| Chase | Credit | Representative Credit Score | A single "representative" credit risk score will be selected from the scores reported on the submitted report(s). Depending on the selected score, the "level of review" required for the credit report will be determined.
IF... THEN...
three repositories are reported, use the middle score for each borrower:
two credit risk scores are reported, use the lower score.
only one score is available, use that score.
there are multiple borrowers,
• determine the score to use based upon the criteria above for each borrower,
• select the lowest score from these to determine the level of review. |
| CitiMortgage | Credit | Representative Credit Score | The credit score is based on a single credit file for the borrower that is obtained from one of the three major
credit repositories. Because the model used by each repository differs slightly and the amount of information in
an “in-file” report may differ among the repositories for any given borrower, it is possible for a borrower to
receive a different credit score from each repository. That is why CMI requires a minimum of 2 credit scores for
every borrower so that the underwriter can select a “representative” score for the borrower.
· If there is only 1 borrower on the loan, the representative credit score is determined as follows:
à If 2 credit scores are reported, use the lower score. Example: Scores of 691 and 673; the
representative score is 673. If one score were “zero”, that would be the representative score.
à If 3 credit scores are reported, use the middle score. Example: Scores of 691, 673, and 680; the
representative score is 680.
· If there is more than 1 borrower on the loan, the representative credit score is determined as follows:
à Determine the "representative" credit score for each individual, then;
à Select the lowest score from the group. |
| MetLife Home Loans | Credit | Representative Credit Score | As per Program Product Matrix. |
| GMAC | Credit | Representative Credit Score | The lowest median score among all the borrowers is the indicator score. |
| ING Mortgage | Credit | Representative Credit Score | When there is a clear primary borrower (a primary wage earner whose income is substantially
higher than the co-borrower’s), the primary borrower’s representative score (middle of three or
lower of two) is used
Note: The primary borrower’s income is considered substantially higher if the lower wage
earner makes < 75% of the primary borrower’s income |
| PHH | Credit | Representative Credit Score | As a general rule, an individual borrower’s representative credit score is determined by the following:
If 2 credit bureau scores are obtained, the "representative" credit score will be the lower score.
If 3 credit bureau scores are obtained, the "representative" credit score will be the middle of the 3.
When there is more than 1 applicant, the lowest of all the applicants' "representative" credit scores will be used. |
| SunTrust | Credit | Representative Credit Score | • When credit scores are required,
the qualifying score is identified
as follows:
• if there are three (3) scores,
the middle score is used,
• if there are two (2) scores,
the lowest score is used, or
• if there is one score, that
score is used. |
| Bank Of America | Credit | Representative Credit Score | • If a total of 3 scores are obtained for a borrower, the designated score for that
borrower shall be the middle score.
• If a total of 2 scores are obtained, the lower score will be the designated score for that
borrower. |
| Mortgage Services III | Credit | Representative Credit Score | Minimum Credit Score (FICO) must be met for each loan, regardless of AUS approval/acceptance. See the product matrices within the Product Suites for details. Credit scores are required on the credit reports for all borrowers and co-borrowers.
To arrive at an individual borrower’s useable score: *If 3 scores are provided for the borrower, the middle score is used to underwrite. *If 2 scores are provided for the borrower, the lower score is used. *If only 1 score is provided, the borrower is not eligible. To arrive at the score used to validate the salability of the loan to MSI – use the lowest of all of the borrower’s individual useable score. |
| Sydion Financial | Credit | Representative Credit Score | With reports drawn from the three major credit repositories – Equifax, Experían, and TransUnion – it is possible to
receive different credit scores from each. When three scores are attained, the middle score is used; if only two scores
are attained, the lower score is used for a particular borrower. Minimum 2 scores must be attained for any given
borrower. When there is only one borrower, the applicable score attained for that borrower is referred to as the
‘representative’ score. When the mortgage application involves more than one borrower, the applicable score is
determined for each, and then the lowest applicable score from all borrowers s considered the ‘representative’ score
which is to be used to underwrite the risk level of the mortgage application. |