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FICO bypasses credit bureaus with new program for mortgage lenders

Credit Score, FICO, HWmember, LendingLife, Mortgage, Origination /

Fair Isaac Corp. (FICO) has launched a program allowing tri-merge resellers to calculate and distribute its scores directly to mortgage companies, effectively bypassing the three nationwide credit bureaus: Equifax, TransUnion and Experian. The move comes amid intensified competition with VantageScore, owned by the three bureaus, following the Federal Housing Finance Agency’s (FHFA) decision to let […]

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VantageScore 4.0’s predictive power stands up to scrutiny

Credit scores, FICO /

The American Enterprise Institute’s (AEI) recent opinion piece (“FICO isn’t the problem. A premature two-score system is“) challenges a nearly unanimous market conclusion: VantageScore 4.0 is a more predictive credit score for mortgages than Classic FICO. Tobias Peter and Sissi Li’s critique tells yesterday’s story. VantageScore 4.0 is about tomorrow, and the market agrees.  While

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Figure expands Intellidebt offerings for debt consolidation

Debt, FICO, Figure Technologies, HELOCs, Mortgage, Technology /

Figure Technology Solutions, a blockchain-native capital marketplace, announced on Monday an expansion of Intellidebt, its Direct Debt Payoff (DDP) solution. The move aims to allow borrowers to consolidate existing liens and high-interest debt directly through the loan application process. The upgrade boosts borrower qualification potential by improving combined loan-to-value (CLTV) ratios, debt-to-income (DTI) ratios and

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Pulte’s tweet hands credit bureau an unfair edge

Credit scores, FICO, Secondary markets, Underwriting /

Bill Pulte, director of the Federal Housing Finance Agency (FHFA) recently roiled the mortgage market with a post on X, writing “Fannie [Mae] and Freddie [Mac] will ALLOW lenders to use Vantage 4.0 Score with no current requirement to build new infrastructure (stays Tri Merge).” Not only is it highly unorthodox to be making huge policy decisions

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Lawmakers voice support for FHFA’s adoption of VantageScore 4.0

Bill Pulte, Congress, Credit Score, FHFA, FICO, HWmember, Mortgage, Politics, VantageScore /

Nearly two dozen members of Congress recently sent a letter to Bill Pulte, director of the Federal Housing Finance Agency (FHFA), that supports his decision to accept VantageScore 4.0 credit scores for mortgages purchased by Fannie Mae and Freddie Mac. The lawmakers, led by Rep. Mike Flood (R-Neb.), said that the move will help President

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Which is better for mortgage — FICO or VantageScore?

Credit Score, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore /

VantageScore and FICO have escalated their rivalry in the mortgage space following the Federal Housing Finance Agency’s (FHFA) decision to allow Fannie Mae and Freddie Mac to purchase loans underwritten with VantageScore 4.0 as an alternative to the Classic FICO score.  Both companies published analyses this week from their data scientists. Naturally, each claims their score more

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VantageScore 4.0 is coming. But much work needs to be done

Bill Pulte, Fannie Mae, FHFA, FICO, Freddie Mac, HWmember, LendingLife, Mortgage, Origination, Regulatory, VantageScore /

In the days following the announcement that VantageScore 4.0 was suddenly in play for conventional mortgages, FinLocker‘s Brian Vieaux had to burst some bubbles. Most of the 15 to 20 loan officers he spoke to were ecstatic about being able to use the new credit scoring model. Millions of new prospective borrowers could be scored

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FHFA clarifies key VantageScore 4.0 implementation questions

FHFA clarifies key VantageScore 4.0 implementation questions

Bill Pulte, credit report, FHFA, FICO, HWmember, Mortgage, Regulatory, VantageScore /

Mortgage industry professionals had more questions than answers following last week’s bombshell announcement that the government-sponsored enterprises Fannie Mae and Freddie Mac have approved the use of VantageScore 4.0, a new credit scoring model. A week after the initial announcement, Federal Housing Finance Agency (FHFA) Director Bill Pulte answered several key questions. In an FAQ

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FICO to add Buy Now, Pay Later data to credit scores

Credit Score, FICO, HWmember, LendingLife, Mortgage, Origination /

Fair Isaac Corp. (FICO) will incorporate Buy Now, Pay Later (BNPL) data into two of its credit scores set to launch in Fall 2025. The company, which owns the rights to the market’s most widely adopted consumer credit risk assessment methodology, announced the move on Monday. The change will provide mortgage brokers, loan officers and

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Arrive Home introduces new versions of its Earned Equity Program

FHA, FICO, Homeownership, HWmember, Mortgage, Non-QM /

Arrive Home has launched two new iterations of its Earned Equity Program (EEP), which helps consumers achieve homeownership through a long-term purchase contract. The program is now available through two separate products designed for different groups of borrowers: EEP Pathway and EEP DocLight.  EEP Pathway is ideally suited for individual tax identification number (ITIN) holders and

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