Integration of FICO Score Mortgage Simulator unlocks better loan options and rates through smarter, data-driven conversations
FICO“Integrating the FICO Score Mortgage Simulator with MeridianLink Mortgage Credit Link is another step forward in our mission to simplify and modernize the mortgage process,” said Mike Griffith, vice president of product at MeridianLink.
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Highlights:
- FICO Score Mortgage Simulator gives mortgage professionals the ability to simulate how changes in an applicant’s credit report data can impact their FICO Score.
- The tool empowers lenders and borrowers to make more informed credit decisions, creating better customer experiences and increasing education around their FICO Score.
- FICO Score Mortgage Simulator is the only score simulator on the market today for mortgage professionals that use FICO Score algorithms.
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Global analytics software leader FICO announces MeridianLink, a leading provider of modern software platforms for financial institutions and consumer reporting agencies, as the first mortgage technology platform company to offer the FICO Score Mortgage Simulator. Through the integration of the FICO Score Mortgage Simulator, MeridianLink is significantly expanding access to credit decisioning tools for resellers and lenders nationwide that provide valuable insights to support more informed decisions and better lending options for consumers.
MeridianLink Mortgage Credit Link (MCL) is a cloud-based, plug-and-play order fulfillment hub that streamlines the ordering of credit and verification data throughout the mortgage process. The addition of the FICO Score Mortgage Simulator enhances MCL by giving lenders a powerful tool to simulate credit behavior changes and then measure the potential impact on FICO Scores. Combined with MeridianLink’s robust Smart API framework, the platform enables seamless partner integration and more efficient loan origination, ultimately helping borrowers access better loan options and interest rates.
“Integrating the FICO Score Mortgage Simulator with MeridianLink Mortgage Credit Link is another step forward in our mission to simplify and modernize the mortgage process,” said Mike Griffith, vice president of product at MeridianLink. “This tool gives lenders and borrowers powerful insight into credit dynamics, helping them make more informed decisions with greater speed and accuracy. It’s not just about improving efficiency, it’s about helping borrowers unlock better loan options through smarter, data-driven conversations.”
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The FICO® Score Mortgage Simulator empowers mortgage professionals to run credit event scenarios by applying mock changes in an applicant’s credit report data to simulate potential changes to the applicant’s FICO® Score. This unique capability allows the mortgage industry to view potential impacts of borrower actions on the FICO Score, the most widely used score by mortgage professionals.
“In a competitive mortgage market, deeper insights are key to offering customers the most favorable term options,” said Geoff Smith, vice president and general manager of Consumer Scores at FICO. “The FICO Score Mortgage Simulator represents the most responsible, accurate and trusted way for lenders to model potential FICO Score outcomes. Partnering with MeridianLink enables this powerful tool to now be in the hands of more professionals than ever before, enhancing how borrowers are served and informed.”
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. 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 to have the widest scope of insight across the FICO Scores they use. As we continue to enhance the tool, simulations will soon allow for new actions such as deletion of accounts, simulating the passage of time, and more.
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Source: businesswire
