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""CoreLogic"":http://www.corelogic.com/ and ""FICO"":http://www.fico.com/en/Pages/default.aspx joined forces to create a consumer credit risk score that is expected to improve how lenders makes decisions and boost the number of mortgage loans made.
[IMAGE]The new FICO Mortgage Score Powered by CoreLogic evaluates traditional credit data along with supplemental consumer credit data contained in the CoreLogic CoreScore credit report. In a release, CoreLogic explained that combining the data allows for a more comprehensive and accurate view of a consumer's credit risk profile for loan prequalification and origination.
According to a FICO survey of bank risk professionals, approximately 75 percent of respondents said they expect the level of mortgage delinquencies to increase or stay the same over the six-month period following the survey, and more than 85 percent hold the same view for home equity line delinquencies.
""The new FICO Mortgage Score is designed especially for prequalification and origination and delivers increased insight when it matters most,"" said Joanne Gaskin, senior director of Scores product management and mortgage practice leader at FICO. ""For many lenders, the increased predictive lift will translate into thousands of new mortgages, and the avoidance of millions of dollars in bad loans and associated costs. This innovation is a win-win for lenders and consumers alike.""
Santa Ana, California-based CoreLogic is a provider of consumer, financial and property information, analytics, and services to the public and private sectors.
FICO, a provider of predictive analytics and decision management technology, is headquartered Minneapolis, Minnesota.
