit brings great opportunity!!” Copyright 2013

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.

Contact Us:
914-524-8300
Email: Info@NorthshoreAdvisory.com


Chicago’s Urban Economic Development: An Incremental Work in Progress



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In recent weeks we have been rather busy writing a variety of articles for paying customers in accordance with established deadlines. Unfortunately, we were unable to update REAMS as often as it would otherwise have been. However, we’d like to share some of the other researched content with you. We hope you find some interest and/or enjoyment in it. Here’s today’s Chicago-specific post:

In this age of dwindled state and federal funding, the Chicago Stockyards have become a national model for urban economic development. – Quote!

The portion of this quote which, regrettably is true more often than not, is, “…this age of dwindled state and federal funding…”, and it succinctly depicts economic conditions in many of our nation’s poorest, low, and moderate-income neighborhoods. The quote was extracted from a December 1999 article in the GOVERNMENT FINANCE REVIEW titled, Urban Revitalization and Tax Increment Financing in Chicago.

The “GOVERNMENT” is the City of Chicago’s Department of Planning and Development; and the neighborhoods are, unfortunately, most often under-served by those empowered to bring about positive change in the form of revitalized development of housing, schools and businesses, as well as more jobs, positive growth and the prospect for continued prosperity.

However, as stated in the quote, the City of Chicago has created what has become a national model for urban economic development, and should be utilized in many other urban communities in need of such development. The national model referred to is Tax Increment Financing (TIF), a program which the state of Illinois first enacted in 1977.

TIF was considered an important community development tool for attracting the development that will generate new taxes. Unfortunately it took 12 years for the program to be embraced by city officials and fully utilized. This acceptance and utilization of the Tax Increment Program occurred when Mayor Richard M. Daley took office in 1989.

Tax increment financing is actually a technique for financing a capital project from the stream of revenue generated by that project. The “…advantage of using TIF over federal economic development money is that it allows for more project flexibility and local control”, and it was this program that provided the funding mechanism to clean up the stockyards and prepare land for redevelopment.

The Stockyards Industrial Park is now home to modern industrial facilities for companies like Culinary Foods, Inc., Luster Products, and OSI Industries, while a new retail center has brought stores and services to a once under-served area.

As is often the case with so many city and community initiatives, TIF was enacted after a drastic reduction of federal economic development funds. A similar effort for such an economic development is WECAN (Woodlawn East Community And Neighbors Inc.) which was founded by Mattie C. Butler, a 40-year Woodlawn resident and sister of Hall of Fame R&B singer/current Cook County Commissioner Jerry Butler.

WECAN quickly became a neighborhood and citywide advocate for rescuing at-risk and abandoned buildings, preserving an estimated 5000 units of housing in Woodlawn since its founding. Many of its programs – Abandoned Property Program, Vintage Homes For Chicago and Step-Up Housing – have become citywide models.


Along with TIF and WECAN, there is a Federal Housing Administration (FHA) program created specifically for the rehabilitation of one-to-four family residential properties, as well as mixed-use (consisting of residential and retail space in proportions set forth by the program) buildings. This program is known as HUD’s Section 203 (k) rehabilitation mortgage, which is administered by FHFA and insured by the FHA.

The 203k rehab loan permits a home buyer to finance a minimum of Five Thousand Dollars ($5,000) in the mortgage loan for completion of any repairs that are needed on the home s/he is purchasing, unless that home is a year old or less. Under the 203k program loans are insured up to approximately 96.5 percent of the lesser of appraised value before rehabilitation plus rehabilitation costs or 110 percent of appraised value after rehabilitation.

A 203k loan can be used to (1) finance rehabilitation of an existing property; (2) finance rehabilitation and refinancing of the outstanding indebtedness of a property; and (3) finance purchase and rehabilitation of a property. An eligible rehabilitation loan must involve a principal obligation not exceeding the amount allowed under Section 203(b) home mortgage insurance” (the standard FHA-insured residential mortgage program).

