Paramount Residential Mortgage Group, Inc. (PRMG) Is Latest Adopter of FICO Score 10 T
20 Mai 2024 - 2:00PM
Business Wire
PRMG Will Use FICO’s Most Predictive and
Innovative Score to Enhance Its Lending Technology and Borrower
Experience
FICO, a leading analytics software firm, has announced that
Paramount Residential Mortgage Group, Inc. (PRMG), a modern
multi-channel mortgage lender, has adopted FICO® Score 10 T, the
company’s newest, most innovative and most predictive scoring
model.
With a growing non-qualified mortgage (non-QM) and
non-conforming channel, PRMG will be bringing the benefits of FICO®
Score 10 T to its investors. FICO Score 10 T will also provide PRMG
with a credit scoring tool proven to increase mortgage loan
approvals and reduce loan delinquencies.
“At PRMG, we are always looking for ways to be progressively
better in all we do, and we are constantly sourcing the most
innovative lending technology to improve the borrower experience,”
said Kevin Peranio, chief lending officer at PRMG. “FICO Score 10 T
exemplifies PRMG’s mindset, and we know that using scores from this
credit model from FICO will take our service to the next level by
utilizing the most innovative credit score technology.”
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.
“At FICO, our goal is to offer solutions that empower lenders to
better and more responsibly serve as many potential consumers as
possible,” said Joe Zeibert, vice president of Mortgage and Capital
Markets at FICO. “FICO Score 10 T allows PRMG to service a wider
variety of investors and aggregators, as well as the secondary
market.”
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 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/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
U.S. and other countries.
About PRMG
‘Built by Originators for Originators’™
For over two decades, PRMG has established a very solid footing
as one of the nation’s most innovative and fastest growing,
multi-channel lenders in the mortgage space. PRMG boasts some of
the best Martech in the business. We know the importance of
technology, how it integrates with our systems and platforms, and
how to leverage it for our originators and business partners to
deliver best in class service! To learn more, visit
prmg.net.
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version on businesswire.com: https://www.businesswire.com/news/home/20240520376368/en/
Julie Huang press@fico.com
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