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The many flavors of FICO:__Editions, versions, and variations

Established Contributor

Re: The many flavors of FICO:__Editions, versions, and variations


pcope24 wrote:

Do you know of any mortgage compaines using FICO 8 score for loans?


You won't find any.

 

 

The vast majority of mortgages are underwritten to the rules of one of the GSEs, and they require the use of three specific score models (EQ5/TU4/EX2).

 

Even in the cases where a bank intends to hold the loan, rather than selling it, they effectively always use those three scores (all their internal risk models are already setup for the Fannie/Freddie rules...)

 

Unless you're looking at a hard money loan or a really unusual credit union (that holds it's own loans), you just won't see anything else used today.

 

(And if a new scoring model is switched to at some point, it's possible/likely that the various score/rate breakpoints would be different.)

 

EQ8:844 TU8:845 EX8:850 (MyFico) - 2017-10-16