Day 4 Flashcards
(35 cards)
AMC
Appraisal Management Company
Appraisal Types
SFR
PUD
Certain Condos
Appraisal Waiver
Low LTV
New Construction
Low DTI
Appraisal Waiver what GSE
Freddie Mac
ACE what GSE
Fannie Mac
EASE
Easiest Application System Ever
LPMI
Lender Paid MI
3 Credit Reporting Agencies
Transition
Experian
Equifax
FICO vs
FAKO
Tri-Merge
Median Credit Score
Risky Credit score
350-599
Average Credit Score
600-640
Good Credit Score
641-700
Great Credit Score
701-740
Excellent Credit Score
741-850
2 types of debt
Installment Debt
Revolving Debt
Computing FICO scores
Payment History 35% Credit History 30% Age of Credit 15% Types of Credit 10% Credit Inquires 10%
Payment History
30 days or more past due
Credit Utilization pay down to Change FICO
50%
30%
$10-10%
Trade Lines
- CC
- Mortgage
- Auto Loan
- Student Loan
- Auto Lease
Credit Supplement
At the end to see credit update
Income Categories
Active
Passive
Seasonal Employment
Affected by weather
Frequency of Pay
What time period we use
