TransUnion Mortgage Lenders

[SalzoF]

Anybody know good mortgage lenders that use TransUnion?

My EX/EQ scores are lower by 35/37 points than my TransUnion score, and are very marginal for a mortgage, so naturally I’m looking for a TransUnion mortgage lender.

Tnx

[White]

Re: TransUnion Mortgage Lenders

I find it hard to believe that any mortgage lender would fail to use your credit reports and scores from all 3 major credit bureaus for a mortgage.

While car dealers or small retailer credit card issuers may elect to use only one credit bureau in order to save on subscription fees, the risk involved in a mortgage is simply too big for any lender to adopt such practices. You simply won’t find a mortgage lender that doesn’t use all three.

Normally, a mortgage officer will pull your credit reports & scores from all three credit bureaus & use your middle score.

Another thing to keep in mind is that the scores you have are different than the ones the mortgage lenders see!

Fico scores have 3 versions:

• “Standard” – used for general purposes and what consumers can get
• “Auto Enhanced” – used by car dealers
• “Factual” – used by mortgage lenders. Tends to be a little lower than the “Standard”

Consumer has no access to the Factual version of FICO. That means that you actually have no idea what scores the mortgage lender sees. The fact that the Standard version of your Fico is higher with TransUnion doesn’t suggest that it’s the same with the Factual version of your Fico.

Simply apply and hope for the best.

For more information about the Factual version of Fico see understanding-fico-scores.html.

[Author]

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