anderson2624 Tracker

Re: View from a Lender...Rates get lower suit ok to bail?

anderson2624 — Fri, 14 Dec 2012 18:25:42 GMT

A ONE WAY STREET

Recently applied. Appraisal great. Fico Great. Income great. Lender PHH interesting.

Did not want rate lock. Demanded we lock or pay a higher interest rate for a rate guarantee. Lock expired rates down. Automatic 60 day extension of 60 day lock

IN ENGLISH

We had you locked at 4. Rates are 3.5 you must wait 60 days before we will reset to 3.5. Discussed and complained for 30 days. PHH canceled loan. New reset date is 90 days after 60 day lock.

Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sun, 11 Nov 2012 22:51:57 GMT

I am simple.

I get 3 scores based upon the bureaus. 780, 760, 800. Lender orders report from same institutions and gets a different score same day FIFTY points lower. . Next day I run ne again. 780, 760, 800

WOW... I have six FICO scores from 3 bureaus! Mine ALWAYS higher that the BANK!

FORGET fico score NOT used by Mtg Lenders or FICO of San Rafael California is a fraud. To fix that FICO needs to sue the lenders but will not do that because the bureaus want their OWN fico system and it looks like they have one they give to the public and the SECRET one they give to the lenders.

If that is the case then there is a CLASS ACTION suit involving Experian, Equifax and TransUnion.

If "lenders" or extenders of credit can manupulate the results a consumer's FICO is worthless

AMAZING .... how little those of you who are "valued" do not know. I am still going through the responses and will soon leave this site as if the best anyone can do is act like sheep the site is worthless for true issues and valuable for conceptual guidance

Maybe this site is "industry" supported sorta like the fake emails sent during the elections.

Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sun, 11 Nov 2012 22:49:04 GMT

INTELLIGENT RESPONCE

Years ago I called FICO. How you do that? Its a secret. Bank of America... etc. No disclosure as to what FICO formula they use. No disclosure that they have more stringent requirements than that PUBLISHED on the FnMae site. Its a secret.

A few days ago I told Merryl Lynch Wealth Management that I would accept their :lies" about FnMae guidelines were changed, their lies about my Debt to Income ration being 49/51 when it is 20/80 and their need to get 4.1 APR on a 70/30 conforming loan even though they were offering at that time 3.5050 APR.

All they had to do was provide me with the Merryl Lynch " for FICO and the mandatory written real estate loan guidelines. SORRY that is a secret.

As before I will follow up because they do not want Federal Oversight. My loan will fund.

An "typical" borrower would assume the bank is honest and correct and the Bank wants to make loans. Their profit center is, in part, the appraisal fee (they keep most of it) and will not inform the client how much they paid the appraiser but much more important they can earn more money gambling in the market while paying base overhead by turning down loans.

Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sun, 11 Nov 2012 22:44:13 GMT

Also done Internet, and several large banks. No difference in how the BANKS fico came out Always much lower that that available to the consumer. 2000, 2004, 2008, 2010, 2011 AND 2012. PREVIOUS YEARS: No major empathis on FICO but generally some issues, just prior to or at signing of documents of an interest bump.

Small bank. 19 branches. 30 loan officers. Each paid $100.00 for taking a loan app. Advertises community bank... competitive rates... fast close. Collects $600.00 for appraisal. Owns but really does not own appraisal management company. Pays appraiser $100.00 of $600.00 fee. Typical Appraiser does 40 appraisals a month thus earns around $50,000 a year. Overflow from the least expensive "independent" appraiser. Typically someone new in the biz. $400 + a processing fee is profit Just for easy numbers PER APPLICATION $500.00 profit x minium 20 apps a month PER LOAN OFFICER x 30 loan officers X 12 MONTHS =$3,600,000 a year profit from loan applications. This particular small bank also has an IN HOUSE underwriter. They loan based upon how much money they have available and kill all other loans. They do not have enough money to fund 600 loans a month so they reject 550 loans BECAUSE FnMae allows them to be MORE restrictive. LEGAL LEGAL LEGAL but they made me a PORTFOLIO loan on my terms because I exposed their fraud.

BIG BANK SMALL BANK does not matter.

The subject was The FICO SCORE we purchase is always higher than the FICO score the Bank can create yet the information comes from the same source. NO COMMENTS HOW THAT IS POSSIBLE YET.

Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sun, 11 Nov 2012 22:43:38 GMT

Just keep your reports clean and there really won't be an issue.

