Credit Reporting Agency Offers Access to FHA TOTAL Scorecard

""Credit Plus, Inc."":http://www2.creditplus.com/index.html, a credit reporting agency based in Salisbury, Maryland, recently announced that its customers can obtain direct access to the ""Federal Housing Administration (FHA) Technology Open to Approved Lenders (TOTAL) Scorecard"":http://nhl.gov/offices/hsg/sfh/lender/total_scorecard.cfm though the company's innovative technology.

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""We're excited to be one of the first credit reporting agencies to offer this direct access,"" said Greg Holmes,

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national director of sales and marketing for Credit Plus. ""This connection allows our customers to save money and submit directly to FHA TOTAL Scorecard.""

The FHA TOTAL Scorecard was developed by ""HUD"":http://portal.hud.gov/portal/page/portal/HUD in order to evaluate the credit risk of FHA loan applications that are submitted through an automated underwriting system (AUS). To underwrite an FHA loan electronically, a mortgagee simply uploads the 1003 loan data into an AUS that can communicate with the internet-based TOTAL Scorecard, and the application is approved or denied via a real-time response.

FHA said it was interested in developing its own scorecard for a number of reasons. The TOTAL Scorecard ensures that applicants for FHA loan insurance are evaluated by the same scoring process regardless of the AUS vendor submitting the loan, and it enhances FHA's ability to assess and manage risk. In addition, FHA said the system will ensure that no borrower will be denied an FHA-insured mortgage loan on the basis of a refer classification by an AUS, as the TOTAL Scorecard provides two risk classifications, including accept/approve or refer.