Global analytics software leader FICO has announced that SharperLending Solutions, a subsidiary of Xactus and a verifications technology partner in the mortgage industry, is now offering the FICO® Score Mortgage Simulator on the SharperLending Credit Platform.
The tool is designed to assist mortgage professionals in understanding how alterations to a borrower’s credit report, such as debt reduction or account closure, might influence their FICO® Score. This functionality aims to provide insights that could lead to a broader range of loan options and more favorable interest rates for consumers, alongside facilitating discussions on credit lending and financial education.
Michael Crockett, chief operating officer at Xactus, stated, “We’re excited to offer the FICO Score Mortgage Simulator on SharperLending’s credit platform because it is set to become an essential tool for mortgage professionals. By delivering clear, data-driven insights from FICO Score algorithms, the FICO Score Mortgage Simulator will enhance customer experiences and bolster the relationship between lenders and their clients.”
The FICO® Score Mortgage Simulator is distinguished as the only simulation tool available to mortgage professionals developed by FICO’s analytics scientists using the FICO® Score algorithm. It enables professionals to execute credit event scenarios by applying hypothetical changes to an applicant’s credit report data to forecast potential shifts in their FICO® Score. The simulator supports analyses across all three credit bureaus and models potential changes to multiple FICO Score versions relevant to mortgage lending. Lenders can now access this tool via the SharperLending Credit Platform.
SharperLending, a wholly owned subsidiary of Xactus, a fintech and market leader in verification solutions for the mortgage industry, was the first technology partner to introduce the FICO Score Mortgage Simulator to the market earlier this year.
Geoff Smith, vice president and general manager, Consumer Scores at FICO, commented, “As one of the early technology providers to roll out FICO Score Mortgage Simulator, SharperLending is a fantastic partner to help expand this tool to the industry. Our goal is to enable mortgage professionals and borrowers to make more informed, strategic decisions during the loan process.”
FICO, founded in 1956, is recognized for its work in predictive analytics and data science to improve operational decisions, holding over 200 US and foreign patents. Its solutions are used in more than 80 countries, and the FICO® Score is a standard measure of consumer credit risk in the U.
S., utilized by 90% of top U.
S. lenders.
SharperLending is a technology provider to the mortgage industry, offering financial technology software solutions to increase efficiency, mitigate risk, and offer affordability. The company’s technology has processed over 2 billion secure mortgage transactions, with major platforms including Appraisal Firewall, the XpertOnline credit platform, and the EPN loan origination and settlement service platform.
Xactus is a fintech company specializing in verification solutions for the mortgage and financial services industries. Its Intelligent Verification Platform℠, Xacus360, aims to streamline loan origination and servicing processes, enabling clients to make mortgage decisions faster and increase efficiency.
