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5/10/2008 12:19:21 PM
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trevman1
Posts 1
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I like the quick concise quote feature, BUT it assumes 720 Fico's, etc. Will your advanced feature allow you to change FICO scores, down payments, etc.? Will it offer 1st and 2nd combo loan options, FHA/VA options, etc?
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5/12/2008 10:42:11 AM
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MortgageMarvel
Posts 38
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Mortgage Marvel’s Advanced Quote and Quick Quote both take into account your down payment. We use your loan amount and the property value to calculate the amount of your down payment and the loan-to-value ratio (LTV) for your property.
Accurately incorporating credit score into the results is a tricky process because there are a several ways to go about it, none of which are perfect.
1. We could have users self-designate their credit score. The primary problem with this approach is that most consumers don’t know their exact credit score and rough estimates will lead to inaccurate results.
2. We could offer access to one of the free credit report/score services that you commonly see offered. In our experience, these services don’t provide the same credit score that mortgage lenders typically use for your application, which is commonly known as the FICO score (created by Fair Isaacs Corp.). The different scores could lead to inaccurate rate results.
3. To truly provide an accurate result we would need to give the user access to their FICO score from all three major credit reporting agencies – TransUnion, Equifax, and Experian. This would require us to collect a large amount of personal information and fees to cover the cost of the credit report.
Our goal is to provide the most accurate mortgage pricing quotes in the market. And, we want to allow people to shop for a mortgage anonymously and without expense, so we use an assumed score at this point. Understanding the impact that credit score can have on mortgage pricing, we're researching the most cost-effective way to provide users access to the same FICO scores that mortgage lenders typically use when considering an application.
Many of our lenders offer VA/FHA and combination (also known as "piggyback") products on their websites, but we currently do not support these products on Mortgage Marvel. However, you can use the "See All Rates" link (“%” icon below each lender’s name) from the rate results page to link to a lender's site and view the rates that they have for other products that meet your search criteria. If the lender offers VA or FHA loans online and your transaction is eligible for the program, the VA or FHA loan programs will appear in the product listing. A link will appear at the top of the results page to enable you to review piggyback financing if it is an option with the selected lender. Just like Mortgage Marvel, you can shop around on these sites without providing any personal information until you choose to apply.
Thanks for the excellent questions!
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