topic Mortgage app shows: EX Fair Isaac Model II in Understanding FICO® Scoring

Mortgage app shows: EX Fair Isaac Model II

n0smirc — Tue, 17 Dec 2013 04:57:38 GMT

Does this correspond to Fico Risk Model V2 listed in the EX98 section?

It has the inquiry indicator as well which I had thought only came with EX04. I was told repeatedly that Mortgage is pretty solid on 04 pulls. the TU and EQ show the expected versions for mortgage.

Am I understanding this incorrectly or are they naming the wrong scoring model?

Re: Mortgage app shows: EX Fair Isaac Model II

llecs — Tue, 17 Dec 2013 13:19:57 GMT

v2 was developed around 1998-1999 with Fair Isaac Risk Model v3 around 2004. The v2 version is most commonly used with mortgage lenders. It's rare to find a lender using the v3 version. The v2 version used to be sold on myFICO up to 2009 or 2010 (IIRC). Then myFICO started a new agreement with EX and unfortunately the FICO8 version is used (Fair Isaac Risk Model 8). The only place you can get the v2 version is via PSECU (or your lender).

Re: Mortgage app shows: EX Fair Isaac Model II

n0smirc — Tue, 17 Dec 2013 14:03:04 GMT

So everyone saying that Mortgage lenders use 04 only for all mortgages doesn't sound to be true, that's what I'm trying to get at. I based my deduction that Model II corresponded to V2 (EX98) based on this chart: (There were also comments about Mortgage going with Fico 04 as well)

XPN/FAIR, ISAAC MODEL II - Is how it's listed on the report. I'm mostly trying to compare.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Which-of-the-49-FICO-scores-actually-matter/td-p/2548029

Re: Mortgage app shows: EX Fair Isaac Model II

llecs — Tue, 17 Dec 2013 16:46:11 GMT

I disagree with that chart. I studied the Mortgage Loans board daily up to 2011, and never saw any references to v3 for EX. 99% were v2 with the remaining unknown (e.g. poster compared a mortgage pull to a FAKO and didn't know why they didn't match). I only saw one post ever where the poster was knowledgable with scores but the lender's EX FICO did not match v2, and very well could have been v3, mortgage-enhanced, or something else. Since 2011, I doubt lenders are switching to v3. I heard from a FICO alum that lenders didn't want that score because it wasn't that reliable. They wanted to keep what worked for them.

Also in that chart, it mentions 49 flavors. There are more than 49 used by lenders in the US

Re: Mortgage app shows: EX Fair Isaac Model II

n0smirc — Tue, 17 Dec 2013 18:48:08 GMT

For me, it was definitely 04 for Equifax and transunion. Experian looks like 98, however. I paid down from 35% util to 1% recently and doing a rescore and hoping for the mid score to be where it needed to be too make this process slightly easier for approval. Equifax is where it needs to be, which was my lowest score and it jumped 31 points. So here's to positive thinking!

Re: Mortgage app shows: EX Fair Isaac Model II

llecs — Tue, 17 Dec 2013 18:53:43 GMT

Right. A vast majority of mortgage lenders use Beacon 5.0 and TU04.

Good luck in the process. Make and keep it fun. EQ is definitely sensitive to util.