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FICO Score Versions Required by Fannie Mae

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Valued Contributor

FICO Score Versions Required by Fannie Mae

I found this information on Fannie Mae's website regarding which FICO versions they require....good stuff.

 

https://www.fanniemae.com/content/guide/selling/b3/5.1/01.html

 

"Credit scores are required for most mortgage loans purchased or securitized by Fannie Mae. The lender must attempt to obtain and use the classic FICO credit score for each borrower. The classic FICO is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:

  • Equifax Beacon® 5.0;

  • Experian®/Fair Isaac Risk Model V2SM; and

  • TransUnion FICO® Risk Score, Classic 04."

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Message 1 of 9
8 REPLIES 8
Super Contributor

Re: FICO Score Versions Required by Fannie Mae


@frugalQ wrote:

I found this information on Fannie Mae's website regarding which FICO versions they require....good stuff.

 

https://www.fanniemae.com/content/guide/selling/b3/5.1/01.html

 

"Credit scores are required for most mortgage loans purchased or securitized by Fannie Mae. The lender must attempt to obtain and use the classic FICO credit score for each borrower. The classic FICO is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:

  • Equifax Beacon® 5.0;

  • Experian®/Fair Isaac Risk Model V2SM; and

  • TransUnion FICO® Risk Score, Classic 04."


 

Message 2 of 9
Blogger

Re: FICO Score Versions Required by Fannie Mae


@frugalQ wrote:

I found this information on Fannie Mae's website regarding which FICO versions they require....good stuff.

 

https://www.fanniemae.com/content/guide/selling/b3/5.1/01.html

 

"Credit scores are required for most mortgage loans purchased or securitized by Fannie Mae. The lender must attempt to obtain and use the classic FICO credit score for each borrower. The classic FICO is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:

  • Equifax Beacon® 5.0;

  • Experian®/Fair Isaac Risk Model V2SM; and

  • TransUnion FICO® Risk Score, Classic 04."


This should be stickied or included in the FAQ's. Thanks a lot for sharing! Smiley Happy

Message 3 of 9
Moderator Emerita

Re: FICO Score Versions Required by Fannie Mae


@HiLine wrote:

@frugalQ wrote:

I found this information on Fannie Mae's website regarding which FICO versions they require....good stuff.

 

https://www.fanniemae.com/content/guide/selling/b3/5.1/01.html

 

"Credit scores are required for most mortgage loans purchased or securitized by Fannie Mae. The lender must attempt to obtain and use the classic FICO credit score for each borrower. The classic FICO is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Fannie Mae requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:

  • Equifax Beacon® 5.0;

  • Experian®/Fair Isaac Risk Model V2SM; and

  • TransUnion FICO® Risk Score, Classic 04."


This should be stickied or included in the FAQ's. Thanks a lot for sharing! Smiley Happy


Added to Helpful Threads. 

Message 4 of 9
Regular Contributor

Re: FICO Score Versions Required by Fannie Mae

Equifax Beacon 5.0 = EX04 Classic.
TransUnion's is self-explanatory: TU04 Classic.
But Experian V2SM = Experian v2(SM/Service Mark) = EX98. I thout mortgage lenders pulled FICO 04s from all three CRAs.

Message 5 of 9
Valued Contributor

Re: FICO Score Versions Required by Fannie Mae

Ha! I just realized my thread made it to the sticky board! Yeah!!!

Maybe FHA or FreddieMac or VA use different scoring models. The link is specifically for FannieMae.
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
Message 6 of 9
Super Contributor

Re: FICO Score Versions Required by Fannie Mae


@frugalQ wrote:
Ha! I just realized my thread made it to the sticky board! Yeah!!!

Maybe FHA or FreddieMac or VA use different scoring models. The link is specifically for FannieMae.

 

i pull the same scores for all transactions. 

 

 

Retired Lender
Message 7 of 9
Senior Contributor

Re: FICO Score Versions Required by Fannie Mae

My opinion is that borrowers pay too much attention to scores and not enough attention to the overall quality of their credit profile. This leads to lots of frustration for borrowers.

 

My recommendation is that folks just focus on building/maintaining a healthy/robust credit profile and the it will produce the necessary qualifying score to help lenders make loans to you.

Message 8 of 9
Senior Contributor

Re: FICO Score Versions Required by Fannie Mae


@DallasLoanGuy wrote:

@frugalQ wrote:
Ha! I just realized my thread made it to the sticky board! Yeah!!!

Maybe FHA or FreddieMac or VA use different scoring models. The link is specifically for FannieMae.

 

i pull the same scores for all transactions. 

 

 


And mortgage applicants should know that [almost?] all mortgage lenders do the same.

 

Message 9 of 9
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