Premier Lending Inc. Adopts FICO Score 10 T for Loan Originations and Whole Loan Investment Fund
February 21 2024 - 8:00AM
Business Wire
Mortgage Leader Signs on to Use FICO’s Most
Predictive Score to Help More Borrowers Achieve Homeownership
FICO, a leading analytics software firm, has announced that
Premier Lending Inc. (Premier Lending), a family-owned Charlotte,
N.C. based mortgage leader, will become an early adopter of
FICO® Score 10 T to enhance its non-conforming loan
origination efforts as well as acquisitions of mortgage whole
loans.
Premier Lending will use FICO’s newest, most innovative, and
most predictive scoring model to provide real-time evaluation to
help value repurchased loans. Motivated by its desire to better
serve its customers, Premier Lending is adopting FICO® Score
10 T to continue to drive the company’s innovation strategy forward
and help make more homeownership dreams a reality.
"At Premier Lending, we're not just transforming
customer-centricity; we're strategically shaping the future of our
industry. By integrating FICO Score 10 T into our arsenal, we're
elevating our credit decision-making for our products,” said Fadi
Faraj, CEO of Premier Lending. “This bold initiative isn't just
about today; it's about paving the way for tomorrow. We're
unlocking opportunities for future acquisitions of residential
mortgage loans, forging powerful partnerships with trusted entities
such as Yieldstreet. It's not just business; it's a strategic
journey towards unparalleled success and innovation."
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. FICO Score 10 T can enable an increase
in mortgage originations of up to 5 percent (without taking on
additional credit risk) and reduce default risk and losses by up to
17 percent. The increased predictive power of FICO Score 10 T can
also help lenders project cash flow more accurately.
“Premier Lending’s adoption of FICO Score 10 T can allow it to
further deliver on its mission of making homeownership dreams a
reality for more people, while growing its business,” said Julie
May, vice president and general manager of Scores at FICO. “Our
analytics empower lenders to make more-informed credit decisions
quickly, and we’re thrilled to partner with Premier Lending in its
innovative and customer-centric journey.”
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 has been made available in over 40 other countries,
improving risk management, credit access and transparency. Learn
more at www.fico.com.
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 Premier Lending Inc.
Founded in 2009 in Charlotte, NC, with the aim of making a
difference in the lives of our clients, Premier Lending, Inc. helps
make the dream of owning a home a reality for everyone. Through
tailored mortgage products and unparalleled services, we exceed
customer expectations every time. With an unwavering focus on
serving our clients, Premier Lending has found success by building
upon three key elements: People, Process and Platform.
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version on businesswire.com: https://www.businesswire.com/news/home/20240221758461/en/
Julie Huang press@fico.com
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