A groundbreaking tool has arrived for mortgage lenders seeking to better serve potential borrowers. The FICO® Score Mortgage Simulator is now available and is the only simulator that uses actual FICO® scores and score algorithms.
This innovative simulator allows lenders to show applicants how certain actions might impact their FICO® score in real time. Lenders can illustrate how paying down a credit card balance or resolving a collection account could potentially improve a borrower’s score – opening doors to more loan options and better interest rates. The simulator also empowers lenders to develop strategic approaches to improve applicant qualifications. By testing various scenarios, you can determine which strategies might have the most positive influence on a borrower’s FICO® score, helping you guide them toward actions that could meaningfully improve their mortgage options. This level of insight transforms conversations with consumers from broad advice to personalized, data-driven guidance they can leverage.
Click here to learn more about the FICO® Score Mortgage Simulator.