I started reading the Focus Report [Oct. 13 issue] guest opinion article entitled “How to Use the Best Predictive Tools to Revive Mortgage Lending” by Joanne Gaskin of FICO. I hoped I would learn more about FICO’s tools and how my credit union ($3 billion in assets, $900 million mortgage portfolio, approximately the 30th largest CU in the country) can improve mortgage lending.

I then realized just how little FICO understands the credit union business. When Gaskin wrote, “We found that a typical credit union originating 500,000 mortgages a year using a score cutoff of about 620 could save $62 million more than they could be using the general-risk score,” it illustrated how much FICO is out of touch with our industry.

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Peter Westerman

Dig Deeper


Credit Union Times

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