@Anonymous wrote:Thanks for replying. I took the whole 27 page 3B report. I finally have all 3 CRA cleaned up so I can hopefully purchase a home. I did not want anyone doing a hard pull until I decided what I wanted to do. They immediately want to pull reports evidently.
^^Then the person you spoke with doesn't know what s/he is talking about. The mortgage scores are identical to what a mortgage lender pulls. 
A good mortgage loan officer should be able to see your report, look at the mortgage scores and quote you an estimate without having to pull your report. If you went to a big box bank then most of the LO's there are no longer trained well enough to help much IME. (Big changes made since the mortgage melt down in processing). They are trained only to enter your info into the computer and not trained on guidelines and other important criteria. Besides the lack of training, the big box banks as a whole have much more stringent overlays for their mortgage programs.
Find a mortgage lender that will answer your questions without pulling your CR - making the assumption that your CR they see from you is correct. Try correspondent lenders/mortgage bankers for the best results. Then when you find a lender you want to work with that is knowledgeable, they will have to have you make official application, pull credit etc.
Find a new lender, period.
A competent broker or lender could look at a full 3B report, identify the 3 mortgage scores they would use, pull out the mid score, and immediately give you a good idea of where you stand. They could also identify problem areas and potential areas of improvement in your profile.
Either your lender is not competent, or you did not bring full FICO reports, or they don't want your business.
Ah well, let's be fair, if a LO has never seen a myFICO report or doesn't know what it is, how are they to know it's accurate? Many LO's aren't nearly as knowledgable as folks on this forum, and I'm sure S10 could tell legions of horror stories regarding LO's, heck we see enough of them on the forum anyway from just members.
Really though this isn't a huge deal, my own experience was simply for 4 out of 5 lenders I talked to:
Me: "My trimerge middle score is 722"
LO: "You sure?"
Me: "Absolutely"
LO: "Well OK then, this would be our rate for that product..."
And the 5th went a little sideways at that last bit and just wound up at:
Me: "Show me your rate sheet"
LO: "It's complicated"
Me: "I'll deal"
And I went and figured it out on my own. Needless to say I didn't have the best impression of the LO after I hung up . That said every single one was surprised when my credit score came back exactly as I stated.
@Revelate wrote:Ah well, let's be fair, if a LO has never seen a myFICO report or doesn't know what it is, how are they to know it's accurate? Many LO's aren't nearly as knowledgable as folks on this forum, and I'm sure S10 could tell legions of horror stories regarding LO's, heck we see enough of them on the forum anyway from just members.
I don't agree, because the bold is exactly my point. If an LO can not infer what a 3B report is, after the briefest of explanations, that would be my indication to move on. All they would have to say is a qualifier such as: "assumign these scores and reports are accurate and do not change......." and at least they demonstrate an understanding.
If they can't look at these products and know what they are looking at, I don't want them handling my mortgage.
Equifax FICO Score 5
Experian FICO Score 2
TransUnion FICO Score 4
I have shown basic 3B reports to a few lenders. They all knew exactly what they were looking at, and all identified the same possible tradelines that may cause an issue, even if it was not in a format they were used to.