topic Re: FHA - Does Lender only look at CR for mid-score? in Mortgage Loans

FHA - Does Lender only look at CR for mid-score?

Anonymous — Wed, 27 May 2015 21:49:54 GMT

The reason I ask is, our lender looked all all three of our scores when doing our pre-approval, and told us our mid scores.

Then when they started the application process, we received the typical "Your credit has been requested for a credit decision" letter from our lender (the letter that tells you that you have a right to see the report and verify its accuracy, here's how to contact the bureau, etc.) and the letter only listed one bureau for each of us, and it was the bureau that had our mid-score.

Does this mean the lender only looks at the full credit report for that one bureau?

Re: FHA - Does Lender only look at CR for mid-score?

ezdriver — Wed, 27 May 2015 22:46:32 GMT

@Anonymous wrote:
The reason I ask is, our lender looked all all three of our scores when doing our pre-approval, and told us our mid scores.

Then when they started the application process, we received the typical "Your credit has been requested for a credit decision" letter from our lender (the letter that tells you that you have a right to see the report and verify its accuracy, here's how to contact the bureau, etc.) and the letter only listed one bureau for each of us, and it was the bureau that had our mid-score.

Does this mean the lender only looks at the full credit report for that one bureau?

Sounds like your loan application has been denied. The lender is legally required to send out a denial letter ... but you don't say that you letter has a "loan denial" statement.

Re: FHA - Does Lender only look at CR for mid-score?

Anonymous — Wed, 27 May 2015 22:54:07 GMT

Oh no it's not denied, I think you misread my message

Re: FHA - Does Lender only look at CR for mid-score?

Anonymous — Wed, 27 May 2015 22:58:48 GMT

It's not the same kind of letter you might get from a credit company which is what I'm thinking you are thinking of. It's a letter from my lender which is like hey we are pulling the credit, here's the bureau's contact info, the cost of pulling the credit will be paid by the lender, etc. And it has like a sign here area to authorize pulling our credit report.

Re: FHA - Does Lender only look at CR for mid-score?

Shann0n_marie — Wed, 27 May 2015 22:58:49 GMT

@Anonymous wrote:
The reason I ask is, our lender looked all all three of our scores when doing our pre-approval, and told us our mid scores.

Then when they started the application process, we received the typical "Your credit has been requested for a credit decision" letter from our lender (the letter that tells you that you have a right to see the report and verify its accuracy, here's how to contact the bureau, etc.) and the letter only listed one bureau for each of us, and it was the bureau that had our mid-score.

Does this mean the lender only looks at the full credit report for that one bureau?

No, the lowest midscore of all borrower's is used for qualifying purposes. We pull a tri-merge credit report that reflects all three credit bureaus data. What are you and your spouses midscores reflecting on your initial disclosure document that you referenced?

Re: FHA - Does Lender only look at CR for mid-score?

Anonymous — Wed, 27 May 2015 23:42:23 GMT

Gotcha! Thank you!

Re: FHA - Does Lender only look at CR for mid-score?

Anonymous — Wed, 27 May 2015 23:47:59 GMT

Nope, we pull a full tri-merge from all three bureaus.

Re: FHA - Does Lender only look at CR for mid-score?

flan — Thu, 28 May 2015 00:42:51 GMT

@Anonymous wrote:
The reason I ask is, our lender looked all all three of our scores when doing our pre-approval, and told us our mid scores.

Then when they started the application process, we received the typical "Your credit has been requested for a credit decision" letter from our lender (the letter that tells you that you have a right to see the report and verify its accuracy, here's how to contact the bureau, etc.) and the letter only listed one bureau for each of us, and it was the bureau that had our mid-score.

Does this mean the lender only looks at the full credit report for that one bureau?

No. But they're only obligated to tell you one source, which is (probably always, no idea what they do if there's a tie...) the mid score's bureau. Your lender should provide you a copy of the tri-merged report, which will have all three scores (and lots more) on it.