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Pennymac completes rollout of VantageScore 4.0 across mortgage channels
The company said the update makes its credit-scoring model available across consumer direct, broker direct and correspondent production channels, extending access for borrowers working through those routes.
Pennymac says it has completed a rollout of VantageScore 4.0 across its mortgage production platform, including its consumer direct, broker direct and correspondent mortgage channels, according to HousingWire.
The update comes after Federal Housing Finance Agency and Department of Housing and Urban Development actions that opened conventional and FHA lending to competing credit score models.
Pennymac said the deployment makes the credit-scoring model available across its production operations, extending access to borrowers who work directly with the company and also those using independent mortgage brokers and lenders that sell loans through its correspondent business.
Pennymac Chairman and CEO David Spector said the company intends to be at the forefront of credit score modernization, aiming to lower costs and support homeownership, HousingWire reported.