Thank goodness! The new fico8 score would put us out of the running for this home, now to get through underwriting 
@Anonymous wrote:Thank goodness! The new fico8 score would put us out of the running for this home, now to get through underwriting
Really underwriting is not all that tough if you have a good LO and processor that is experienced and knowledgeable. The LO and processor know what the underwriter wants to see and the good one's anticipate what paperwork will provide the information the u/w needs to make the decision.
Most of the files go through underwriting easily when prepared right. The only time I have seen issues is if there has been a (unfavorable) change in the borrowers financial condition from the original application date.
Note: I have seen files not prepared right up front and then when the borrower goes to another lender with a better LO the file is approved. There was a buyer on one of my listings that this happened to in Feb this year, but his original LO at Chase was clueless and he had to switch to another lender. It was a waste of 30 days plus a waste of appraisal money. So your selection of the right LO and lender up front is the critical component.
If you have the right LO, and you have prepared yourself for a mortgage, you will have a much better loan experience.
obviously, mortgage scores are heavily based on installment loans. If you have great installment history, your mortgage score will reflect it. Your fico should return to normal in a few months. It was probably considering the AAoA from the collections and that is the reason for your decrease. Weird. Collections helping more than hurting 
@Anonymous wrote:obviously, mortgage scores are heavily based on installment loans. If you have great installment history, your mortgage score will reflect it. Your fico should return to normal in a few months. It was probably considering the AAoA from the collections and that is the reason for your decrease. Weird. Collections helping more than hurting
The only mortgage trifecta score affected at all by installment loans is EX Risk Model v2, for both EQ Beacon 5.0 and Transunion Classic 04 they're just payment history and if they're on there at all, credit mix.
Probably 1/3 of the forum denizens here have had higher mortgage trifectas than FICO 8's: I actually fell into that category before I started playing reindeer games with installment utilization which spiked my FICO 8's but didn't do much for my mortgage trifecta... other than keep me above the 720 tier boundary anyway .
@Anonymous: would have know the data in your file to give you any reason for it in your case; however, if the mortgage scores make the grade, you're fine as S10 stated.
@Revelate wrote:
@Anonymous wrote:obviously, mortgage scores are heavily based on installment loans. If you have great installment history, your mortgage score will reflect it. Your fico should return to normal in a few months. It was probably considering the AAoA from the collections and that is the reason for your decrease. Weird. Collections helping more than hurting
The only mortgage trifecta score affected at all by installment loans is EX Risk Model v2, for both EQ Beacon 5.0 and Transunion Classic 04 they're just payment history and if they're on there at all, credit mix.
Probably 1/3 of the forum denizens here have had higher mortgage trifectas than FICO 8's: I actually fell into that category before I started playing reindeer games with installment utilization which spiked my FICO 8's but didn't do much for my mortgage trifecta... other than keep me above the 720 tier boundary anyway
@Anonymous: would have know the data in your file to give you any reason for it in your case; however, if the mortgage scores make the grade, you're fine as S10 stated.
Yeah I was going to say, my mortgage trifecta was highet( but not by much) my fico 8s and I had nada by way of installment loans.