Lenders can use the innovative tool through FICO’s partnership with Xactus to help offer customers more loan options and favorable rates
Global analytics software leader FICO announces that the innovative FICO Score Mortgage Simulator is now available for lender use through Xactus, a fintech and market leader in verification solutions for the mortgage industry and the largest credit reseller. Mortgage professionals can leverage valuable insight from the simulator to help drive smarter decisions that can present more loan options and favorable interest rates for customers.
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FICO Score Mortgage Simulator is now available for lender use through Xactus, a fintech and market leader in verification solutions for the mortgage industry and the largest credit reseller.
The FICO Score Mortgage Simulator is the only authorized simulation tool available to mortgage professionals that is built by FICO’s analytics scientists using the FICO Score algorithm. Lenders can now access the tool through the Xactus360 platform.
“We are proud to be the pioneering partner to bring the FICO Score Mortgage Simulator to the mortgage industry,” said Shelley Leonard, president of Xactus. “The FICO Score-based tool is a significant achievement for its precision and reliability. Xactus expects to see rapid adoption of the new tool, and we believe it will provide significant value to mortgage professionals, helping them to better serve their customers.”
The FICO Score Mortgage Simulator enables mortgage professionals to run credit event scenarios by applying simulated changes in an applicant’s credit report data to simulate potential changes to the applicant’s FICO Score. This unique capability lets mortgage professionals see potential impacts of borrower actions on the FICO Score, the most widely used score by mortgage professionals. In a highly competitive mortgage industry, additional insight is invaluable in putting the most favorable terms in front of their customers.
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“The FICO Score Mortgage Simulator is the only tool available to mortgage professionals that leverages the trusted FICO Score algorithm to provide unparalleled accuracy and insight while simulating potential impact consumers’ actions can have on their FICO Scores. Ultimately, this tool will allow lenders to better serve their customers as they pursue the dream of homeownership,” said Geoff Smith, vice president and general manager, Consumer Scores at FICO.
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The FICO Score Mortgage Simulator supports simulations on one, two or three bureaus, and models potential changes to the classic FICO Scores used in mortgage lending – FICO Score 2, FICO Score 4 and FICO Score 5. This allows mortgage professionals the widest scope of insight across the FICO Scores they use.
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source – businesswire
