General Requirements for Credit Scores

Credit Score Versions

Credit scores are required for all loans closed and funded by Homium. The classic FICO credit score is produced from software developed by Fair Isaac Corporation and is available from the three major credit repositories. Homium requires the following versions of the classic FICO score for both DU and manually underwritten mortgage loans:

• Equifax Beacon® 5.0;

• Experian®/Fair Isaac Risk Model V2SM; and

• TransUnion FICO® Risk Score, Classic 04.

The originator must request these FICO credit scores for each borrower from each of the three major credit repositories when they order the three in-file merged credit report. If the borrower’s credit file includes complete and accurate information to ensure the validity of the credit score, the underwriter does not need to further evaluate the borrower’s creditworthiness.

Note: The credit report will indicate if a credit score could not be produced due to insufficient credit. The credit report must be maintained in the loan file, whether the report includes traditional credit and a credit score or indicates that a credit score could not be produced due to insufficient or frozen credit.