Encompass Lending Group and Equity Resources, Inc. Adopt FICO Score 10 T
Lenders One® Cooperative members will use FICO’s newest, most innovative and predictive credit scoring model to help reduce delinquencies and increase mortgage loan approvals
“Our proactive adoption of FICO Score 10 T will enable us to stay one step ahead of the industry,” said
“At Encompass Lending Group, we strive to help as many people as possible achieve a dream of homeownership,” said
FICO® Score 10 T provides even greater precision in making lending decisions and can help lenders better manage credit risk and default rates when extending competitive credit offers to consumers. The model can enable an increase in mortgage originations of up to 5% (without taking on additional credit risk) or reduce default risk and losses by up to 17%. The increased predictive power of FICO Score 10 T can also help lenders project cash flow more accurately.
“With FICO Score 10 T,
This news builds upon FICO’s recent announcement around mortgage industry adoption of FICO® Score 10 T reaching a significant milestone: Clients with over
FICO is committed to assisting mortgage industry participants looking to transition to its most current model, FICO® Score 10 T. The
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FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.
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