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The many flavors of FICO:__Editions, versions, and variations

Established Contributor

Re: The many flavors of FICO:__Editions, versions, and variations


pcope24 wrote:

Do you know of any mortgage compaines using FICO 8 score for loans?


You won't find any.

 

 

The vast majority of mortgages are underwritten to the rules of one of the GSEs, and they require the use of three specific score models (EQ5/TU4/EX2).

 

Even in the cases where a bank intends to hold the loan, rather than selling it, they effectively always use those three scores (all their internal risk models are already setup for the Fannie/Freddie rules...)

 

Unless you're looking at a hard money loan or a really unusual credit union (that holds it's own loans), you just won't see anything else used today.

 

(And if a new scoring model is switched to at some point, it's possible/likely that the various score/rate breakpoints would be different.)

 

EQ8:850 TU8:850 EX8:850 EQ9:846 TU9:842 EX9:847 EQ5:806 TU4:774 EX2:818 - 2018-06-06
Message 141 of 142
Valued Contributor

Re: The many flavors of FICO:__Editions, versions, and variations

Below is a link to an article on Fico score distributions from TransUnion which compares Fico 04, Fico 08 and Fico 09.

https://www.transunion.com/resources/transunion/doc/products/resources/product-fico-9-risk-scores-re...

 Note the upward shift at the top end with the newer models.

TU Fico score comparisons.jpg

 

 

 

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 142 of 142