topic Re: Lenders don't use Mortgage scores found on My FICO in Mortgage Loans

Lenders don't use Mortgage scores found on My FICO

Eric958 — Fri, 03 Mar 2023 19:57:23 GMT

My potential lender at townebank just informed me that My FICO only has a consumer score which is not what they use. She states consumers can't see their real FICO middle scores! **bleep**.. The better part of me says this is not true. My middle score is 683 on My FICO. She's telling me it's actually 666.. Can a Mortgage expert please chime in!!!

Re: Lenders don't use Mortgage scores found on My FICO

ShanetheMortgageMan — Fri, 03 Mar 2023 20:05:12 GMT

Your potential lender is incorrect. There are numerous versions of your FICO scores available here, one of the versions is your mortgage scores under the section "These previous FICO® Score versions are widely used in mortgage lending." and are used by over 99% of the mortgage programs out there. If those are different from what your lender pulled it's because the lender uses a different FICO version (unlikely, but possible) or your scores changed between when you checked them at myFICO vs. when the lender checked them.

Are you looking at your FICO 8's on the myFICO report? Or the "FICO Score versions are widely used in mortgage lending"?

Re: Lenders don't use Mortgage scores found on My FICO

donkort — Sat, 04 Mar 2023 11:27:00 GMT

Most mortgage lenders seem to continue to use FICO 5, for Equifax; FICO 4, for TransUnion, and FICO 2 for Experian. All these scores can be found on the MYFICO website.

Re: Lenders don't use Mortgage scores found on My FICO

Eric958 — Fri, 03 Mar 2023 20:20:48 GMT

@ShanetheMortgageMan wrote:
Your potential lender is incorrect. There are numerous versions of your FICO scores available here, one of the versions is your mortgage scores under the section "These previous FICO® Score versions are widely used in mortgage lending." and are used by over 99% of the mortgage programs out there. If those are different from what your lender pulled it's because the lender uses a different FICO version (unlikely, but possible) or your scores changed between when you checked them at myFICO vs. when the lender checked them.

Are you looking at your FICO 8's on the myFICO report? Or the "FICO Score versions are widely used in mortgage lending"?

Thanks for your quick response @ ShanetheMortgageMan. I'm quoting Fico Mortgage scores. No version of any of my scores have been below 680 since Jan 2023. Their inquiry was done last week. In fact those inquiry alerts showed score increases but no explainations. (maybe something aged) E!

Re: Lenders don't use Mortgage scores found on My FICO

Eric958 — Fri, 03 Mar 2023 20:21:47 GMT

@donkort wrote:
Most mortgage lenders seem to continue to use FICO 5, for Equifax; FICO 4, for TransUnion, and FICO 4, for Experian. All these scores can be found on the MYFICO website.

That is what I learned on this site!!

Re: Lenders don't use Mortgage scores found on My FICO

donkort — Sat, 04 Mar 2023 11:26:18 GMT

What are your mortgage scores on MYFICO compared to what your "potential lender" quoted?

Re: Lenders don't use Mortgage scores found on My FICO

Eric958 — Sat, 04 Mar 2023 20:26:48 GMT

@donkort wrote:
What are your mortgage scores on MYFICO compared to what your "potential lender" quoted?

Mortgage Fico's are EQ 683 TU 680 EX 683. Lender only gave me middle score which they said was 666.

Re: Lenders don't use Mortgage scores found on My FICO

donkort — Sat, 04 Mar 2023 20:42:30 GMT

They might be using a different FICO score format--like FICO 10 or 10T. You have access to FICO 9, FICO 10 and 10T through MYFICO account.

Re: Lenders don't use Mortgage scores found on My FICO

Eric958 — Sat, 04 Mar 2023 21:06:48 GMT

@donkort wrote:
They might be using a different FICO score format--like FICO 10 or 10T. You have access to FICO 9, FICO 10 and 10T through MYFICO account.

Those scores are even higher, I'm not going to worry about it as this app was to find out where I stood. I also bank with NFCU and Penfed etc. I didn't lose any pts from the pull, actually my scores are rising. Only have a few inquries so no issue there. I already knew but they verified my C.O.E. They are waiting for my business and personal taxes and its a go. I'm actually trying to wait till mid summer when prices may take a little more of a tumble here in VA because the feds will probably continue with the rate heights because their not getting down to 2% no time soon, I need to buy soon. Trying to get in BEFORE we possibly get over 7.5% E!