View 4c: Loan Origination Page/New or Refinanced Loan at Closing (Part Three)

Loan Level Credit Score Value [ID 251] (required)

Enter a value indicating the representative credit score assigned to the loan. If there are multiple borrowers, determine the applicable credit score for each individual borrower (lesser of two or middle of three) and select the lowest applicable score from all borrowers with credit scores as the representative credit score for the mortgage. Disregard any borrower without a credit score when determining this value. If all borrowers have non-traditional credit, provide ‘0’, otherwise a non-zero value will be expected. Per the Selling Guide, 'credit score' refers to the classic FICO score developed by Fair Isaac Corporation.

Loan Level Credit Score Selection Method Type [ID 249/250] (conditionally required)

Select the method used for the Loan Level Credit Score across all borrowers. Options include:

  • Average Then Average

  • Middle Or Lower Then Average

  • Middle Or Lower Then Lowest

  • Other

    • If Other is selected, the Seller Specific option displays.

Type of Credit Score Impairment [ID 247] (conditionally required)

Select a characteristic of the Credit Score that impairs its effectiveness as an indicator of credit risk. Options include:

  • Insufficient Credit History
    • If all borrowers have non-traditional credit, select Insufficient Credit History.

  • Significant Errors Score
    • If any borrower’s credit file does not include complete and accurate information that is sufficient to ensure the validity of the credit score, select Significant Errors Score. If any borrower’s credit file does not include complete and accurate information that is sufficient to ensure the validity of the credit score, select Significant Errors Score. If you have instructed DU to disregard confirmed incorrect foreclosure, bankruptcy, and/or mortgage delinquency information, select Significant Errors Score. Do not select Significant Errors Score if you have instructed DU to disregard derogatory credit data due to extenuating circumstances.

Closing Costs

For information, refer to View 4d: Loan Origination Page/New or Refinanced Loan at Closing (Part Four).

Select the + symbol to add a data collection for each Closing Cost. Fannie Mae accepts up to 12 collections.

Down Payments

For information, refer to View 4e: Loan Origination Page/New or Refinanced Loan at Closing (Part Five).

Select the + symbol to add a data collection for each Closing Cost. Fannie Mae accepts up to 12 collections.

Interest Calculation Period [ID 214] (required)

  • Bi-weekly

  • Daily

  • Monthly

Interest Calculation Type [ID 215] (required)

Select the method used to calculate the interest on the loan. The method includes the 'simple' option.

Asset Documentation Level (not used) (not used)

Income Documentation Level (not used)