CrossCountry Mortgage Adopts FICO® Score 10 T, Providing Forward Looking Insights for Mortgage-Backed Security Investors
09 Janeiro 2024 - 10:00AM
Business Wire
First Mortgage Lender Committed to Issuing
Mortgage-Backed Securities Exclusively Based on FICO Score 10 T
CrossCountry Mortgage (CCM), the nation’s number three retail
mortgage lender, has adopted FICO® Score 10 T. As a
forward-thinking industry trailblazer, the lender will use FICO’s
newest, most innovative, and most predictive scoring model to
support origination and decision making for non-confirming loans,
ultimately helping more consumers realize the dream of
homeownership.
Additionally, CCM is the first mortgage lender to commit to
issuing mortgage-backed securities (MBS) exclusively based on FICO®
Score 10 T. This move will enable investors to update their
guidelines to accept the most predictive score for MBS and allow
the $12 trillion MBS global market to have access to more powerful
insights and information. This commitment will be the first step
for investors to familiarize themselves with the new score and
realize the promised performance improvement. This first ever
instance of FICO Score 10 T applied to an MBS pool will show
investors, rating agencies, and other stakeholders a real-world
example of the improved predictive performance offered by FICO
Score 10 T.
As an industry leader and first to adopt FICO Score 10® T, CCM’s
commitment to the scoring model is leading the way for a growing
number of companies to adopt the model as well.
"By proactively issuing mortgage-backed securities exclusively
based on FICO Score 10 T, we’re helping to empower investors to
make smarter decisions,” said Jenn Stracensky, CCM Chief Operating
Officer. “We’re excited about the opportunities that the use of
FICO Score 10 T will provide as we continue to offer personalized
solutions to our customers.”
FICO Score 10® T provides even greater precision in making
lending decisions. FICO Score 10 T can help lenders better manage
credit risk and default rates when extending competitive credit
offers to consumers. Compared to the version of the FICO® Score
used by the Enterprises today, FICO® Score 10 T can enable an
increase in mortgage originations of up to 5 percent (without
taking on additional credit risk) or reduce default risk and losses
by up to 17 percent. The more predictive FICO Score 10 T also helps
lenders project cash flows more accurately.
“CrossCountry Mortgage’s astute decision to adopt FICO Score 10
T demonstrates its commitment to innovation, credit access and
responsible business growth," said Julie May, vice president and
general manager of Scores at FICO. “By leveraging FICO’s most
predictive credit scoring model, CCM is at the forefront of meeting
the needs of today’s borrowers and investors.”
FICO is committed to assisting mortgage industry participants
looking to transition to its most current model, FICO® Score 10 T.
The FICO Score Migration Resource Center provides a detailed
guide to support organizations through their score transition with
key planning steps and activities, in addition to implementation
best practices.
About FICO
FICO (NYSE: FICO) powers decisions that help people and
businesses around the world prosper. Founded in 1956, the company
is a pioneer in the use of predictive analytics and data science to
improve operational decisions. FICO holds more than 220 US and
foreign patents on technologies that increase profitability,
customer satisfaction and growth for businesses in financial
services, insurance, telecommunications, health care, retail and
many other industries. Using FICO solutions, businesses in nearly
120 countries do everything from protecting 2.6 billion payment
cards from fraud, to improving financial inclusion, to increasing
supply chain resiliency. The FICO® Score, used by 90% of top US
lenders, is the standard measure of consumer credit risk in the US
and has been made available in over 40 other countries, improving
risk management, credit access and transparency. Learn more at
www.fico.com.
Learn more at https://www.fico.com.
Join the conversation at https://twitter.com/fico &
https://www.fico.com/en/blogs/.
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FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
About CrossCountry
Mortgage
CrossCountry Mortgage (CCM) is the nation's number three retail
mortgage lender, with more than 7,000 employees operating over 800
branches and servicing loans across all 50 states. Our company has
been recognized ten times on the Inc. 5000 list of America's
fastest-growing private businesses and has received many awards for
our standout culture. We offer more than 120 mortgage, refinance
and home equity solutions – ranging from conventional and jumbo
mortgages to government-insured programs for Veterans and rural
homebuyers – and we are a direct lender and approved seller and
servicer by Freddie Mac, Fannie Mae, and Ginnie Mae. Through our
dedication to getting it done, we make every mortgage feel like a
win. Visit ccm.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240109564879/en/
FICO US PR Team Julie Huang press@fico.com
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