Subject: GMG credit report Policy - Tip of the day
·
Broker credit report will be considered if
report is dated within 15 days of receipt of file by GMG.
·
Credit reports pulled through Equifax and Credit
Plus will also be considered in this new process.
·
Set-up desk will pull new credit and determine
if credit score decrease has impacted pricing or GMG minimum credit score
requirement.
·
If impacted set-up will print both credit
reports and give to Underwriting Manager.
·
Underwriting Manager will determine if any
significant changes have impacted the credit score.
·
If approved by Underwriting Manager, set-up will
contact broker and obtain their credit reporting information in order to upload
corrected broker credit report into DU for underwriting. Underwriting
Manager will note approval in GMOS loan notes.
·
Significant changes in a borrower’s credit
history will not be considered and GMG’s credit report will be utilized in
these situations.
|
FICO |
Adj |
|||
|
FHA/VA |
|
|
|
|
|
<620 |
|
|
|
(ETP) |
|
620-639
FHA only |
|
|
(2.000) |
|
|
640-659 |
|
|
|
(1.000) |
|
660-680 |
|
|
|
(0.500) |
|
>700 |
|
|
|
0.125 |
|
|
|
|
|
|
|
USDA/RD
FICO ADJUSTMENTS |
|
|
||
|
<620
|
|
|
|
(ETP) |
|
620-639
|
(1.500) |
|||
|
640-659 |
(0.500) |
|||
|
>700 |
0.125 |
|||
Thank You!
Neil Johnson
Gateway Mortgage
Group
National TPO
Operations Manager
14850 Quorum Dr. Ste.
450
Dallas, TX 75254
Office:
972-908-3390 ext. 118
fax# 918-858-8392