different score for mortgages?

[txranger10]

I was recently told that a "different" fico score is used when qualifying for mortgages? One they said that was specific to mortgage approvals? Is this correct?

[IamB2]

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@txranger10 wrote:

I was recently told that a "different" fico score is used when qualifying for mortgages? One they said that was specific to mortgage approvals? Is this correct?

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Quite possibly! There are many different versions of FICO and nere are industry specific ones too. Credit Card issuers can use bankcard fico, mortgage has its own. So does auto industry. 

Hope that answers your question

[Revelate]

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@IamB2 wrote:

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@txranger10 wrote:

I was recently told that a "different" fico score is used when qualifying for mortgages? One they said that was specific to mortgage approvals? Is this correct?

---

Quite possibly! There are many different versions of FICO and nere are industry specific ones too. Credit Card issuers can use bankcard fico, mortgage has its own. So does auto industry. 

Hope that answers your question

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Maybe in the jumbo space or by some lender which is portfolioing their mortgages; however, conventional (definitely) and I also believe FHA loans both use FICO '04 versions.  Conventional is explicit as it's mandated by the GSE's underwriting which effectively every mortgage originator dumps their loans onto.

The mortgage-enhanced industry option wasn't created until the FICO '08 version of the model: it may be used in the future, but it isn't today for the vast majority if not the entirety of mortgages underwritten.  This is contrary to the auto industry where virtually every major lender uses the auto-enhanced industry option, and on the order of a third to perhaps half (estimate) of the credit card issuers use a bankcard-enhanced score.

The EQ Beacon 5.0 score found here (and at Equifax directly if you can navigate through their different scores) is identical to the one that you'll receive from EQ on the standard tri-merge report.  

ETA: txranger10 - it looks like your signature didn't cut and paste correctly from the FICO fitness challenge: I touched it up a bit to pull in the graphic correctly.

[J_G]

So is the mortgage score trend to be more lenient or more harsh. Thanks for your help.

[mynameainttracy]

We recently applied for a mortgage and the lender sent us a copy of our scores. They were about 60-70 points higher than what I was expecting. I don't know if there is a different formula but as I mentioned, ours were much higher.

[ezdriver]

The bottom line is that the scores reported by the three CR agencies are the numbers used for mortgage underwriting purposes. The middle score is the one used. If two people are on the mortgage app, the lower of the two middle scores is used. BTW, the report that lenders use is called a trimerge report ... data from all three agencies are pulled then merged/purged/dup checked etc. The trimerge report is produced by a 3rd party that supplies these reports under contract with the lender.

[txranger10]

thanks!

[txranger10]

My scores on the other hand, were much lower. Probably where it is now but at the time was at 682....

[J_G]

I would really like to see some more feedback on this subject. I would like to see what people got on this site vs. When they actually applied! Can we do that everybody? That would help out tremendously!!!! There are so many of us that get our scores here and then go and apply with the banks but no one ever post what they got from the banks. If we can do this it can really help people to have a better idea of where they stand. Lets help each other out with this. I pull my transunion report from transunion, myfico and walmart every score is different. For instance right no Transunion site shows 654, my fico shows 684, walmart shows 649. Crazy???? 

 When I apply for my mortgage in a month or so I will let you know.

[Jamisonke]

We are currently in escrow and should be closing next week. My middle credit score was my EQ score and the value from the lender was exactly the same as the EQ score I obtained from myfico.com. Identical. Hope that helps!