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Mortgage Fico Scoring

Frequent Contributor

Mortgage Fico Scoring

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.

Fico:EQ 689 (1/8/17) EX 692 (2/8/17) TU 692 (1/8/17
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Message 1 of 16
15 REPLIES
Valued Contributor

Re: Mortgage Fico Scoring

They are regular FICO scores but what exact formula used can vary from bank to bank.
Message 2 of 16
Frequent Contributor

Re: Mortgage Fico Scoring

Thanks for the info boomhower!!!

Fico:EQ 689 (1/8/17) EX 692 (2/8/17) TU 692 (1/8/17
C1 Venture One $10,000 / C1 Quicksilver Visa Sig $10,000 / C1 Quicksilver WMC $10,000 / Penfed Plat Rewards Visa Sig $9,500 / Penfed Power Cash Rewards Visa Sig $10,000 / Logix FCU Plat MC $12,000 / SDCCU Plat Visa $2,500 / Barclays Rewards MC $1500 / Best Buy Visa $2000 / Chase Amazon Prime Visa Sig $500 / Consumers Credit Union Plat Visa $2500 / Sams Club Store Card $437 / JCPenney $1,800, Fort Knox CU Plat Visa $5,000 / Lowes $7,000 / HSN Card $3,000 / Walmart Card $2,000 / Macys $800 / Target Red Card $800
Message 3 of 16
Frequent Contributor

Re: Mortgage Fico Scoring

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

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 4 of 16
Regular Contributor

Re: Mortgage Fico Scoring


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.

Current Score: 850 (11-29-2017 Experian FICO 08)
Message 5 of 16
Frequent Contributor

Re: Mortgage Fico Scoring

I am no expert, just passing along what I have heard...  Smiley Happy 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.

CLOSED ON OUR FIRST HOME MAY 30TH!!!


Starting Score: TU 589 EQ 526 EX603
Current Score: TU 635 EQ 603 EX ??
Goal Score: 750


Take the FICO Fitness Challenge

Message 6 of 16
Valued Contributor

Re: Mortgage Fico Scoring


Catacam wrote:

I am no expert, just passing along what I have heard...  Smiley Happy 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.

Message 7 of 16
Moderator Emeritus

Re: Mortgage Fico Scoring

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.

 

Message 8 of 16
Regular Contributor

Re: Mortgage Fico Scoring


Catacam wrote:

I am no expert, just passing along what I have heard...  Smiley Happy 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.

Current Score: 850 (11-29-2017 Experian FICO 08)
Message 9 of 16
New Member

Re: Mortgage Fico Scoring

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

Message 10 of 16