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How is the representative credit score determined?

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 for manually underwritten loans with only one borrower, certain DU loan casefiles, and for pricing purposes (i.e., assessing loan-level price adjustments LLPAs) on all loans.

Follow these steps to calculate the representative credit score for a mortgage:

Step Description
1

Fannie Mae recommends obtaining at least two credit scores for each borrower.

2

Select a single applicable score for underwriting each borrower.

  • When two credit scores are obtained, choose the lower score.

  • When three credit scores are obtained, choose the middle score. (If two of the three scores are the same, choose the middle of the three scores. For example: 700, 680, 680 = 680; 700, 700, 680 = 700)

3

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 Credit Score for a Mortgage Loan.

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