FICO has announced a milestone in the adoption of FICO Score 10 T by the mortgage industry: Since 2023, clients with over $100 billion in annualized mortgage originations and approximately $300 billion in eligible mortgage portfolio servicing have signed up for the FICO Score 10 T. Introduced in 2020, FICO Score 10 T incorporates trended credit bureau data to improve the score’s predictive power.
Ginnie Mae has announced revisions to its monthly single-family reporting requirements to include expanded Payment Default Status (PDS) reporting. The expanded PDS dataset will include loan default information, any mitigation actions taken and the timing of those actions.
Income and employment verification provider Truework is now a service provider supporting Freddie Mac Loan Product Advisor’s asset and income modeler (AIM).
First Federal Bank and Watson Mortgage Corp. have announced that they have signed a definitive agreement for First Federal Bank to acquire the mortgage group. Under the terms of the agreement, First Federal Bank will purchase Watson’s mortgage business assets and will continue to serve Watson’s mortgage customers throughout the entire Watson Realty footprint.
Figure Technology Solutions has announced the launch of a new artificial intelligence-powered chatbot, designed to enhance and streamline Figure Lending’s HELOC application and origination process, as well as the broader customer service experience on Figure’s platform.
