CMG Mortgage, Inc. Implements FICO’s Most Predictive and Innovative Score
FICO, a leading analytics software firm, has announced that CMG Mortgage, Inc., the retail lending arm of the well-capitalized and privately held mortgage banking firm CMG Financial, has adopted FICO® Score 10 T, the company’s newest, most innovative, and most predictive scoring model.
CMG will use FICO® Score 10 T to validate and analyze loans across its $90 billion mortgage servicing portfolio. The adoption of this scoring model empowers CMG to offer more options and offerings to its customers while reducing delinquencies.
As a top 10 U.S. lender recognized for its impressive growth, CMG’s use of FICO® Score 10 T is set to validate and analyze loans across its extensive mortgage servicing portfolio. This model adoption aims to enhance CMG’s customer offerings while minimizing delinquencies. Xactus and Birchwood Credit Services will supply CMG Financial with the new score.
“By embracing FICO Score 10 T, 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 greater precision in lending decisions, helping lenders manage credit risk and default rates more effectively when extending competitive credit offers to consumers. The model can increase mortgage originations by up to 5% without additional credit risk or reduce default risk and losses by up to 17%. Its increased predictive power also helps 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 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 help the organization deliver on its mission to exceed expectations.”
CMG joins a growing number of mortgage lenders embracing FICO Score 10 T, including Movement Mortgage, CrossCountry Mortgage (CCM), Primis Mortgage, and Premier Lending Inc.
FICO is committed to assisting mortgage industry participants transition to its latest 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, activities, and 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 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, healthcare, 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 and 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.
