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Who are the Low FICO Score Lenders?

JUL 23, 2012 12:23pm ET
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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.

 

 

Comments (5)
Are you talking about Pacific Union? They are great and do low FICO borrowers. I think First Mortgage Wholesale does them as well, and I think that Rightstart Mortgage does them lower too.
Posted by | Monday, July 23 2012 at 1:38PM ET
Long Beach Mortgage??
Posted by | Monday, July 23 2012 at 7:40PM ET
I always tell my LO's New Century has a great program for that, then walk away. Or tell them Countrywide is coming back with Fast \ Easy. Then walk away and sigh.
Posted by | Tuesday, July 24 2012 at 2:49PM ET
Thank you dl! Being in real estate, I need as much info as possible.
Posted by | Tuesday, July 24 2012 at 4:10PM ET
LOL Right Start? What a joke. They cant lend there way out of a wet paper bag. They have the absolute WORST back office staff both in terms of knowledge as well as courtesy. They constantly violate laws and dont follow state laws they lend in. Good luck on that train wreck
Posted by | Tuesday, July 24 2012 at 11:14PM ET
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