Representative Credit Score
The representative credit score for the mortgage loan is determined based on the credit scores of each borrower and is used to determine loan eligibility and for pricing purposes (i.e., assessing loan-level price adjustments (LLPAs)).
Follow these steps to calculate the representative credit score for a mortgage:
Fannie Mae recommends obtaining at least two credit scores for each borrower.
Select a single applicable score for underwriting each borrower.
If there is only one borrower, the single applicable score used to underwrite that borrower is the representative credit score for the mortgage.If there are multiple borrowers, determine the applicable credit score for each individual borrower and select the lowest applicable score from the group as the representative credit score for the mortgage. If there is a borrower on the loan who does not have a credit score, determine the representative credit score for the mortgage based on the credit scores of the other borrowers on the mortgage.
For additional information, see B3-5.1-02, Determining the Representative Credit Score for a Mortgage Loan.