Assessment of the Payment History for Nontraditional Credit References

For each nontraditional credit reference, the following requirements must be met:

• There cannot be any delinquency on rental/housing payments within the past 12 months.

• Only one account, excluding rental housing payments, can have a 30-day delinquency in the past 12 months.

• No collections (other than medical collections) or judgments have been filed in the past 24 months.

• Judgments, liens, collections, and charge-offs of non-mortgage accounts must be satisfied.

Note: A borrower may lack sufficient credit to obtain a credit score. However, the underwriter must still consider any derogatory credit references that appear on the credit report.