LoanPASS, a provider of product, pricing, and automated underwriting systems, has launched a new batch pricing tool that enhances its integration of FICO Score 10T. This tool is designed to process thousands of files simultaneously, allowing lenders to conduct extensive side-by-side comparisons of pricing outcomes between FICO Score 10T and Classic FICO.
This new functionality provides lenders with detailed insights into potential rate advantages and supports the development of informed risk management strategies. LoanPASS was previously the first Product and Pricing Engine (PPE) to incorporate FICO Score 10T into its platform, enabling lenders to evaluate credit risk for non-conforming mortgage loans using trended data.
Mike Lewis, President of LoanPASS, stated, “Our objective has always been to equip lenders with the necessary tools to maintain competitiveness. We are proud to be the first PPE to offer FICO Score 10T for non-conforming loans. This advanced score integration provides lenders with deeper insights into borrower risk profiles and pricing strategies, reflecting our dedication to offering clients flexibility and transparency in today’s dynamic lending environment.”
FICO Score 10T integrates trended credit bureau data, offering a more comprehensive perspective on consumer credit behavior over time, including balance fluctuations. This approach assists lenders in making more informed decisions. Early implementations of the model have demonstrated potential improvements in predictive performance by up to 10% compared to earlier versions.
Julie May, Vice President and General Manager of B2B Scores at FICO, commented, “FICO’s Mortgage and Capital Markets team is focused on helping lenders leverage the full capabilities of FICO Score 10T. LoanPASS’s new batch pricing feature supports this vision by allowing lenders to confidently compare pricing outcomes at scale. Together, we are contributing to the transparency and insights required to accelerate the adoption of FICO’s most predictive credit scoring model.”
FICO is committed to supporting mortgage industry participants in their transition to FICO Score 10T. FICO’s Mortgage and Capital Markets team offers support across the mortgage ecosystem, assisting clients in understanding the benefits of FICO Score 10T, identifying areas to reduce default exposure, and maximizing opportunities using current credit tools and insights.
