CrossCountry Adopts FICO 10 T For Non-QM, MBS

CrossCountry Mortgage has adopted FICO Score 10 T for non-QM loans and securities. The goal of using FICO 10 T is to expand the number of people eligible for mortgages based on their credit scores. FICO says its new model can increase mortgage approval rates by up to 5% without additional risk, as well as reduce delinquencies by 17% for many consumers. “CrossCountry Mortgage’s astute decision to adopt FICO Score 10 T demonstrates its commitment to innovation, credit access, and responsible business growth,” Julie May, vice president and general manager of Scores at FICO, said. “By leveraging FICO’s most predictive credit scoring model, CCM is at the forefront of meeting the needs of today’s borrowers and investors.” CCM is the…

Closing The Gap: Fannie Mae’s Credit Building Program Finds Success

By KIMBERLEY HAAS A Fannie Mae program designed to help build the credit scores of renters is finding success. Launched in September, the Multifamily Positive Rent Payment Reporting pilot program allows property owners to share timely rent payment data with the three major credit bureaus. The goal is to accelerate the adoption of rent payment reporting so renters and prospective homebuyers with no or little credit can establish or improve their credit history. Lenders can incorporate that data when evaluating potential homebuyers. Leaders at Fannie Mae report that more than 263,000 rental units have been onboarded as of April 30. Over 10,000 renters in properties participating in the program have established credit for the first time and 58% of residents…