FICO and LoanPASS just launched a first-of-its-kind Batch Pricing Tool for the mortgage industry. This new solution is specifically designed to work with the FICO Score 10T model. It helps lenders analyze credit risk for non-conforming loans with much more accuracy. Instead of checking one file at a time, users can now process thousands of files simultaneously. This efficiency is a huge win for lenders managing large portfolios. It provides a clearer picture of how borrowers handle their debt over time.
This tool makes it much easier for firms to switch to the latest credit scoring standards. Many lenders still use old models because upgrading once felt far too complicated. However, this integration through LoanPASS removes those technical hurdles. It allows for better pricing decisions in the secondary market. As a result, the mortgage process becomes faster and more transparent for everyone. The system uses trended data to help identify the most reliable borrowers.
Modernizing Credit Risk for Today’s Mortgage Market
The new tool bridges the gap between traditional scoring and modern predictive analytics. By using the Batch Pricing Tool, lenders can compare different pricing outcomes at a massive scale. This capability is vital for staying competitive in a shifting housing market. Furthermore, it helps institutions manage their pipelines with much higher confidence. Both FICO and LoanPASS are committed to making these advanced tools accessible to all lenders.
Julie May, vice president and general manager of B2B Scores at FICO, discussed the vision.
“LoanPASS’s new batch pricing capability builds on that vision by enabling lenders to compare pricing outcomes at scale with confidence. Together, we’re providing the transparency and insights needed to accelerate adoption of FICO’s most predictive credit scoring model.”
Mike Lewis, president of LoanPASS, also commented on being first to market with the tech.
“Our goal has always been to give lenders the tools they need to stay competitive, and we are incredibly proud to be the first PPE to offer FICO Score 10T for non-conforming loans.”
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News Source: Businesswire.com
