topic Re: Mortgage Fico Scoring in Mortgage Loans

Mortgage Fico Scoring

BobbyJ — Thu, 23 Feb 2012 17:54:12 GMT

Hello, Are mortgage fico scores enhanced? I am curious if they are higher than the fico scores you would see on the CRAs on average?

Going to apply for an FHA mortage in 2 weeks.

Re: Mortgage Fico Scoring

boomhower — Thu, 23 Feb 2012 19:08:47 GMT

They are regular FICO scores but what exact formula used can vary from bank to bank.

Re: Mortgage Fico Scoring

BobbyJ — Thu, 23 Feb 2012 20:37:00 GMT

Thanks for the info boomhower!!!

Re: Mortgage Fico Scoring

Catacam — Thu, 23 Feb 2012 20:39:42 GMT

My LO said that her system is very very forgiving, which would imply to me that there are differences

Re: Mortgage Fico Scoring

Gollum — Fri, 24 Feb 2012 10:05:03 GMT

Catacam wrote:
My LO said that her system is very very forgiving, which would imply to me that there are differences

A FICO score is the industry standard. Anything else is male cow dung.

A FICO score is generated from the information in the credit report at that instant.

If the information in the credit report changes, the FICO score will also change.

I think you should be very skeptical about that particular loan officer.

Re: Mortgage Fico Scoring

Catacam — Fri, 24 Feb 2012 13:34:32 GMT

I am no expert, just passing along what I have heard... :smileyhappy: What my LO said is that there are overlays that banks will use depending on what a person may be applying for. There are auto overlays, and home overlays. She also said that certain banks will actually change their standards so people will actually have a lower score which will force them to have a higher FICO which means a higher interest rate, or more money for the bank.

Re: Mortgage Fico Scoring

boomhower — Fri, 24 Feb 2012 15:28:20 GMT

Catacam wrote:
I am no expert, just passing along what I have heard... :smileyhappy: What my LO said is that there are overlays that banks will use depending on what a person may be applying for. There are auto overlays, and home overlays. She also said that certain banks will actually change their standards so people will actually have a lower score which will force them to have a higher FICO which means a higher interest rate, or more money for the bank.

There is no mortgage enhanced FICO like there is an auto enhanced score. Mortgage FICO are just regular FICOs. BUT, that is not to say that a bank can't use it's own internal scoreing models on top of that. BUT if they are using a govt backed loan then they have to use the FICO as the baseline but they can increase the standards needed for them to lend. Just like FHA is 580 to qualify but not many lenders will go that low. A lender can have their own internal scoring method that you must satisfy for them to loan. That is not common at all, everyone I am familiar with just uses FICO scores.

Re: Mortgage Fico Scoring

llecs — Fri, 24 Feb 2012 17:56:50 GMT

Actually there are Mortgage-Enhanced FICO scores which use the same scale and weigh your past mortgage experience a little more than your other TLs. Same goes for auto-enhanced for cars (very common) and CC-enhanced for CCs (there are a quite few posts in here).

I'll troll here looking for differences in scoring and 99.9% of the posts are Classic FICO scores (same as on here). Virtually everyone's EQ matched and there are differences to TU as we know, though some lenders still use the version as on here (TU98). EX is virtually the same as well provided they got it from somewhere else (like another lender or PSECU or wherever).

I read the LO's comment of "...her system is very very forgiving" as being that they, as a lender, have some flexibility. If the guideline is 620, sounds like they can accept 619, for example, and that there's nothing cast in contrete when it comes to income, DTI, scoring, baddies, etc. My LO said the same that they'll weigh the good and the bad and make determinations off of that.

ETA...added the link and it reminded me...it's only new on the FICO08 models.

Re: Mortgage Fico Scoring

Gollum — Mon, 27 Feb 2012 09:06:37 GMT

Catacam wrote:
I am no expert, just passing along what I have heard... :smileyhappy: What my LO said is that there are overlays that banks will use depending on what a person may be applying for. There are auto overlays, and home overlays. She also said that certain banks will actually change their standards so people will actually have a lower score which will force them to have a higher FICO which means a higher interest rate, or more money for the bank.

If it's not a FICO score, then it is meaningless.

FICO scores are the industry standard.

Before you sign documents for any loan:

1.) Know your FICO scores

2.) Shop around for the best interest rate.

Re: Mortgage Fico Scoring

stellina5 — Tue, 23 Oct 2012 16:10:38 GMT

how can I access my " mortgage fico score"

there is a big disparity between my consumer fico and mortgage fico

I do not want another lender or order this mortgage score, it is a mark against my score

thank you

stellina5

Re: Mortgage Fico Scoring

sharpie — Wed, 24 Oct 2012 20:17:45 GMT

Last I knew, any mortgage pulls within a 45 day period count against you as only one. I had a ton of mortgage pulls a year ago and it didn't even drop my score.

stellina5 wrote:
how can I access my " mortgage fico score"
there is a big disparity between my consumer fico and mortgage fico
I do not want another lender or order this mortgage score, it is a mark against my score

thank you
stellina5

Re: Mortgage Fico Scoring

crunching_numbers — Wed, 24 Oct 2012 22:25:06 GMT

stellina5 wrote:
how can I access my " mortgage fico score"
there is a big disparity between my consumer fico and mortgage fico
I do not want another lender or order this mortgage score, it is a mark against my score

thank you
stellina5

Most scores we think of as "consumer" scores are not really FICO scores at all but numbers that are made up and called credit scores. True FICO scores are the scores that mortgage lenders use. The Equifax score available here on this site is a real FICO score, the same one the mortgage lender will pull. Keep in mind that your score is only accurate for the moment in time that you get it and is subject to change every day. Getting a score from here will not harm your credit or change your score. Feel free to get your score from here without fear it will affect you in any way.

Re: Mortgage Fico Scoring

stellina5 — Thu, 25 Oct 2012 00:13:31 GMT

THANK YOU FOR YOUR TIME INCLARIFYING THIS " MORTGAGE FICO "

BUT STILL A BIT CONFUSED, IS THIS OUR SCORE AT THE BOTTOM OF THE PAGE OF YOUR REPLY ?

OR .......DO I NEED TO LOG INTO ANOTHER SITE ?

THANK YOU , STELLINA5

Re: Mortgage Fico Scoring

beb86 — Thu, 25 Oct 2012 04:44:47 GMT

I mean the could be using FICO scores but there is some disparity between each model. For instance my EQ from here and my lender were dead even I believe the both used the Beacon 9. Where as my TU was about 20pts apart. reason being myFICO uses the TU98 and most lenders use TU04, and as far as EX is concerned I have no idea

Re: Mortgage Fico Scoring

stellina5 — Thu, 25 Oct 2012 16:51:06 GMT

oct 252012

thank you for your explanation

what is beacon 9, tu98,tu04, how do I access these scores ?

stellina5

Re: Mortgage Fico Scoring

beb86 — Thu, 25 Oct 2012 19:08:45 GMT

stellina5 wrote:
oct 252012
thank you for your explanation
what is beacon 9, tu98,tu04, how do I access these scores ?

stellina5

You cant really access those scores except the EQ beacon 9 is from here, TU98 is from here Walmart will issue you a TU08 if you sign up for paperless statements but you can get your TU04 without an INQ from who ever uses it.