What fico scores do mortgage lenders use
[DOC File]Credit scores explained
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It depends on the type of loan a consumer is seeking. For example, a mortgage broker will give more weight to different credit factors than a credit card issuer. Mortgages: By Freddie Mac standards, borrowers with FICO scores above 660 …
[DOC File]Names tell stories
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In addition to the credit agency scores, some large lenders generate their own internal scores, often using credit bureau data. And many lenders, especially those in the mortgage business, use FICO scores…
[DOC File]Ownit Mortgage Solutions of Agoura Hills, California ...
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Although lenders do use factors other than FICO scores to determine whether a borrower can qualify for a prime loan, FICO scores remain the single most important factor in determining whether a borrower falls into the prime pool (generally, FICO scores of 660-680 and above) …
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FICO® Scores and Your Mortgage. Years ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history. Then things changed. Lenders studied the relationship between credit scores and mortgage …
[DOC File]Compliance Program Train-the-Trainer
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Freddie Mac and Fannie Mae bless FICO. In 1995, the two biggest mortgage finance agencies recommended that lenders use FICO scores. Because Freddie and Fannie purchase more than 2/3 of the mortgages made, their recommendations carry a huge weight. Consumers demand to know more about FICO.
[DOCX File]Credit Report and Score Worksheet - Clark College
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A high score can save you money when it comes to applying for a mortgage, car loan, credit card, or any other loan. A low score, unfortunately, can cost you money. Lenders use credit scores …
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