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Fico Launches Fico Score Simulator To Help Mortgage Lenders Give Consumers More Loan Options And Favorable Rates

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By Author: jamescolin
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Global analytics software pioneer FICO (NYSE: FICO) has launched the FICO® Score Mortgage Simulator, a transformative tool designed to assist mortgage professionals in guiding potential borrowers through their credit journey. By using real FICO® Score algorithms, this new simulator enables mortgage professionals to forecast how various credit actions could impact a borrower’s FICO Score and, in turn, their mortgage eligibility and interest rates.

With this tool, mortgage professionals can simulate potential outcomes based on actions like paying down debt or resolving collection accounts. The simulator projects potential changes in the FICO Score, allowing brokers and lenders to show clients how strategic financial moves could lead to more favorable mortgage terms. Geoff Smith, vice president and general manager for Consumer Scores at FICO, highlighted how the FICO® Score Mortgage Simulator could allow more people to reach homeownership, as even small improvements in a borrower’s score may open new loan options or improve loan terms.

The FICO® Score Mortgage Simulator includes three primary benefits:

Detailed ...
... Credit Scenario Simulations: The simulator provides a dynamic platform for mortgage professionals to project how different credit actions might positively impact eligibility for home loans.

Enhanced Financial Guidance for Clients: With insights from the simulator, lenders can provide actionable recommendations that help clients make well-informed decisions to improve their FICO Scores.

Access to Better Loan Options and Interest Rates: By using the simulator, mortgage professionals can help clients improve their scores, allowing more consumers to qualify for mortgages or secure more competitive interest rates.

Xactus LLC, a major player in mortgage verification, is the first to partner with FICO on the release of this tool. According to Shelley Leonard, president of Xactus, this simulator brings unprecedented clarity and a deeper understanding of credit factors to both consumers and lenders.

Read More: https://www.techdogs.com/tech-news/business-wire/fico-launches-fico-score-simulator-to-help-mortgage-lenders-give-consumers-more-loan-options-and-favorable-rates

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