CMG Mortgage, Inc. Adopts FICO’s Most Predictive and Innovative Score
23 Julio 2024 - 7:00AM
Business Wire
Top 10 US Lender Taps FICO® Score 10 T to
Expand Options and Offerings for Customers, Reduce
Delinquencies
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.
A top 10 U.S. lender often recognized for its impressive growth,
CMG will use FICO® Score 10 T to validate and analyze loans across
its $90 Billion mortgage servicing portfolio. Adoption of the
scoring model can empower CMG to provide more options and offerings
to its customers, while reducing delinquencies. Xactus and
Birchwood Credit Services will supply CMG Financial with the new
score.
“By embracing FICO Score 10 T at this time, 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 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.
“CMG Mortgage, Inc.’s adoption of FICO Score 10 T speaks to the
company’s forward-looking, innovative approach to doing 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 play a role in helping the
organization to deliver on its mission to exceed expectations.”
CMG joins a growing number of mortgage lenders embracing FICO
Score 10 T, including Movement Mortgage, a top 10 retail mortgage
lender; CrossCountry Mortgage (CCM), the nation’s number three
retail mortgage lender; Primis Mortgage, a subsidiary of Primis
Bank; and Premier Lending Inc. (Premier Lending), a family-owned
Charlotte, N.C., based mortgage leader and more.
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 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 CMG Financial
CMG Financial is a well-capitalized mortgage bank founded in
1993 by Christopher M. George, a former Mortgage Bankers
Association Chairman. CMG makes its products and services available
to the market through three distinct origination channels: retail
lending, wholesale lending, and correspondent lending. CMG also
operates seven joint venture companies with builder & realtor
partners, holds an impressive MSR/servicing portfolio, and serves
the capital markets of fixed income trading & sales through CMG
Securities. CMG currently operates in all states, including
District of Columbia, and holds approvals with FNMA, FHLMC, and
GNMA. The company is consistently recognized as a top-producing
lender and top mortgage employer, and it prides itself on helping
clients achieve the dream of homeownership through product
innovation and streamlined servicing.
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version on businesswire.com: https://www.businesswire.com/news/home/20240723620526/en/
Julie Huang press@fico.com
Fair Isaac (NYSE:FICO)
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