Accessing FHA's TOTAL Mortgage Scorecard Through Loan Prospector
Loan Prospector enables you to submit Federal Housing Administration (FHA) loans to the FHA’s TOTAL Mortgage Scorecard for assessment. Since Loan Prospector isn’t conducting the assessment on FHA loans, you need to be aware of some different requirements and processes in order to submit to the FHA TOTAL Scorecard through Loan Prospector.
FHA TOTAL Mortgage Scorecard
The FHA TOTAL Mortgage Scorecard is a credit assessment engine developed, housed and maintained by the U.S. Department of Housing and Urban Development (HUD) to assess the credit worthiness of FHA borrowers and to predict the default probability of FHA loan applicants.
FHA TOTAL Requirements
- Merged Credit Report(s) Required
FHA TOTAL Mortgage Scorecard requires merged credit, which you'll need to obtain in Loan Prospector from a participating credit reporting company (CRC). If you don't already have an agreement in place with a participating Loan Prospector CRC or affiliate, you'll need to print and complete at least one agreement for the company of your choice. We recommend you establish agreements with at least two CRCs.
Check here for information about using merged credit options in Loan Prospector.
- Different Data Requirements
The following data fields are required only when submitting FHA loans.
Data Field Instructions FHA Case Number FHA-assigned number identifying an FHA loan application. For the mortgage to be accepted by FHA, you must enter the FHA Case Number on or before the last submission, so it is included on the Feedback Certificate. If you don't know the FHA Case Number on the first submission, remember to enter it before you've completed processing the loan in Loan Prospector. FHA Lender ID FHA-assigned number identifying the broker or lender originating the mortgage with Direct Endorsement authority. This ID is required on all FHA loan applications. FHA Sponsor ID FHA-assigned number for the sponsoring wholesaler underwriting the mortgage. This ID is required if the mortgage is being underwritten by a different lender (other than FHA Lender ID). This number should also correspond to the wholesaler selected on the Assign Loan page.
If you do not know your FHA Lender ID, contact the FHA Office of Lender Approval and Certification at (202) 708-3976.
- FHA TOTAL Mortgage Scorecard Feedback Certificate
With each FHA loan submitted through the FHA TOTAL Mortgage Scorecard, you'll receive the FHA TOTAL Mortgage Feedback Certificate. The key differences between a Loan Prospector Feedback Certificate and the FHA TOTAL Mortgage Scorecard Feedback Certificate, are:
Different Title The Feedback Certificate for FHA Loans is labeled "FHA TOTAL Mortgage Feedback Certificate." Accept and Refer Risk Class Includes either FHA's Accept or Refer risk class. Credit Risk Comments Includes both Loan Prospector and FHA TOTAL Mortgage Scorecard messages. The reason(s) for "Refer" risk class is provided in the Credit Risk Comments section. Credit Score Will display under Loan Processing Information. FICO score table and credit explanation are not included. FHA Case Number Must appear on the final Feedback Certificate for all FHA loans in order for the loan to be eligible for FHA endorsement.
Using Merged Credit with FHA Loans
Initial submissions using merged credit
Always select Merged Credit and complete the Credit Reporting Company and Single or Joint report type fields on your initial FHA submission to the FHA TOTAL Mortgage Scorecard through Loan Prospector.
For all FHA loans resubmitted through Loan Prospector, you must complete the Credit Reporting Company and Single or Joint report type fields. If the information is not entered, the loan will receive an “Incomplete” response and messages instructing you to enter the required information. If you need to view your merged credit reports after seven days, you must resubmit the loan data to refresh the existing merged credit report. Upon resubmission, merged credit will be reordered from the CRC if critical borrower data changes, a new CRC is selected, joint or single merged indicator changes, or credit report exceeds 120 days. In these instances, new fees will apply.
The process for entering data in the fields may vary based on how you access Loan Prospector. You'll find specific instructions below.
LoanProspector.com Users (direct and via loan origination system (LOS) or point of sale (POS) interfaces)
When you resubmit an FHA loan, you'll need to follow these steps:
- Select Request Services on LoanProspector.com
- Select Merged Credit so the credit report option fields appear
- If the name of your CRC does not appear in the Credit Reporting Company field select your CRC from the pull down list
- Enter or confirm the correct report type is selected in the Single or Joint report type field
[See the steps displayed on a sample request services page]
Loan Prospector Pricing Schedule for Conventional, FHA and VA Loans
|Assessment Fee when Using Credit Infiles||Assessment Fee When Using Merged Credit||Assessment Fee When Using Reference Number|
- Tips for wholesale lenders originating FHA loans
- Tips for TPOs originating FHA loans
- FHA's TOTAL Scorecard Questions and Answers
- FHA Scorecard Factsheet
- Steps for getting ready to use FHA TOTAL Scorecard
- HUD Homeownership Centers
- FHA and VA Documentation Matrix
- Processing FHA and VA Mortgages Reference
- AUS Feedback Messages