You just expressed a high level of ignorance. I will continue to state that the FICO score that you work so hard to obtain by meeting every obligation is 50 points higher that the Fico score that a lender will use to determine you are a good credit risk BECAUSE they have the ability to LOWER you score by changing the formula. If they know, as a fact you have a 760 score and base their interest rate on that at say 4% but know that they can change the formula to reflect 710 and get 4.2 they will go for 4.2. Car dealers were famous for doing that but it is standard operating proceedure in the real estate finance process,

They hook you by saying "our best rate is 760" YOU LOOK: Your Ficos are 760, 765 and 780. You allow a hard credit check and they come back and say your mid score is 720 and they have a document from all 3 bureaus.

YOU SAY THAT BIG FONTS ARE ANNOYING! HOW ABOUT ALL CAPS.

OK: old people can not see as well as smarter young people but they have the ability to use knowledge based upon previous situations to assist.

Its the message not the font nor all caps. If YOU have no interest in learning or the message... prefering to dwell on your personal font/all caps issue a reader can conclude your comments of little value. You comment

Just keep your reports clean and there really won't be an issue. YOU KNOW THAT IS NOT TRUE

why did you post as a valued member?

Re: FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sat, 10 Nov 2012 14:52:41 GMT

ANDY

What I am expressing is that if I obtained a score from myFico or several (or each) of the reporting credit bureaus I would have 3 scores... 775 763... 750. That is what I have done.

When ANY mortgage lender runs a credit inquiry from the exact same sources they will report back numbers like 713... 680... 735.

Its is a matter of the formula. Any lender can establish criteria to give them the results they require for their best interest.

THAT IS WHAT I THINK but I am seeking the truth

The FICO "we" as consumers desire to use as evidence of our credit worthyness and the numbers "we" purchase are worthless if some other party can establish a different formula which provides different results.

We should be able to purchase the same FICO score system used by Wells Fargo, Bank of America / Merryl Lynch

Note... this difference happened to me with 2 internet lenders, wells fargo, merrill lynch and even a little neighborhood bank. Everyone managed to produce the low score almost 50 points below what was available to me as a purchased item.

This low score has always been within the acceptable range for FnMae but each lender tried (some won) to raise the rate by 1/8th to 1/4. Chump change but multiply that by 10,000+.

5 lenders in a row... some big... some med and one small. Each was able to produce a low FICO.

PLEASE EXPLAIN how a FICO score I can purchase has any usefullness when dealing with a lender, car dealers (I had one of those and they backed off), insurance companies or even employers if they can control the results.

Fair Issacs might be useful, I have doubts, but on the assumption it is useful there must be honesty but most important consistency.

Some real smart attorney should start a class action suit. Imagine lenders hiding behind FICO when their true intent violated civil rights and associated laws. We can end red lining neighborhoods... not loaning to Hondurans and the handicapped... prevent gay people from getting loans.. your how old? No way we will make a 30 year loan... see your FICO score! Its only 2... yes we know Expierian, Transunion, Equifax state 800. Sorry we ran it and it is 2 not 800.

Off the subject... but I found one small bank making 2 million dollars NET a month by NOT making loans. They made most of it by charging processing and appraisal fees. As with most banks "they" own the appraisal management company and the UNDERWRITER. Why struggle and make loans when we make 2 million PROFIT a month turning people down said an insider. No federal oversight... no bad loans... no buybacks... just income.

Edited to remove a bad script - llecs, myFICO moderator

Re: Expanded "FICO High Achievers" (scores of 760 and above) characteristics list

anderson2624 — Sat, 10 Nov 2012 04:02:10 GMT

Do I qualify HIGH 775 until mortgage lender runs it then I take a -50 point hit.

FORGET fico score NOT used by Mtg Lenders

anderson2624 — Sat, 10 Nov 2012 03:49:41 GMT

Had to be a trouble maker but here is a fact.

Over the last few years my personal FICO has ranged 763 to almost 800 UNLESS it was run by a bank or other lending instuitution. When they run it it has been between 650 and 713.

Recently , ON THE SAME DAY it was run by Merryl Lynch , I ran my credit.

My low 763. Merryl Lynch exactly 713

Merryl Lynch will base their loan decision... interest rate, fees and approval based upon 713. They told me that what I run does not count. They have something "more" accurate???

If the lender can use a different formula to benefit their own institution how is that fair?

OK everyone reading this tell me how many versions of Fico are out there and who is using what version

My fico score low of 763 but lender says 713 How dat possible

anderson2624 — Sat, 10 Nov 2012 04:39:25 GMT

Seem quite ODD.

Merryl Lynch is potential lender. Does anyone understand how a lender can manupulate the score. Certainly with a low score they can charge a higher rate and even more fees.

PLEASE someone EXPLAIN.

Any laws out there to protect us?