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Is there any score I can buy that can give me an idea of whay my mortgage enhanced score is?
it will be VERY close to the scores you buy from myfico
usually exactly the same.
you cannot buy a ME score... only lenders pull those
It will cost you the bargain basement price of an inquiry on each report.
ETA: I've always read that for Equifax, most mortagage lenders use the exact same version available on this site. So that score should be the same. I didn't even know that there were mortage enhanced scores. I thought they just used specific versions for TU and EX that weren't available here (though not sure about EX bc I didn't even realize that was offered again until recently). In any event, I figured Dallas knew what he was talking about with ME scores, so that was the basis of my remark. Didn't mean to be flippant.
The GSE's are still using FICO '04 for their underwriting purposes is my understanding of it (unless that's changed in the last few months I've been idle); since there's no major US bank that's portfolioing conventional mortgages, it has to pass Fannie/Freddie's qualification and therefore FICO '04 is used.
Mortgage Enhanced scores weren't introduced until the FICO '08 model, and I don't think FHA loans are typically using that either; might run across them in the jumbo space or possibly may be something specific in the FHA non-traditional qualification, but in general if you want to find what your mortgage score is, get the EQ version here (Beacon 5.0) and I've never heard of it not matching one's EQ mortgage score assuming pulled essentially concurrently.
i defer to these guys.....
i am NOT a credit expert.... i am a lending expert
;-)
@DallasLoanGuy wrote:i defer to these guys.....
i am NOT a credit expert.... i am a lending expert
;-)
Laugh, well I'm certain I'll be one of the people asking mortgage questions in the nearish future.
Everyone appreciates all that you do for this forum, and for the mortgage board in particular.
I didn't know there was such a thing. I thought the default FICO was your chance of defaulting on a mortgage loan.
@Peter1142 wrote:I didn't know there was such a thing. I thought the default FICO was your chance of defaulting on a mortgage loan.
For now it's used; it takes eons for something like a GSE to change their minds on it but a bunch of the credit card issuers apparently have moved to a FICO '08 model, but needless to say even the most conservatives of banks tend to be somewhat more nimble than the GSE's; however, eventually it'll happen but wouldn't surprise me if the GSE's skip '08 for whatever the next version is if it winds up being a better predictor of mortgage loan performance. It'll happen eventually, and at that point one presumes FICO will tweak their mortgage enhanced version to be more accurate with actual loan performance without damaging the economy (see below), and that'll be that.
Like so many other things it's not worth worrying about: build a good report, and all the scores will tend to follow naturally. The vast majority of the various algorithms share the same mathematical underpinning, and as such things the bulk of the score will be similar, though if we get a "first time buyer" penalty in mortgage lending like we have in auto-enhanced scores, that's going to cause screams to the point of exerting substantial downward pressure on the housing market and the economy as a whole, and such things are NOT taken lightly at the upper echelons.