Common use of Length of Employment Clause in Contracts

Length of Employment. Co-Borrower The number of years of service with the co-borrower’s current employer as of the date of the loan. Borrower Qualification Numeric – Decimal 3.5 99.99 If “Total Number of Borrowers” > 1 >= 0 99 = Retired, None employment income soure (social security, trust income, dividends, etc.) 77 Years in Home Length of time that the borrower has been at current address. Borrower Qualification Numeric – Decimal 14.5 99.99 Refinances of Primary Residences Only (Loan Purpose = 1, 2, 3, 4, 8 or 9) > 0 78 FICO Model Used Indicates whether the FICO score was calculated using the Classic, Classic 08, or Next Generation model. Borrower Qualification Numeric – Integer 1 99 If a FICO score was obtained See Coding 1 = Classic 2 = Classic 08 3 = Next Generation 99 = Unknown 79 Most Recent FICO Date Specifies the date on which the most recent FICO score was obtained Borrower Qualification Date 20090914 YYYYMMDD If a FICO score was obtained “19010101” if unknown Issuers unable to Provide may Rep and Warrant that the FICO score used for underwriting was not more than 4 months old at the date of issuance. 80 Primary Wage Earner Original FICO: Equifax Equifax FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850 81 Primary Wage Earner Original FICO: Experian Experian FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850 82 Primary Wage Earner Original FICO: TransUnion TransUnion FICO score for primary borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If a FICO score was obtained >= 350 and <= 850 83 Secondary Wage Earner Original FICO: Equifax Equifax FICO score for Co-borrower (if applicable). Borrower Qualification Numeric – Integer 720 9999 If “Total Number of Borrowers” > 1 >= 350 and <= 850