Common use of FICO Model Used Clause in Contracts

FICO Model Used. Indicates whether the FICO score was calculated using the Classic, Classic 08, or Next Generation model. Borrower Qualification Numeric – Integer 1 99 If a FICO score was obtained See Coding 1 = Classic 2 = Classic 08 3 = Next Generation 99 = Unknown 79 Most Recent FICO Date Specifies the date on which the most recent FICO score was obtained Borrower Qualification Date 20090914 YYYYMMDD If a FICO score was obtained “19010101” if unknown Issuers unable to Provide may Rep and Warrant that the FICO score used for underwriting was not more than 4 months old at the date of issuance. 80 Primary Wage Earner Original FICO: Equifax Equifax FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850 81 Primary Wage Earner Original FICO: Experian Experian FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850 82 Primary Wage Earner Original FICO: TransUnion TransUnion FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850