Guild Mortgage Adopts FICO Score 10 T to Grow Underserved and First-Time Homebuyers
FICO's most predictive credit score to help Guild to grow borrower base while maintaining portfolio performance
FICO (NYSE:FICO), a leading analytics software company, today announced that Guild Mortgage, a leading national mortgage lender, has adopted FICO® Score 10 T for non-GSE mortgage loans. This strategic move underscores Guild's commitment to leveraging advanced analytics to responsibly extend credit to a broader range of borrowers.
FICO® Score 10 T is FICO's newest and most predictive credit scoring model, incorporating trended credit bureau data that captures a consumer's credit behavior over time. Guild is widely known for its commitment to serving first-time homebuyers and individuals with limited traditional credit. Embracing FICO Score 10 T is a key step in Guild's forward-looking approach to serving the next generation of homebuyers through innovative lending solutions and a continued focus on expanding access to affordable, sustainable mortgage options.
"Guild Mortgage is proud to adopt FICO Score 10 T as part of our continued effort to make homeownership more accessible," said David Battany, executive vice president of Capital Markets at Guild Mortgage. "FICO Score 10 T's predictive power helps us better price and manage risk across the life of the loan which will be a critical advantage for both our business and our customers."
To date, nearly 30 lenders with over $300 billion in annualized mortgage originations and approximately $1.5 trillion in eligible mortgage portfolio servicing have signed up for the FICO® Score 10 T Early Adopter Program. The program allows lenders to receive FICO Score 10 T alongside Classic FICO® Score so they can evaluate the advantages before fully moving to the new scoring model.
Lenders using FICO® Score 10 T for non-GSE loans have reported that 51% of mortgages have a higher score and 1.7% more mortgages score 740+, which can result in better terms for borrowers.
"FICO Score 10 T reflects our commitment to innovation that drives greater financial inclusion," said Julie May, vice president and general manager of B2B Scores at FICO. "With our latest score, which uses trended credit data, lenders gain a deeper understanding of borrower behavior, unlocking opportunities for millions of Americans. We're proud to support forward-looking partners like Guild who are putting this innovation to work for borrowers."
FICO is committed to assisting mortgage industry participants looking to transition to FICO® Score 10 T. FICO's Mortgage and Capital Markets team can provide support across the mortgage ecosystem. In addition to helping the industry prepare for and understand the benefits of FICO Score 10 T, the team can help clients identify potential areas to reduce default exposure and maximize opportunity utilizing the latest credit tools and insights. More information: FICO Score Migration Resource Center
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 80 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.
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