Ultra Fico (Pilot Lenders?)

[Anonymous]

Hi, I am curious if anyone has seen or heard of what mortgage lender has starting using the ultra fico score as an opt in option? I saw they were having a pilot program with a "small" number of lenders, but didn't see what lenders.

[Anonymous]

Do you have a link to the article where you saw it claim that there were mortgage lenders participating in this pilot program?  Fannie Mae would have to approve that, if I am not mistaken.  CC issuers, auto and personal loan lenders (etc.) would in contrast have much more latitude to participate if they chose.

It's also unclear to me whether the pilot is designed solely to assess customer willingness to provide financial data, or whether the lenders are agreeing to actually issue real loans based on the score.  Pilot programs often just test a thing without doing it for real.

[iv]

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@Anonymous wrote:
Hi, I am curious if anyone has seen or heard of what mortgage lender has starting using the ultra fico score as an opt in option?

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None, nor will there be any.

As the mortgage lending market currently exists, it would not be realistically possible to offer borrower "opt-in" to an alternative scoring model.

Also, UltraFICO is Experian-only, and mortgage lending uses specific scoring models from each of the three CRAs.

You'll see UltraFICO being used to target upper-subprime, lower-prime customers for lower-end cards and personal loans, maybe auto loans. But not mortgages.