Due to recent changes in these programs please refer to HUD’s website at the link below for updated information: More about 203k financing or simply www.hud.gov

The programs mentioned in this article are by no means all there is to remedy some of the blight and dilapidation in many of Chicago’s neighborhoods and, indeed, neighborhoods all across this nation. There are other programs, including the Community Reinvestment Act (CRA), which should be utilized for the maximum benefit to every community in which commercial banks conduct business. Please learn more about CRA here: More Wiki CRA info

TIF was developed in Chicago and – as one of the most effective programs ever developed for the purpose it serves – has come of age in that city, although other cities have been encouraged to follow Chicago’s example.

A statistic which may best illuminate the success of Chicago’s TIF program is the calculation of private return leveraged from public investment. For every one dollar of public funds spent on TIF projects, the private sector has invested almost five and a half dollars. By the end of 1998, Chicago had invested a cumulative $526 million in TIF funds and benefited from $2.82 billion in private investment – Quote

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Finding A Good Real Estate Agent


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Buying real estate property involves a series of steps which, conceivably could induce a plurality of different thoughts. Among the many thoughts a prospective home buyer or home seller might entertain, is to do the transaction without the use of services provided by a real estate agent. Most people who buy or sell a home generally think that a real estate agent is a waste of money. Those who choose to buy a new home, think that real estate agents only add to the cost of the home selling / home selling transaction.

What most people aren’t aware of, however, is that while real estate agents are paid by the seller, services provided benefit the buyer in ways that neither buyer or seller may be aware of. Benefits to the seller are common knowledge; they include promoting and advertising the property, qualifying prospective buyers, sharing information about the property with other brokers (via MLS), arranging mortgage financing for the buyer (in many cases), and helping to get the property priced competitively to affect a fast sale.

A real estate broker also provide a number of services to the home buyer, some of which were done on behalf of the client home seller. For example, a real estate broker is usually able to pre-qualify buyer and help the buyer to make preparations for home buying; but one of the most important services a broker provides to the prospective buyer is having the property reasonably priced, which was done – in most cases – far in advance of meeting that buyer.

Most importantly, the buyer gets to work with a professional real estate agent without really having to pay for the services provided by that broker. Policies can vary greatly from state to state and company to company, which is why you should always check any paperwork or contracts that are provided to you to ensure this is the case. When you are interviewing agents, make certain to ask about any type of fees expected from the buyer as well.

A lot of real estate agents out there may work with both buyers and sellers, although most specialize in working with either the buyer or the seller. If you are buying a home, and choose to hire a buyer’s broker to represent your interests, make sure the agent you choose has prior experience of working with buyers in all types of transactions. This way, you can count on your agent to be there when you need him/her the most.

If you are interviewing a real estate agent and s/he isn’t familiar with down payment assistance programs, you shouldn’t hire the agency. Agents who are not familiar with these types of mortgage programs generally aren’t on the level, or they may lack the experience necessary to help you purchase the home of your dreams.

You can also make a list of real estate agents that you can interview based on referrals from friends, lenders, and even family. Lender referrals are normally a great choice as most lenders have worked with their recommendations in the past and both are already familiar with each other. Choosing a lender referred agent can also prevent you from encountering any obstacles or surprises.

When you interview a real estate agent, make sure that you have the agent explain his fees. This way, you’ll know exactly how much he will be getting from the purchase. You should also find out how much experience he has in the field, and how long he has been working with real estate.

You can also ask about sample contracts as well. If you are buying a home, you should make sure that the agent works with buyers. If you happen to be selling your home, then you’ll want to make sure that the agent works with sellers. Agents that are dedicated to one or the other are usually the best to choose, as they will have be more in your corner than agents who work with both buyers and sellers.

Finding a real estate agent is an easy task, providing you know what to look for. If you take things one step at a time and carefully make a decision, chances are that you’ll end up with an agent who has the experience you want. You should always be careful when you choose, and never rush the process.


Real estate agents are easy to find, although finding one who fits your needs and has your expected budget is a little tougher to locate. When you make that final decision, you should always choose an agent who puts your your best interest ahead of the agency’s.

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