Planet Home Lending to Use FICO Score 10 T for Deeper Insights into Mortgage Origination and Servicing Credit Performance
2024年4月9日 - 9:00PM
ビジネスワイヤ(英語)
Will use most predictive score to compare
loans, retain existing customers
FICO, a leading analytics software firm, has announced that
national mortgage lender, servicer and asset manager Planet Home
Lending will be using FICO® Score 10 T in real-time comparisons for
mortgage originations and to inform retention and recapture
analytics for its $100 billion servicing portfolio. Xactus will
supply Planet with the new score.
As part of this move, the mortgage leader will use FICO’s
newest, most innovative and predictive scoring model to analyze
government and conventional loans originated by its distributed
retail division or purchased by the correspondent division. Planet
will also employ FICO Score 10 T to further enhance retention and
recapture analysis. The company currently posts verified recapture
rates as high as 89%.
“We’re eager to tap the power of FICO Score 10 T to further
analyze our book of business and unlock new origination
opportunities to support our continued growth,” said Planet Home
Lending President, Mortgage Lending, John Bosley “Our decision to
proactively incorporate this latest scoring model aligns with our
overarching commitment to innovation and helping those we serve to
succeed.”
Planet’s use of FICO® Score 10 T adds to the momentum of the
mortgage industry in proactively adopting the new credit scoring
model. Lenders including Cardinal Financial, Primis Mortgage,
Premier Lending and others have recently adopted the model for
non-conforming mortgages.
FICO® Score 10 T provides greater precision in making lending
decisions. FICO Score 10 T can help lenders better manage credit
risk and lower default rates while extending competitive credit
offers to consumers. FICO Score 10 T can enable an increase in
mortgage originations of up to 5 percent (without taking on
additional credit risk) and can reduce default risk and losses by
up to 17 percent. The more predictive FICO Score 10 T also helps
lenders project cash flows more accurately.
“Planet’s use of FICO Score 10 T affirms its position as a
forward-looking industry leader,” said Joe Zeibert, vice president
of Mortgage and Capital Markets at FICO. “With the help of FICO’s
innovative score, Planet gains access to deeper insight into
borrower credit health, and predictive power to help manage credit
risk.”
FICO is committed to assisting mortgage industry participants
looking to transition to its most current model, FICO® Score 10 T.
The FICO Score Migration Resource Center provides a detailed guide
to support organizations through their score transition with key
planning steps and activities, in addition to implementation best
practices.
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 100 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. Learn more at
www.fico.com.
Learn more at https://www.fico.com. Join the
conversation at https://twitter.com/fico &
https://www.fico.com/en/blogs/. For FICO news and
media resources, visit www.fico.com/news. FICO is a
registered trademark of Fair Isaac Corporation in the U.S. and
other countries.
About Planet Home Lending, LLC
Planet Home Lending, LLC, Meriden, Connecticut, (NMLS #17022) is
an originator, correspondent lender, rated servicer and
sub-servicer of agency and non-agency residential and commercial
mortgages. As an Equal Housing Lender, Planet improves the lives of
borrowers by delivering a streamlined lending experience to help
individuals and families thrive throughout their journey home.
For more information about Planet Home Lending, please visit
https://planethomelending.com or https://phlcorrespondent.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240409829498/en/
FICO Media Contact Julie Huang Press@fico.com
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