Global analytics software leader FICO and Xactus, a fintech and market leader in verification solutions for the mortgage industry, announced today that Xactus is the first verifications provider to finalize a multi-year agreement to participate in the FICO® Mortgage Direct License Program. This partnership aims to transform how credit scores are delivered to the mortgage industry.
The FICO Mortgage Direct License Program is designed to enable tri-merge providers, such as Xactus, to calculate and deliver FICO® Scores directly to lenders. Xactus is collaborating with FICO to implement the program, ensuring its clients will have seamless access to FICO® Scores and supporting the modernization of credit infrastructure within the $12 trillion U.
S. mortgage industry.
Shelley Leonard, president at Xactus, stated, “We believe this partnership with FICO will fundamentally reshape how FICO Scores are delivered and priced in the mortgage industry. This innovation reflects our ongoing dedication to expanding choice and flexibility for our customers. We’re proud to be the first to partner with FICO to introduce this solution and to help our clients thrive in an increasingly competitive and dynamic marketplace.”
Through the FICO® Mortgage Direct License Program, lenders may save up to 50% on per-score FICO fees by streamlining score delivery. The program also offers flexible pricing models that acknowledge the role of the FICO® Score in mortgage funding and liquidity.
Julie May, vice president and general manager of B2B Scores at FICO, commented, “This milestone partnership with Xactus accelerates our commitment for a more transparent, competitive, and cost-efficient mortgage lending marketplace. Together, we are empowering lenders to choose the pricing model that works best for their business and customers.”
A formal update will be provided once the solution becomes commercially available at Xactus, including details on how lenders can access FICO® Scores directly via the FICO Mortgage Direct License Program at Xactus.
FICO, founded in 1956, is a pioneer in using predictive analytics and data science to improve operational decisions. The company holds over 200 US and foreign patents on technologies designed to increase profitability, customer satisfaction, and growth across various industries. The FICO® Score is a standard measure of consumer credit risk in the U.
S. and is used by 90% of top U.
S. lenders, with availability in over 40 other countries.
Xactus specializes in verification solutions for the mortgage and financial services industries. The company utilizes advanced technology and industry expertise to provide solutions that streamline loan origination and servicing processes. Its Intelligent Verification Platform SM, Xactus360, aims to enable clients to make faster mortgage decisions, increase efficiency, and reduce waste.
