#USA #Cleveland #CrossCountry Mortgage #VantageScore 4.0 #Lending Flexibility

CrossCountry Mortgage Enhances Borrower Savings

CrossCountry Mortgage (CCM), a nationally recognized leader in retail mortgage lending, has recently unveiled early findings following their integration of VantageScore® 4.0. This innovation, touted for its advanced credit scoring capabilities, aims to facilitate substantial savings for qualifying borrowers.

In just the first two months of implementing this new scoring model, CCM has reported an average decrease of 62 basis points on loan-level pricing adjustments (LLPAs). This impressive reduction effectively translates into an average savings of about $2,500 for each transaction where a more favorable credit score from VantageScore 4.0 is granted. While actual savings may vary per loan, the results thus far are promising.

Brian Clark, the Director of Product and Pricing at CCM, emphasizes that their goal is to prevent customers from having to rely on the industry to modernize before they can benefit from technological advancements. “We saw an opportunity to give our loan officers another tool to help qualified borrowers,” Clark states, highlighting the importance of flexibility in mortgage solutions. This renewed focus on adapting to the evolving financial landscape underscores CCM's commitment to customer-centric service.

Beyond the adoption of VantageScore 4.0, CCM is broadening its lending options significantly. The company has eliminated previously existing caps on loan-to-value (LTV) ratios for loans eligible for Fannie Mae and Freddie Mac, thus fostering a more inclusive lending environment. By removing the previous 80% LTV cap, CCM is opening up new avenues for borrowers. Additionally, they are expanding their VA lending options to further assist Veterans and Active-Duty Service Members, making it easier for them to qualify for loans.

VantageScore 4.0's ascent in popularity across the mortgage sphere follows the Federal Housing Finance Agency (FHFA) endorsing it for lenders facilitating loans that are eligible for acquisition by Fannie Mae and Freddie Mac. The robust model incorporates a broader array of credit data, including trended credit information, offering lenders enhanced insights into an applicant's credit profile. This is particularly valuable as it allows for a more comprehensive evaluation of a consumer’s financial health.

CCM’s commitment to enhancing its services is reflected in their ongoing investments in innovative lending solutions and technologies. These investments not only empower loan officers but are also essential in ensuring homebuyers and current homeowners can achieve their aspirations in the housing market. Their dedication to providing unmatched customer service and innovative financial products stands as a hallmark of their operational philosophy.

For additional information about CrossCountry Mortgage and their offerings, visit ccm.com.

About CrossCountry Mortgage

CrossCountry Mortgage (CCM) is acknowledged as the leading retail mortgage lender in the United States and ranks as the sixth-largest non-bank servicer nationally. With over 9,000 employees operating more than 1,100 branches, CCM services loans across all 50 states, the District of Columbia, and Puerto Rico. Their commitment to growth and excellence has earned them recognition in the Inc. 5000 list of America's fastest-growing private companies for ten consecutive years. Offering an extensive selection of over 120 mortgage solutions, including conventional, jumbo, FHA, and VA loans, CrossCountry Mortgage is a direct lender that partners with Freddie Mac, Fannie Mae, and Ginnie Mae. NMLS #3029. Their mantra, “Through our dedication to getting it done, we make every mortgage feel like a win,” encapsulates their focus on customer satisfaction.

For any queries or media requests, please reach out to Natalie Lonjak, Senior Director of Corporate Communications and Community Engagement, at [email protected]