FICO has released a new credit-scoring product -- FICO(R) 8 Mortgage Score -- that is specifically designed for mortgage lenders and provides a more precise risk assessment for the real estate market. The company claims that FICO(R) 8 Mortgage Score can help support market stability and reduce borrower, lender, and investor risk.
FICO(R) 8 Mortgage Score analyzes the full credit history on file for the borrower and aids servicers in earlier identification of borrowers at risk so they can mitigate the incidence and high cost of foreclosure.
The FICO(R) 8 Mortgage Score retains the same 300-850 scoring range, minimum scoring criteria, authorized user and inquiry treatment as the general-risk FICO(R) 8 Score. To achieve its significant increase in predictive strength, FICO Mortgage Score assesses several additional data variables from consumer credit files to specifically predict mortgage repayment risk.
Source: FICO
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