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FICO Unveils New FICO® Score Mortgage Simulator for Lenders

Author

Slice of Finance Team
01 Nov

Key Highlights:

  • FICO Score Simulation: Enables scenario-based score impacts for informed lending.

  • Enhanced Borrower Insights: Shows consumers potential FICO® Score outcomes.

  • Unique FICO Integration: Only simulator using actual FICO Score algorithms.

  • Xactus Partnership: Xactus joins FICO as a technology partner in launch.

Notable Quotes:

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“FICO is continuously working on innovative product offerings that can responsibly expand credit access to more people.”

Geoff Smith, Vice President and General Manager, Consumer Scores at FICO
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“The FICO Score Mortgage Simulator is an innovative new tool, and we are thrilled to be at the forefront of bringing it to the mortgage market.”

Shelley Leonard, President at Xactus

Our Take:

The FICO® Score Mortgage Simulator represents a significant advancement for mortgage professionals, combining FICO’s proven scoring algorithms with flexible scenario analysis. This tool empowers lenders to simulate various credit adjustments, allowing borrowers to see how changes could impact their creditworthiness, unlocking potential for improved loan terms. The simulator will likely drive positive borrower outcomes, giving them control over credit-based decisions and enhancing access to favorable interest rates. FICO’s partnership with Xactus underscores their commitment to innovation in mortgage lending, setting a new standard for credit assessment transparency. This tool’s launch could reshape the landscape of mortgage credit simulations by integrating real-world FICO algorithms.