Who has my real score?

[Anonymous]

My advice to you is to RUN, RUN away from this mortgage company as fast as you can!!!  They are trying to rip you off using a bait and switch.   I am a banking regulator, and unfortunately I have read heartbreaking letters from people who ignore warning signs like this and then get hit with a huge surprise at the closing table.  Find another mortgage company, and report this one to your state banking/finance regulatory agency.  All states regulate mortgage companies, so there is someone to file the report with. 

[Anonymous]

My understanding (and I'm sure someone who knows a lot more than I do will provide more accurate information) is that the mortgage model is a little different than the standard FICO model.  However, when my wife and I recently obtained a new mortgage I pulled all three FICO (not FAKO) scores and they were very close to what the lender used.  All three scores will vary a little, but the lender usually takes the middle score.  If you have a joint obligor (i.e. a spouse) then the lender will probably use the lowest middle score of the two of you.

I agree that if the lender has scores that are substantially lower than your true FICO scores find out where it got the scores or use another company.

Hope that helps a little (I know - clear as mud).

Message Edited by DionLawOffice on 06-29-2007 07:03 AM

[Anonymous]

Hey DionLaw,

Thanks for your response.  When I spoke to the mortgage company they said that they use scores from a company that they work with called Landsafe. Would these companies access Fico scores or they have their own "mtg." scores?

Eve

[Tuscani]

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myhearts07 wrote:

Hey DionLaw,

Thanks for your response.  When I spoke to the mortgage company they said that they use scores from a company that they work with called Landsafe. Would these companies access Fico scores or they have their own "mtg." scores?

Eve

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They are FICOs.. but depending on the industry option used it may or may not be somewhat off from what you see on MyFICO.

[Anonymous]

Thanks, Tuscani... That helps clear that up a bit. 

[Anonymous]

Sort of on the same line of questioning.

Has anyone compared their myFICO scores with their actual lender's FICO scores? I'm curious just how much myFICO and mortgage lending FICOs can or do differ. I'm being told that myFICO is off by over 30 points. How is that possible.

I'm totally perplexed how my 724 on myFICO turns into a 691 when the lender pulls it.

I'm convinced that scores everywhere are generated by a bingo ball machine.

- AZQ

[Anonymous]

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AZQ wrote:

I'm convinced that scores everywhere are generated by a bingo ball machine.

- AZQ

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best theory i've heard so far!

[Anonymous]

Yup ... B1 ... anyone have B1? Hey but B4 we forget I was wondering how myFICO compared to mortgage lender fico scores and if anyone has any opinion on what the lender is telling me about my fico being 30+ points lower than my myFICO score I pulled today just before they pulled theirs. I'm confused how this is possible. - AZQ

[Anonymous]

Mine have matched up 100%.
Might need to send you over to Arizona Federal Credit Union.

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@Anonymous wrote:
Yup ... B1 ... anyone have B1? Hey but B4 we forget I was wondering how myFICO compared to mortgage lender fico scores and if anyone has any opinion on what the lender is telling me about my fico being 30+ points lower than my myFICO score I pulled today just before they pulled theirs. I'm confused how this is possible. - AZQ

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[Anonymous]

My CU used Landsafe and they were almost exact.- but I agree w/ teh poster who said run if your scores are dramatically diff. they are trying to throw fees on you...