PRMG Will Use FICO’s Most Predictive and Innovative Score to Enhance Its Lending Technology and Borrower Experience
FICO, a leading analytics software firm, has announced that Paramount Residential Mortgage Group, Inc. (PRMG), a modern multi-channel mortgage lender, has adopted FICO® Score 10 T, the company’s newest, most innovative and most predictive scoring model.
With a growing non-qualified mortgage (non-QM) and non-conforming channel, PRMG will be bringing the benefits of FICO® Score 10 T to its investors. FICO Score 10 T will also provide PRMG with a credit scoring tool proven to increase mortgage loan approvals and reduce loan delinquencies.
“At PRMG, we are always looking for ways to be progressively better in all we do, and we are constantly sourcing the most innovative lending technology to improve the borrower experience,” said Kevin Peranio, chief lending officer at PRMG. “FICO Score 10 T exemplifies PRMG’s mindset, and we know that using scores from this credit model from FICO will take our service to the next level by utilizing the most innovative credit score technology.”
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.
“At FICO, our goal is to offer solutions that empower lenders to better and more responsibly serve as many potential consumers as possible,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “FICO Score 10 T allows PRMG to service a wider variety of investors and aggregators, as well as the secondary market.”
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 www.fico.com.
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About PRMG
‘Built by Originators for Originators’™
For over two decades, PRMG has established a very solid footing as one of the nation’s most innovative and fastest growing, multi-channel lenders in the mortgage space. PRMG boasts some of the best Martech in the business. We know the importance of technology, how it integrates with our systems and platforms, and how to leverage it for our originators and business partners to deliver best in class service! To learn more, visit prmg.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240520376368/en/
Paramount Residential Mortgage Group, Inc. (PRMG), a modern multi-channel mortgage lender, has adopted FICO® Score 10 T, the company’s newest, most innovative and most predictive scoring model.
Contacts
Julie Huang
press@fico.com
