CMG Mortgage, Inc. Adopts FICO’s Most Predictive and Innovative Score
FICO announces that CMG Mortgage, Inc., a top 10 U.S. lender, has adopted FICO® Score 10 T, the company's newest and most predictive scoring model. CMG will use the model to analyze loans across its $90 Billion mortgage servicing portfolio. This adoption aims to provide more options to customers while reducing delinquencies.
FICO Score 10 T offers greater precision in lending decisions, potentially increasing mortgage originations by up to 5% without additional credit risk, or reducing default risk and losses by up to 17%. Xactus and Birchwood Credit Services will supply CMG Financial with the new score.
FICO annuncia che CMG Mortgage, Inc., uno dei primi 10 prestatori negli Stati Uniti, ha adottato FICO® Score 10 T, il modello di scoring più recente e predittivo dell'azienda. CMG utilizzerà il modello per analizzare i prestiti all'interno del suo portafoglio di servizi ipotecari da 90 miliardi di dollari. Questa adozione mira a fornire maggiori opzioni ai clienti, riducendo al contempo i casi di morosità.
FICO Score 10 T offre una maggiore precisione nelle decisioni di prestito, potenzialmente aumentando l'erogazione di mutui fino al 5% senza incremento del rischio di credito, oppure riducendo il rischio di insolvenza e le perdite fino al 17%. Xactus e Birchwood Credit Services forniranno a CMG Financial il nuovo punteggio.
FICO anuncia que CMG Mortgage, Inc., un prestamista de los 10 principales de EE. UU., ha adoptado FICO® Score 10 T, el modelo de puntuación más reciente y predictivo de la compañía. CMG utilizará el modelo para analizar préstamos en su portafolio de servicios hipotecarios de 90 mil millones de dólares. Esta adopción tiene como objetivo proporcionar más opciones a los clientes mientras se reducen los incumplimientos.
FICO Score 10 T ofrece mayor precisión en las decisiones de préstamo, aumentando potencialmente las originaciones de hipotecas en hasta un 5% sin riesgo adicional de crédito, o reduciendo el riesgo de incumplimiento y las pérdidas en hasta un 17%. Xactus y Birchwood Credit Services proporcionarán a CMG Financial con la nueva puntuación.
FICO는 CMG Mortgage, Inc., 미국의 10대 대출 기관 중 하나가 회사의 최신 및 가장 예측 가능한 스코어링 모델인 FICO® Score 10 T를 채택했다고 발표했습니다. CMG는 이 모델을 사용하여 900억 달러 규모의 주택담보대출 서비스 포트폴리오 전반에 걸쳐 대출을 분석할 것입니다. 이러한 채택은 고객에게 더 많은 옵션을 제공하면서 연체를 줄이는 것을 목표로 하고 있습니다.
FICO Score 10 T는 대출 결정에서 더 큰 정확성을 제공하며, 추가 신용 위험 없이 주택담보대출 발급을 최대 5%까지 증가시킬 수 있거나, 채무 불이행 위험과 손실을 최대 17%까지 줄일 수 있습니다. Xactus와 Birchwood Credit Services는 CMG Financial에 새로운 점수를 제공할 것입니다.
FICO annonce que CMG Mortgage, Inc., l'un des 10 plus grands prêteurs aux États-Unis, a adopté le FICO® Score 10 T, le modèle de scoring le plus récent et le plus prédictif de l'entreprise. CMG utilisera ce modèle pour analyser les prêts dans son portefeuille de services hypothécaires de 90 milliards de dollars. Cette adoption vise à offrir davantage d'options aux clients tout en réduisant les cas de défaut de paiement.
Le FICO Score 10 T offre une plus grande précision dans les décisions de prêt, ce qui pourrait augmenter les origines de prêts hypothécaires jusqu'à 5% sans risque de crédit supplémentaire, ou réduire le risque de défaut et les pertes jusqu'à 17%. Xactus et Birchwood Credit Services fourniront à CMG Financial le nouveau score.
FICO gibt bekannt, dass CMG Mortgage, Inc., einer der 10 größten Kreditgeber in den USA, das FICO® Score 10 T übernommen hat, das neueste und vorausschauendste Scoringmodell des Unternehmens. CMG wird das Modell verwenden, um Kredite in seinem 90 Milliarden Dollar umfassenden Hypothekendienstportfolio zu analysieren. Diese Übernahme zielt darauf ab, den Kunden mehr Optionen zu bieten und gleichzeitig die Zahlungsverzüge zu reduzieren.
