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FICO Score 9 7 Sep 2016, 2:56 pm

FICO Score 9 — Why Home Buyers and Lenders Shouldn’t Hold
Their Breath

Much attention has focused on the announcement that FICO is releasing an updated credit scoring model entitled FICO Score 9. This new algorithm which is scheduled to be available in the fall touts 3 primary improvements,

Once repaid, debts that went to collection agencies won’t count against a consumer’s FICO score.
Medical debts will have a lesser negative impact on consumer scores. The median FICO score for consumers whose only major derogatory references are unpaid medical debts is expected to increase by 25 points.
A better technique to determine credit creditworthiness of consumers with little credit history (often referred to as “thin files”.)

Some of these updates are likely the result of a study by the Consumer Financial Protection Bureau suggesting that consumers’ credit scores may be “overly penalized” by medical collections. It states that medical debt is unlike other forms of debt as it is often a result of insurance issues with the consumer often unaware of the debt prior to being contacted by a collection agency.

Sounds great, but here’s the catch for home buyers…

The use of credit scores for mortgage purposes is largely dictated by the GSE’s, Fannie Mae (FNMA) and Freddie MAC (FMAC.) Both entities determine which credit scores are acceptable for use by their respective automated underwriting engines. As a result, virtually all mortgage lenders use only the credit score models accepted by the GSE’s,

Since 2009, the GSE accepted scoring models have been,

Equifax Beacon 5.0

Experian FICO V2

Trans Union FICO Classic 4 (formerly known as Empirica)

At present, neither FNMA nor FMAC have indicated any plans to accept the FICO Score 9 model, rendering it largely useless within the mortgage industry.

A precedent for GSE inaction on credit score updates has already been established. In 2009, FICO released the 08 scoring model which despite similar media attention, was never adopted by FNMA or FMAC.

The media attention given to FICO’s Score 9 model and the failure to explain its likely non-use within the mortgage industry has created confusion for many home buyers and mortgage lenders. The bottom line is that although FICO Score 9 contains enhancements that are seen as positive changes for consumers, they will likely not benefit those looking to purchase a home or refinance an existing loan.

Thomas Conwell
President
Credit Technologies, Inc.

The post FICO Score 9 appeared first on Credit Technologies.

ProLender Solutions Announces Credit Technologies Integration 10 Jan 2013, 12:57 pm

San Diego, CA, January, 2013

ProLender Solutions, Inc., a provider of innovative paperless mortgage lending software, released its new interface with credit reporting agency Credit Technologies, Inc. The integration allows ProLender clients to expedite the process of requesting and receiving credit reports by using borrower data already in the ProLender system.

“We’re excited to be working with ProLender Solutions,” said Thomas Conwell III, President at Credit Technologies, Inc. “This integration dramatically simplifies access to Credit Technologies services within ProLender including credit reporting, rescoring and our new Mortgage PreFlight prequalification and referral system.”

ProLender

The ProLender-Credit Technologies interface provides staff members with the ability to not only request new credit reports, but also reissue and updated existing reports from within the ProLender system. Additionally, the liabilities and former addresses are automatically imported into ProLender from the Credit Technologies report. This eliminates data entry and prevents user input errors.

a best-of-breed software approach,” said Kevin Roczey, President at ProLender Solutions, Inc. “Our clients like to know they can choose vendors that provide the best price/service, and know the ProLender system will support the vendor relationship.”“This integration gives our clients the ability to further streamline their operations while maintaining

Using a credit interface within the ProLender system offers additional benefits. The ProLender Administrator determines which staff members have security rights to the credit interface. Therefore, only staff members who are authorized my management to pull a credit report will have access. Plus, the system logs the staff member who requests the report giving management control to monitor the request of credit reports.

About Credit Technologies, Inc.
Founded in 1990, Credit Technologies serves more than 1600 leading mortgage lenders and brokers nationwide. The combination of highly trained and FCRA certified staff and innovative programs such as Mortgage PreFlight and Vision pre-qualification systems help clients close more loans while dramatically reducing overall costs. Credit Technologies solutions are available nationwide including the ability to complete credit rescoring within 24 hours (with or without documentation) and accurately forecast the resulting credit score change before the update takes place. Credit Technologies systems are integrated in virtually every lender automated underwriting system, working seamlessly with current processing and underwriting. To learn more about Credit Technologies including how to generate more applications, closings and referrals and increase revenue per-loan call 800.445.4922 option 1 or via email at BusDev@CreditTechnologies.com.

About ProLender Solutions, Inc.
Founded in 2002 by seasoned mortgage software veterans, ProLender Solutions, Inc. develops comprehensive, yet easy-to-use, paperless lending software designed to automate back-office processes for mortgage lenders. The system integrates the ProLender® loan management software, ImageCenter document management and the WebLender web portal. The ProLender system integrates with many top vendors for loan origination, compliance, credit, closing docs, mortgage registration, warehouse banks and much more. This allows users to work from one corporate lending platform; thus streamlining the back-office process and eliminating the potential for costly mistakes. For more information, visit http://www.prolender.com, call 858.974.4888 or email Alyssa Burley at alyssa@prolender.com.

The post ProLender Solutions Announces Credit Technologies Integration appeared first on Credit Technologies.

Gallery post format 22 May 2012, 11:50 am

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Image format post 22 May 2012, 11:37 am

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