Top 10 US Lender Taps FICO^® Score 10 T to Expand Options and Offerings for Customers, Reduce Delinquencies

BOZEMAN, Mont.--(BUSINESS WIRE)--Jul. 23, 2024-- 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.

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723620526/en/

Julie Huang
press@fico.com

Source: FICO