I am a loan officer who is doing a mortgage for a purchase. I am using the Flex 100 program. My rep quoted me rates based on the borrowers score which is 640. The coborrower has a 614 score, however the rep clearly said that we would be pricing with the borrowers score. Now that we are locking, he is telling me we have to use the 614. I believe that this product has the same guidelines regardless of which bank, is the Flex 100 usually priced with the borrowers, coborrowers, or the lesser of the two? Please only answer if you know this, and if so, do you know where I could find it in the guidelines? I've searched guidelines on a few banks, but haven't had much luck. Thank you!
For loan officers only: Flex 100 program?
yeah, bad AE...doesnt sound like a %26quot;new%26quot; one, it sounds like a typical one!!! NEVER EVER trust your AEs ....they are all full of it and will say anything to get the deal submitted to their office!!!
For loan officers only: Flex 100 program?
Well its a fannie mae product. It must be your lender that is pricings it or adjusting pricing because the co-borrower is below 620. Not all lenders will do that, but many will. I dont think first horizon does give you a hit for 620 or below, but I dont know what state you are in or if you are approved with them.
But yes if they give you a hit based on credit score, your AE screwed up. You always take the lowest borrowers score when pricing a loan. I would seriously say you are making up the difference its probably only .25 -.50 to the YSP.
This site may or may not help.
https://www.comunitylending.com/loanlib/...
For loan officers only: Flex 100 program?
Your rep gave you incorrect information. Typically when there is a borrower and a co-borrower (depending on program ofcourse) the lender will take the lower of the 2 scores when pricing a loan. That's horrible that you get all the way down to the lock and he/she springs this on you. Sounds like a %26quot;new%26quot; rep. What bank are you using?
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