Primis Mortgage Company, Subsidiary of Primis Bank, Becomes First Banked Owned Originator to Adopt FICO® Score 10 T to Increase Access to Homeownership
February 13 2024 - 8:00AM
Business Wire
Tech-Driven Bank to Tap FICO’s Most Predictive
Score for Non-Conforming Mortgage Products
FICO, a global analytics software leader, has announced that
Primis Bank, an FDIC-insured and backed institution, is the first
bank to adopt FICO® Score 10 T. By tapping FICO’s newest, most
innovative, and predictive scoring model, Primis Mortgage is
positioned to help more borrowers achieve homeownership and
continue its impressive 120 percent year-over-year growth
trajectory.
This move is a demonstration of Primis’ tech-forward strategy
and dedication to helping more first-time buyers into homes. In
using FICO® Score 10 T for its non-conforming mortgage products,
Primis Mortgage will be able to better evaluate new applications in
real time and make more data-driven lending decisions.
“Primis means first, and we are pleased to be the first bank to
adopt FICO’s most innovative score for mortgage originations,” said
Greg Richardson, Executive Vice President of Capital Markets at
Primis. “Using FICO Score 10 T can result in more predictive
cash flows, which benefits lenders, investors and borrowers
alike.”
FICO® Score 10 T provides even greater precision in making
lending decisions. FICO® Score 10 T can help lenders better manage
credit risk and default rates when extending competitive credit
offers to consumers. Compared to the versions of the FICO® Score
used by Fannie Mae and Freddie Mac today, FICO® Score 10 T can
enable an increase in mortgage originations of up to 5 percent
(without taking on additional credit risk) or reduce default risk
and losses by up to 17 percent. The more predictive FICO Score 10 T
also helps lenders project cash flows more accurately.
“Through the adoption of FICO’s newest, most predictive and
innovative score, Primis Mortgage is proving its commitment to
innovation,” said Julie May, Vice President and General Manager
of Scores at FICO. “By using FICO Score 10 T, Primis Mortgage
will be able to provide borrowers with access to credit while
supporting the bank’s continued growth and financial inclusion
initiatives.”
Primis’ adoption of FICO® Score 10 T blazes the trail for banks
and demonstrates continued momentum around broader usage of the
score, as evidenced by FICO’s recent announcements with mortgage
lenders Movement Mortgage and CrossCountry Mortgage.
FICO is committed to assisting mortgage industry participants
looking to transition to its most current 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 2.6 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 other countries, improving risk management, credit
access and transparency.
Learn more at https://www.fico.com.
Join the conversation at https://twitter.com/fico &
https://www.fico.com/en/blogs/.
For FICO news and media resources, visit
www.fico.com/news.
FICO is a registered trademark of Fair Isaac Corporation in the
U.S. and other countries.
About Primis Bank
Managing more than $3.85 billion in assets, Primis is the first
bank to get it right. Primis brings the backing of an FDIC
institution with the brains of a tech company — offering both
security and ease; a solid foundation that’s future proof; and
sophisticated offerings that are super simple to navigate. Primis
breaks through all the fine print, wait times, and red tape —
bringing to market services that actually serve and solutions that
solve real life problems. Some say Primis is doing things
different, we say we’re doing things right.
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version on businesswire.com: https://www.businesswire.com/news/home/20240213215367/en/
Julie Huang press@fico.com
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