Daily Market Updates: Rocket Mortgage to use VantageScore 4.0 as its default model

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Rocket Mortgage to use VantageScore 4.0 as its default model

Rocket Mortgage said its four-month test of 1.4 million credit reports found some borrowers qualified more easily and, on average, saved $1,600 at closing.

Reported · Written up by our desk · Mortgages

Rocket Mortgage said it will make VantageScore 4.0 its default credit scoring model for eligible mortgage loans, including mortgages delivered to Fannie Mae and Freddie Mac, as well as VA loans.

HousingWire reports the lender plans to shift to VantageScore 4.0 during the fourth quarter after running a four-month test using about 1.4 million credit reports that compared VantageScore and FICO.

Rocket Mortgage said the testing showed VantageScore helped some additional borrowers qualify and, in some cases, receive better pricing outcomes.

The company added that borrowers who used VantageScore saved an average of $1,600 at closing, according to its results.

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HousingWireRocket Mortgage will make VantageScore 4.0 its default credit model

Real Estate

Rocket Mortgage to use VantageScore 4.0 as its default model

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