Much has been printed about how high the average FICO score is at Fannie Mae and Freddie Mac these days. (The weighted average FICO at Fannie, for instance, is north of 760.) But we’re told lower FICOs are out there. A recent survey conducted by National Mortgage News found four lenders that said they offer FICOs of under 600. (The results are in our Quarterly Data Report.) Of course, offering a low FICO is not the same thing as having an average FICO that low. A few months back we talked to a company called Union Pacific Financial which claimed its FICO “sweet spot” was 600 to 640. But with the regulatory over-kill that has occurred in the industry the past two years, concerns remain about serving all credit impaired borrowers.