FICO Score 10 T bietet eine größere Präzision bei Kreditentscheidungen und könnte die Hypothekenvergaben um bis zu 5% erhöhen, ohne zusätzliches Kreditrisiko, oder das Ausfallrisiko und die Verluste um bis zu 17% senken. Xactus und Birchwood Credit Services werden CMG Financial mit der neuen Punktzahl versorgen.
- CMG Mortgage, Inc. adopts FICO® Score 10 T for its $90 Billion mortgage servicing portfolio
- FICO Score 10 T can increase mortgage originations by up to 5% without additional credit risk
- The new scoring model can reduce default risk and losses by up to 17%
- Adoption may lead to more options and offerings for CMG's customers
- None.
Insights
The adoption of FICO® Score 10 T by CMG Mortgage is a strategic move that could positively affect the company's financial health and growth. The new scoring model enhances the predictive accuracy of credit risk assessments, which should reduce delinquency rates and potentially increase the approval rate for mortgage originations by up to
CMG Mortgage’s decision to adopt FICO® Score 10 T positions them as a forward-thinking player in the mortgage industry. This move is likely to enhance their competitive edge, especially in a market where precise credit risk assessment is crucial. With the new scoring model, CMG can offer more tailored loan products to a wider customer base, potentially increasing market share. For retail investors, this signifies a company that is leveraging advanced analytics to drive growth and innovation, which could boost investor confidence and positively impact stock valuation.
The integration of FICO® Score 10 T into CMG Mortgage’s operations is a significant technological upgrade. This scoring model utilizes advanced algorithms and extensive data sets to provide more accurate credit risk predictions. By investing in such cutting-edge technology, CMG is not only improving its risk management capabilities but also streamlining its loan processing operations. This could lead to operational efficiencies and cost savings, enhancing overall profitability. For investors, this demonstrates CMG's commitment to technological advancement and operational excellence.
Top 10 US Lender Taps FICO® Score 10 T to Expand Options and Offerings for Customers, Reduce Delinquencies
A top 10 U.S. lender often recognized for its impressive growth, CMG will use FICO® Score 10 T to validate and analyze loans across its
“By embracing FICO Score 10 T at this time, CMG is ahead of the curve and well positioned to approve more borrowers, setting our business, and those we serve, up for continued success,” said Sara Reed, senior vice president of Credit and Development at CMG Mortgage, Inc. “With access to the most predictive FICO scoring model in the industry, our more than 1,800 loan officers nationwide are empowered to better serve our customers while reducing delinquencies.”
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 can enable an increase in mortgage originations of up to 5 percent (without taking on additional credit risk) or can reduce default risk and losses by up to 17 percent. The increased predictive power can also help lenders project cash flow more accurately.
“CMG Mortgage, Inc.’s adoption of FICO Score 10 T speaks to the company’s forward-looking, innovative approach to doing business and commitment to operational excellence,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “We’re proud to partner with CMG and play a role in helping the organization to deliver on its mission to exceed expectations.”
CMG joins a growing number of mortgage lenders embracing FICO Score 10 T, including Movement Mortgage, a top 10 retail mortgage lender; CrossCountry Mortgage (CCM), the nation’s number three retail mortgage lender; Primis Mortgage, a subsidiary of Primis Bank; and Premier Lending Inc. (Premier Lending), a family-owned
FICO is committed to assisting mortgage industry participants looking to transition to its most current credit scoring 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
Learn more at https://www.fico.com/en.
Join the conversation at https://x.com/FICO_corp & https://www.fico.com/blogs/.
For FICO news and media resources, visit https://www.fico.com/en/newsroom.
FICO is a registered trademark of Fair Isaac Corporation in the
About CMG Financial
CMG Financial is a well-capitalized mortgage bank founded in 1993 by Christopher M. George, a former Mortgage Bankers Association Chairman. CMG makes its products and services available to the market through three distinct origination channels: retail lending, wholesale lending, and correspondent lending. CMG also operates seven joint venture companies with builder & realtor partners, holds an impressive MSR/servicing portfolio, and serves the capital markets of fixed income trading & sales through CMG Securities. CMG currently operates in all states, including
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723620526/en/
Julie Huang
press@fico.com
Source: FICO
FAQ
What is the potential impact of FICO Score 10 T on CMG Mortgage's (FICO) mortgage originations?
How much can FICO Score 10 T reduce default risk and losses for CMG Mortgage (FICO)?
What is the size of CMG Mortgage's portfolio that will be analyzed using FICO Score 10 T (FICO)?
Which companies will supply CMG Financial with the new FICO Score 10 T (FICO)?
