Xactus, a fintech and market leader in verification solutions for the mortgage industry, announced that global analytics software leader FICO has teamed up with Xactus as its first technology partner in FICO’s quest to bring its innovative FICO Score Mortgage Simulator to market.
“We are excited about being the first company to partner with FICO to introduce this important tool to the lending community”
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“We are excited about being the first company to partner with FICO to introduce this important tool to the lending community,” said Shelley Leonard, President of Xactus. “Our deep industry connections and experience with score simulation tools will play a key role in the simulator’s roll out and fostering its quick adoption.”
The FICO Score Mortgage Simulator can be accessed via Xactus360, the industry’s first Intelligent Verification Platform, a data-driven, scalable platform reframing how, what, and when verifications occur. It is the only score simulator for mortgage professionals that uses FICO Scores and FICO Score algorithms.
“Xactus has been an exceptional partner, and its recognition of the value that a FICO-built and FICO Score-based mortgage simulator brings to the industry is a testament to the company’s forward-thinking approach,” said Geoff Smith, vice president and general manager, Consumer Scores at FICO. “Together, we are thrilled to launch our innovative tool, which will ultimately empower lenders and borrowers to make more informed decisions.”
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The FICO Score Mortgage Simulator simulates possible impacts to consumers’ FICO Scores and includes a variety of scenarios to simulate the impact of potential changes to their credit report data. With that information, lenders can help applicants gauge how certain actions could impact their FICO Scores and demonstrate how more loan options and potentially better interest rates could become available based on different scenarios.
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For example, a lender can use this tool to run a simulated credit event scenario from a potential borrower’s credit report data, such as paying off a credit card, and see the possible impact to that person’s actual FICO Score. The simulation can also enable lenders to determine how different strategies may influence potential changes to the consumer’s FICO Score.
Source – PR Newswire
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