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jvanpetten
2511 Posts |
 Posted - 08/26/2008 : 09:15:57 AM
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| Just priced a loan with them and they now have hits for FICO on FHA under 620. This is new, first loan I have priced this week, must have started Monday. |
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brandie
3260 Posts |
Posted - 08/26/2008 : 09:19:15 AM
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| I know it is not new for a hit on low fico scores at some lenders. UMC has a 2 point hit for any score under 580 or no score. |
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mykal5
2759 Posts |
Posted - 08/26/2008 : 09:24:35 AM
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quote:
Originally posted by jvanpetten
Just priced a loan with them and they now have hits for FICO on FHA under 620. This is new, first loan I have priced this week, must have started Monday.
At least you were just pricing, I went to lock a loan and that .250 hit under 620 is not nice. |
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HonestNJBroker
315 Posts |
Posted - 08/26/2008 : 09:24:50 AM
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there should be hits for lower credit scores-as I tell clients-risk equals rate, just like your car insurance-life insurance-health insurance-homeowners-car loans-credit cards -etc.
the hits freddie/fannie now have are a little harsh-they only want the 720 plus borrowers. Mark my words FHA will start the same thing as Fannie/Freddie. they will start getting hit with all the loses becasuse of these low credit score high LTV loans everyone is doing. It's only a matter of time. |
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jvanpetten
2511 Posts |
Posted - 08/26/2008 : 09:28:54 AM
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| Remember when the AE's used to call you and tell you about a new pricing hit? Not anymore. |
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MisterVA
6570 Posts |
Posted - 08/26/2008 : 10:06:03 AM
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quote:
Originally posted by brandie
I know it is not new for a hit on low fico scores at some lenders. UMC has a 2 point hit for any score under 580 or no score.
We have adjustments on the retail side, too. |
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