FICO Announces Availability of FICO Score Mortgage Simulator for Lender Use

Lenders can use the innovative tool through FICO’s partnership with Xactus to help offer customers more loan options and favorable rates

BOZEMAN, Mont.--(BUSINESS WIRE)--Global analytics software leader FICO (NYSE: FICO) announces that the innovative FICO® Score Mortgage Simulator is now available for lender use through Xactus, a fintech and market leader in verification solutions for the mortgage industry and the largest credit reseller. Mortgage professionals can leverage valuable insight from the simulator to help drive smarter decisions that can present more loan options and favorable interest rates for customers.

The FICO® Score Mortgage Simulator is the only authorized simulation tool available to mortgage professionals that is built by FICO’s analytics scientists using the FICO® Score algorithm. Lenders can now access the tool through the Xactus360 platform.

“We are proud to be the pioneering partner to bring the FICO Score Mortgage Simulator to the mortgage industry,” said Shelley Leonard, president of Xactus. “The FICO Score-based tool is a significant achievement for its precision and reliability. Xactus expects to see rapid adoption of the new tool, and we believe it will provide significant value to mortgage professionals, helping them to better serve their customers.”

The FICO® Score Mortgage Simulator enables mortgage professionals to run credit event scenarios by applying simulated changes in an applicant's credit report data to simulate potential changes to the applicant’s FICO® Score. This unique capability lets mortgage professionals see potential impacts of borrower actions on the FICO Score, the most widely used score by mortgage professionals. In a highly competitive mortgage industry, additional insight is invaluable in putting the most favorable terms in front of their customers.

"The FICO Score Mortgage Simulator is the only tool available to mortgage professionals that leverages the trusted FICO Score algorithm to provide unparalleled accuracy and insight while simulating potential impact consumers’ actions can have on their FICO Scores. Ultimately, this tool will allow lenders to better serve their customers as they pursue the dream of homeownership," said Geoff Smith, vice president and general manager, Consumer Scores at FICO.

The FICO® Score Mortgage Simulator supports simulations on one, two or three bureaus, and models potential changes to the classic FICO® Scores used in mortgage lending - FICO Score 2, FICO Score 4 and FICO Score 5. This allows mortgage professionals the widest scope of insight across the FICO Scores they use.

Lenders or credit resellers can learn more about the FICO® Score Mortgage Simulator by visiting: https://www.fico.com/en/latest-thinking/solution-sheet/fico-score-mortgage-simulator.

About FICO

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 80 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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FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

About Xactus

Xactus – a leading fintech company specializing in verification solutions for the mortgage and financial services industries – leverages advanced technology and industry expertise to provide innovative solutions that streamline loan origination and servicing processes. Our Intelligent Verification Platform^SM, Xactus360, enables clients to make better mortgage decisions faster while increasing efficiency and reducing waste.

For more information, visit xactus.com or follow Xactus on LinkedIn: https://www.linkedin.com/company/xactus-llc/.