Emerald Mortgage Compay is a privately owned
Utah corporation and residential mortgage brokerage firm.
Delivering superior, personalized service on every loan.
603 E 4500 South, Suite 100 | PO BOX 57563 | Salt Lake City, Utah 84157 | Office: (801) 269-9600 | Fax: (801) 269-8137 | Email
About Emerald
Mortgage Company
Credit Scoring
REALTOR and HOMEBUYER INFORMATION
The applicants' CREDIT SCORE (FICO SCORE) is an important tool for approving loans. Credit bureaus use computerized models to evaluate the applicants' risk based on several credit factors - payment history, delinquency record, outstanding debt, age and number of credit ratings, inquiries, types of credit used (revolving, installment) etc. The credit bureau then reports the score to the lender.
620 or less |
DOUBTFUL |
May be approved if other qualifications are excellent. |
620 – 680 |
POSSIBLE |
Likely approval if the applicants meet all other criteria, I.E. income ratios, job time, cash for downpayment, etc. |
680 or more |
GOOD SCORES |
Applicants with higher scores are often approved with income ratios that exceed standard guidelines and with less paperwork. |
Credit scoring has proven to be fast, fair and accurate but is just one of many things considered when an underwriter makes a final decision on a loan.
Scoring makes it easier to approve the best applicants while not rejecting worthy applicants with low credit scores who may have circumstances that require special attention.
Emerald Mortgage Company is an Equal Opportunity Lender.
For more information on what this means visit the FDIC website.
© 2004, Emerald Mortgage Company
