Home Buying in 30067>Question Details

Tanishacuster, Home Buyer in

I am really close to applying for a mortgage. I need to know which scoring model most lenders use?

Asked by Tanishacuster, Wed Mar 13, 2013

I pulled TU & EQ from My FICO and they were both where I need them to be, BUT I pulled all three scores and reports from the equifax reporting tool and they were totally different, like 80 points lower!! Do mortgage lenders usually use FICO scores?

Help the community by answering this question:


As far as credit score, there is no substitute for actually getting prequalified by a lender and having them pull the score that will actually be used for your loan underwriting. This is especially true if your score is on the lower side. If you have an 800 FICO score when pulling it yourself then chances are it will be at least satisfactory when the lender pulls it and you have nothing to worry about. But, if you have a 690 when pulling yourself and the loan product you will be using requires a minimum 680 then it is imperative that you have the lender pull it rather than speculate that it will be within range and find out later that your speculation was incorrect.

After you get all that worked out, your next step will be to find an agent to work with. I would love to speak with you about that so give me a call at 678-520-3113.
0 votes Thank Flag Link Wed Mar 13, 2013
Credit scores obtained online through the various credit website very seldom give the same credit scores that would ultimately be used for a mortgage approval. This is because different industries use different credit scoring models. All credit report obtained by a mortgage company use the mortgage industry scoring model.

For a mortgage, a tri-merged credit report will be obtained from Equifax, Experian, and Trans Union. The scores will be ranked numerically. The middle score will then be used as the representative credit score. The lowest representative score of all borrowers will then be used to assist in determining eligibility. That score is generically termed the “FICO score”.

The minim credit score required will vary by loan program. In addition to the credit soccer, the actual credit profile along with income and asset information will determine ultimate mortgage program eligibility.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
0 votes Thank Flag Link Wed Mar 13, 2013
Most lenders use mid score of all three models. Relax you are getting too involved in the process
0 votes Thank Flag Link Wed Mar 13, 2013

As a lender we use the mid score of all three. You have a high a low and a middle.. we have to use the middle score.

If I can assist you please let me know. I am a direct endorsemnet lender and have 23 years of originating experiance. I thank you for the opportunity.

Lynel Adams
Sr. Mortgage Loan Officer
Silverton Mortgage
NMLS 359696
0 votes Thank Flag Link Wed Mar 13, 2013
Lenders do typically review all three scores, but it is not the scores alone that determine eligibility for a loan, I work with a lot of great lenders and they would be happy to advise and help you if there is a problem. You may even qualify with that lower score. If you would like me to connect you to one of the mortgage lenders i work with please contact me anytime via phone or email.

David Zimmerman
"The Veteran of Real Estate"
USMC Veteran
Keller Williams Realty Signature Partners
Realtor SFR
Cell 770-324-7598
Web: http://www.cobbhomefinder.org
Email: zmanhomeservices@gmail.com

Facebook: https://www.facebook.com/ZManHomeServices
Twitter: https://twitter.com/DavidZimmerman_
Linked In: http://www.linkedin.com/pub/david-zimmerman/44/326/264
0 votes Thank Flag Link Wed Mar 13, 2013
A consumer credit report differs from the credit report lenders use.

Mortgage lenders use a Residential Mortgage Credit Report (RMCR). Often you will see different scores than what you purchase online, because the formulas are different. Lenders place a heavier weighting on installment payments, especially mortgage histories.

This report is referred to as a "tri-merge" report because it pulls data from all 3 credit bureaus.

We will use the middle of your 3 scores for qualification purposes.

You should speak to a lender ahead of applying for a mortgage, because a loan officer can review your report with you and identify any areas that might need work prior to applying. This is much easier than trying to do it yourself since there is a lot of misinformation on the internet.

Hope this helps!
0 votes Thank Flag Link Wed Mar 13, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer