SettlementOne, offering credit reporting, data and verification solutions for the mortgage industry, is partnering FICO to integrate the FICO Score Mortgage Simulator into its suite of mortgage lending tools.
The integration empowers lenders to provide precise, actionable credit insights to help improve borrower outcomes while streamlining the mortgage qualification process, SettlementOne says in a release.
The FICO Score Mortgage Simulator leverages FICO Score algorithms to simulate potential changes to borrowers’ scores. This technology enables lenders to demonstrate how specific credit decisions can impact borrowers’ FICO Scores — and, by extension, their loan options and interest rates.
“The mortgage industry has long needed a tool that mortgage professionals can use to provide precise, actionable guidance,” says Michael Lord, president at SettlementOne. “Our partnership with FICO empowers our clients to show borrowers exactly how specific financial decisions may impact their mortgage options so they can make informed choices that may improve their qualification prospects and potentially save thousands in interest costs.”
The integration addresses a significant challenge in the mortgage industry: Most lenders lack the tools to provide specific, accurate recommendations to borrowers who don’t qualify.
The FICO Score Mortgage Simulator enables mortgage professionals to run detailed simulated credit event scenarios to show applicants precisely how potential actions through simulation scenarios could affect their FICO Scores and drive impactful results.
“At SettlementOne, we are focused on building solutions that enhance lender efficiency while minimizing risk,” Lord says. “The FICO Score Mortgage Simulator is a powerful tool that takes this mission to the next level by leveraging trusted FICO algorithms to deliver information that enables us to give our clients transparency. This isn’t just better technology — it’s a better way to serve consumers.”