Atlantic Bay Mortgage Group Adopts FICO® Score 10 T to Help More Borrowers Achieve Homeownership
Atlantic Bay Mortgage Group has adopted FICO® Score 10 T for mortgages not sold to Fannie Mae or Freddie Mac. The new scoring system incorporates trended credit bureau data to assess consumer credit behavior over time, rather than at a single point. According to FICO, the Score 10 T can increase mortgage approval rates by up to 5% without additional credit risk, or reduce default risk and losses by up to 17% at a 680 cutoff. Informative Research will supply Atlantic Bay with the new credit scores, enabling them to serve a broader range of customers, including first-time and underserved borrowers.
Atlantic Bay Mortgage Group ha adottato FICO® Score 10 T per i mutui non venduti a Fannie Mae o Freddie Mac. Il nuovo sistema di scoring incorpora dati di credito tendenziali per valutare il comportamento creditizio dei consumatori nel tempo, piuttosto che in un singolo momento. Secondo FICO, il Score 10 T può aumentare i tassi di approvazione dei mutui fino al 5% senza rischi di credito aggiuntivi, oppure ridurre il rischio di insolvenza e le perdite fino al 17% con una soglia di 680. Informative Research fornirà ad Atlantic Bay i nuovi punteggi di credito, permettendo loro di servire un'ampia gamma di clienti, inclusi i mutuatari alla prima esperienza e quelli sottoserviti.
Atlantic Bay Mortgage Group ha adoptado FICO® Score 10 T para hipotecas que no se venden a Fannie Mae o Freddie Mac. El nuevo sistema de puntuación incorpora datos de crédito con tendencias para evaluar el comportamiento crediticio del consumidor a lo largo del tiempo, en lugar de en un solo momento. Según FICO, el Score 10 T puede aumentar las tasas de aprobación de hipotecas en hasta un 5% sin riesgo de crédito adicional, o reducir el riesgo de incumplimiento y pérdidas en hasta un 17% con un límite de 680. Informative Research proporcionará a Atlantic Bay las nuevas puntuaciones de crédito, lo que les permitirá atender a una gama más amplia de clientes, incluyendo a prestatarios primerizos y subatendidos.
애틀랜틱 베이 모기지 그룹은 Fannie Mae 또는 Freddie Mac에 매각되지 않은 모기지를 위해 FICO® Score 10 T를 채택했습니다. 새로운 채점 시스템은 신용 보고서의 추세 데이터를 통합하여 소비자의 신용 행동을 단일 시점이 아니라 시간에 따라 평가합니다. FICO에 따르면, Score 10 T는 추가 신용 위험 없이 모기지 승인율을 최대 5%까지 높일 수 있으며, 680 기준에서 채무 불이행 위험과 손실을 최대 17%까지 줄일 수 있습니다. Informative Research는 애틀랜틱 베이에 새로운 신용 점수를 제공하여, 처음 대출을 받는 고객과 간과되어 온 차입자를 포함한 더 넓은 범위의 고객을 지원할 수 있도록 합니다.
Atlantic Bay Mortgage Group a adopté FICO® Score 10 T pour les hypothèques non vendues à Fannie Mae ou Freddie Mac. Le nouveau système de notation intègre des données de crédit tendance pour évaluer le comportement de crédit des consommateurs au fil du temps, plutôt qu'à un seul moment. Selon FICO, le Score 10 T peut augmenter les taux d'approbation des hypothèques jusqu'à 5% sans risque de crédit supplémentaire, ou réduire le risque de défaut et les pertes jusqu'à 17% avec un seuil de 680. Informative Research fournira à Atlantic Bay les nouveaux scores de crédit, leur permettant de servir une gamme plus large de clients, y compris les emprunteurs primo-accédants et les emprunteurs mal desservis.
Atlantic Bay Mortgage Group hat FICO® Score 10 T für Hypotheken angenommen, die nicht an Fannie Mae oder Freddie Mac verkauft werden. Das neue Bewertungssystem integriert trendbasierte Kreditbürodaten, um das Kreditverhalten der Verbraucher im Laufe der Zeit zu bewerten, anstatt zu einem bestimmten Zeitpunkt. Laut FICO kann der Score 10 T die Hypothekengenehmigungsraten um bis zu 5% erhöhen, ohne zusätzliches Kreditrisiko, oder das Ausfallrisiko und die Verluste um bis zu 17% bei einer Schwelle von 680 reduzieren. Informative Research wird Atlantic Bay mit den neuen Kreditwerten versorgen, sodass sie ein breiteres Spektrum von Kunden bedienen können, einschließlich Erstkäufern und unterversorgten Kreditnehmern.
- Score 10 T can increase mortgage approval rates by up to 5% without additional credit risk
- Can reduce default risk and losses by up to 17% at 680 cutoff
- Enhanced ability to assess credit risk may improve lending decisions and cash flow projections
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Insights
The adoption of FICO® Score 10 T by Atlantic Bay Mortgage Group represents a significant advancement in mortgage lending technology. The new scoring model's ability to potentially increase mortgage approval rates by
The incorporation of trended credit data is particularly valuable as it provides a more dynamic view of consumer credit behavior, potentially expanding the addressable market for mortgage lenders. This could drive increased adoption among other mortgage lenders, especially those serving non-conforming loans. The strategic timing aligns well with the current market focus on financial inclusion and responsible lending practices.
FICO® Score 10 T incorporates trended credit bureau data to reflect consumer credit utilization over time, rather than at a single point in time. By getting a more comprehensive picture of a borrowers’ financial behavior, Atlantic Bay can make more informed lending decisions, resulting in the ability to serve a broader set of customers including first-time and underserved borrowers.
“FICO Score 10 T is a game changer,” said John Wines, chief strategy officer at Atlantic Bay. “Its enhanced accuracy and transparency will elevate our ability to serve a more diverse range of borrowers and better support our customers in their path to homeownership. This is a big step towards a more inclusive housing market.”
FICO® Score 10 T provides even greater precision in making lending decisions, helping lenders better manage credit risk and default rates when extending competitive credit offers to consumers. FICO Score 10 T may enable an increase in mortgage approval rates of up to 5 percent as compared to prior versions (without taking on additional credit risk) or can reduce default risk and losses by up to 17 percent at a cutoff of 680. The increased predictive power can also help lenders project cash flow more accurately.
“We’re heartened to see FICO Score 10 T embraced by the mortgage industry. FICO Score 10 T provides a more comprehensive view of credit data to help lenders assess a borrower’s credit risk more accurately,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “By adopting our latest score, Atlantic Bay continues its commitment to stay at the forefront of industry innovations. This forward-thinking approach enables them to better meet the needs of today’s borrowers, ensuring that homeownership remains an attainable goal.”
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 credit score transition with key planning steps and activities, in addition to implementation best practices.
About Atlantic Bay Mortgage Group
Founded in 1996, Atlantic Bay is a privately owned mortgage lender that has been recognized as a Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and an Inc. 500 Fastest Growing Company. Through its AB Cares program, the company has donated more than
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 four billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by
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FAQ
What are the benefits of FICO Score 10 T for mortgage lenders?
How does FICO Score 10 T differ from previous versions?
Which mortgage types will Atlantic Bay use FICO Score 10 T for?
