Innovative analytic tool enables mortgage professionals to improve mortgage planning with customers
Global analytics software leader FICO announced that SharperLending Solutions, a subsidiary of Xactus and trusted verifications technology partner serving the mortgage industry, is now offering the FICO® Score Mortgage Simulator on the SharperLending Credit Platform. The tool helps mortgage professionals see how changes to a borrower’s credit report, such as paying down debt or closing an account, might affect their FICO® Score. This insight can lead to more loan options and favorable interest rates for customers, as well as an opportunity to discuss credit lending and financial education.
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“We’re excited to offer the FICO Score Mortgage Simulator on SharperLending’s credit platform because it is set to become an essential tool for mortgage professionals,” said Michael Crockett, chief operating officer at Xactus.
“We’re excited to offer the FICO Score Mortgage Simulator on SharperLending’s credit platform because it is set to become an essential tool for mortgage professionals. By delivering clear, data-driven insights from FICO Score algorithms, the FICO Score Mortgage Simulator will enhance customer experiences and bolster the relationship between lenders and their clients,” said Michael Crockett, chief operating officer at Xactus.
The FICO® Score Mortgage Simulator is the only simulation tool available to mortgage professionals that is built by FICO’s analytics scientists using the FICO® Score algorithm. It enables mortgage professionals to run credit event scenarios by applying mock changes in an applicant’s credit report data to simulate potential changes to the applicant’s FICO® Score. The FICO Score Mortgage Simulator supports simulations on all three credit bureaus, and models potential changes to several FICO Score versions used in mortgage lending. Lenders can now access the tool through the SharperLending Credit Platform.
SharperLending is a wholly owned subsidiary of Xactus, a fintech and market leader in verification solutions for the mortgage industry, and the first technology partner to bring the FICO Score Mortgage Simulator to market earlier this year.
“As one of the early technology providers to roll out FICO Score Mortgage Simulator, SharperLending is a fantastic partner to help expand this tool to the industry,” said Geoff Smith, vice president and general manager, Consumer Scores at FICO. “Our goal is to enable mortgage professionals and borrowers to make more informed, strategic decisions during the loan process.”
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