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Why mortgage scores are always lower?

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Frequent Contributor

Re: Why mortgage scores are always lower?


@Revelate wrote:
Question though, are you sure it was 8.4% (aggregate, I think you just had the one loan?) on that pull?  In my own experience that reason code has gone away at least for FICO 8 under 8.9%.  If TU FICO 4 is different that's interesting

Yes. The remaining balance was exactly $42.35 (42.35/500 = 8.47%), and myFICO's front-end software takes the floor of that value (and floor of percentage) to display the following:

 

myfico-tu4-123118-ssl_balance.png

 

These are partial FICO 8 factors from the same (12/31/18) report: (yet another glaring error there in the front-end software...8% of principal...should be 92%)

 

myfico-tu4-123118-fico8_factors.png

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.
Message 21 of 23
Moderator Emeritus

Re: Why mortgage scores are always lower?

Sadly all the “positives” are just CMS fluff.

That’s worst than yet another presentation gaff Smiley Wink.

Appreciate the confirmation though, wonder if you had gotten it below 5% if it would have gone away entirely like it does on FICO 8 under 9%.



        
Message 22 of 23
Super Contributor

Re: Why mortgage scores are always lower?


@Revelate wrote:
Sadly all the “positives” are just CMS fluff.


No doubt about it.  Everyone, put your hands together for CMS fluff.

Message 23 of 23
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