FICO Score 10T Sees Surge of Adoption by Mortgage Lenders
Fair Isaac Corproation (FICO)
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Source: Business Wire
Lenders are leveraging FICO's most predictive credit score for non-conforming loans to responsibly help more people attain the dream of homeownership BOZEMAN, Mont.--(BUSINESS WIRE)--FICO (NYSE: FICO), global analytics software leader, today announced that more than 40 lenders have now joined the FICO® Score 10T Adopter Program for non-conforming mortgage loans, marking a significant acceleration in adoption of the industry's most predictive credit scoring model.The recent surge of FICO® Score 10T adoption is driven largely by community lenders serving underserved markets, including TLC Community Credit Union, Magnolia Bank, William Raveis Mortgage, Nation One Mortgage Corporation, Western Ohio Mortgage Corp, Vellum Mortgage, V.I.P. Mortgage, and others.One of the most notable milestones in this wave of adoption is Spring EQ, the first HELOC lender to implement FICO® Score 10T, demonstrating its predictive value across mortgage products, including home-equity.“In today’s market, we
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