Mortgage Leader Signs on to Use FICO’s Most Predictive Score to Help More Borrowers Achieve Homeownership

BOZEMAN, Mont.--(BUSINESS WIRE)--Feb. 21, 2024-- 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.

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221758461/en/

Julie Huang
press@fico.com

Source: FICO