Atlantic Bay Mortgage Group Adopts FICO® Score 10 T to Help More Borrowers Achieve Homeownership

FICO Media Contact:
Julie Huang
Press@fico.com

Global analytics software leader, FICO, has announced that Atlantic Bay Mortgage Group is the latest to adopt FICO ^® Score 10 T, FICO’s newest, most powerful and predictive score, for its mortgages not sold to Fannie Mae or Freddie Mac. Informative Research will supply Atlantic Bay Mortgage Group with the new credit score.

FICO^® Score 10 T incorporates trended credit bureau data to reflect consumer credit utilization over time, rather than at a single point in time. By getting a more comprehensive picture of a borrowers’ financial behavior, Atlantic Bay can make more informed lending decisions, resulting in the ability to serve a broader set of customers including first-time and underserved borrowers.

“FICO Score 10 T is a game changer,” said John Wines, chief strategy officer at Atlantic Bay. “Its enhanced accuracy and transparency will elevate our ability to serve a more diverse range of borrowers and better support our customers in their path to homeownership. This is a big step towards a more inclusive housing market.”

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 may enable an increase in mortgage approval rates of up to 5 percent as compared to prior versions (without taking on additional credit risk) or can reduce default risk and losses by up to 17 percent at a cutoff of 680. The increased predictive power can also help lenders project cash flow more accurately.

“We’re heartened to see FICO Score 10 T embraced by the mortgage industry. FICO Score 10 T provides a more comprehensive view of credit data to help lenders assess a borrower’s credit risk more accurately,” said Joe Zeibert, vice president of Mortgage and Capital Markets at FICO. “By adopting our latest score, Atlantic Bay continues its commitment to stay at the forefront of industry innovations. This forward-thinking approach enables them to better meet the needs of today’s borrowers, ensuring that homeownership remains an attainable goal.”

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 credit score transition with key planning steps and activities, in addition to implementation best practices.

About Atlantic Bay Mortgage Group

Founded in 1996, Atlantic Bay is a privately owned mortgage lender that has been recognized as a Top 100 Mortgage Company in America, Best Mortgage Company, Most Enjoyable Place to Work, and an Inc. 500 Fastest Growing Company. Through its AB Cares program, the company has donated more than $2 million to charities and participated in events promoting the unique passions of borrowers, employees, and neighbors.

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 80 countries do everything from protecting four 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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FICO, has announced that Atlantic Bay Mortgage Group is the latest to adopt FICO ® Score 10 T, FICO’s newest, most powerful and predictive score, for its mortgages not sold to Fannie Mae or Freddie Mac.