Skip to content
GeoDataVision
Thread Options
#2183554 - 06/28/18 06:05 PM Credit Score
dac Offline
100 Club
Joined: Sep 2009
Posts: 234
When there are two(2) applicants, do you report the median credit score for each applicant/borrower if you pull a tri-score? Do you only report the one used to make the credit decision only?

Return to Top
HMDA

   
HMDA Academy
#2183555 - 06/28/18 06:06 PM Re: Credit Score dac
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
You report what was used to make the loan decision.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2184049 - 07/03/18 08:27 PM Re: Credit Score dac
David Dickinson Offline
10K Club
David Dickinson
Joined: Nov 2000
Posts: 18,762
Central City, NE
Dan's right but let me clarify: That means you might report 1 score or you might report 2 (1 from each applicant). If only 1 was used to make the credit, then report it only. If both applicant's score were used, then report them both.
_________________________
David Dickinson
http://www.bankerscompliance.com

Return to Top
#2191582 - 09/04/18 05:52 PM Re: Credit Score dac
whitney0089 Offline
New Poster
Joined: Jul 2018
Posts: 13
In this instance if a tri-merge report was pulled but we only report 1 credit score per borrower what do we report for the credit scoring model?? A 7 for more than one model?? Or the number that corresponds with the median credit score for each borrower??

Return to Top
#2191587 - 09/04/18 06:10 PM Re: Credit Score dac
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
You report the scoring model that corresponds to the credit score used.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2208099 - 03/07/19 04:19 PM Re: Credit Score dac
learningdaily Offline
Junior Member
Joined: Dec 2013
Posts: 33
In a scenario of an application with three applicants, credit was pulled on all three applicants and the credit score of the third applicant was used (per policy as it was the lowest score of all three) to determine the underwriting decision and pricing terms, would you:

* report Applicant #3's credit sore on the HMDA LAR for Applicant #1 and enter '8888' (Not Applicable) for Applicant #2, or

* report '8888' (Not Applicable) for both Applicant #1 and #2?

Thank you!

Return to Top
#2208116 - 03/07/19 05:03 PM Re: Credit Score dac
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,643
You need to report the credit score relied on, so option 2 doesn't work.
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

Return to Top
#2208117 - 03/07/19 05:03 PM Re: Credit Score dac
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
This:

* report Applicant #3's credit sore on the HMDA LAR for Applicant #1 and enter '8888' (Not Applicable) for Applicant #2,
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2214856 - 06/04/19 02:00 PM Re: Credit Score dac
MyThirdLogin Offline
New Poster
Joined: May 2019
Posts: 22
Wondering if I can muddy the waters on the credit score question. So, you report the credit score(s) used to make the decisions. Got it.

.....so if you have a credit score minimum of say 620 and you use the lower of the 2 scores - aren't you in fact using both credit scores to make that decision? Both scores have to be above the minimum, right? Wondering how others handle this (I'm guessing it wont be consistent).

Thanks for your thoughts.

Return to Top
#2214857 - 06/04/19 02:03 PM Re: Credit Score dac
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
Fortunately with the revisions we qualify for the partial exemptions and no longer have to report the score.

The applicant has credit scores of 620, 680 & 710. Your policy is to use the middle score. So which of the 3 scores did you use to make the credit decision?

And welcome to BOL.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#2214858 - 06/04/19 02:11 PM Re: Credit Score dac
MyThirdLogin Offline
New Poster
Joined: May 2019
Posts: 22
right, my question was more along the line of have a co-applicant with a minimum credit score (sorry, I don't think that was clear). tri-merge or not, you have a credit score both the borrower and co-borrower and both scores must meet the minimum. do you report both scores? or just the borrower with the lower score?

Return to Top
#2214863 - 06/04/19 02:20 PM Re: Credit Score dac
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,957
Bloomington, IN
It would be the same concept.

Applicant - 620, 680 & 710
Co-applicant - 650, 690, 700

The policy is to use the highest middle score between the applicant & co-applicant. Which one of the 6 scores did you use?

The policy is to use the middle score of each applicant. Which 2 scores of the 6 did you use?
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top

Moderator:  SMQ, CRCM