FICO® Mortgage Recovery Initiative
With more people struggling to stay in their homes, both borrowers and banks are looking for a way to work together on mortgage modifications.
FICO and its partners have launched the FICO® Mortgage Recovery Initiative (FICO MRI) to speed the process of loan remediation for homeowners, lenders and servicers.
The FICO MRI is a comprehensive solution that meets the needs of Main Street and Wall Street, and follows the government’s Making Home Affordable (MHA) guidelines. This program streamlines consumer loan applications, and provides servicers with deep analytic solutions to help them work with their customers.
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"Homeowners and banks need immediate, easy, efficient ways to weigh their options and process mortgage modifications, while servicers need ways to reduce the number of re-defaults and prevent future foreclosures. Using the US government’s guidelines for mortgage remediation, we have designed the FICO Mortgage Recovery Initiative to be good for homeowners, good for servicers, and good for the economy."
— Dr Mark Greene, CEO, FICO |
Solutions for Consumers
The FICO MRI gives you an easier way to seek loan modification, and obtain trusted credit counseling.
- Mortgage Relief Online
Apply for government-funded loan remediation programs, at no cost. By entering your information at the Mortgage Relief Online website, you can determine if you are eligible for loan modification, loan refinancing or debt counseling. This confidential, secure website is designed to the government’s Making Homes Affordable requirements, and is built on the myFICO platform used by millions of American borrowers to obtain and understand their FICO® score.
- Mortgage Counseling
Get confidential credit counseling from Money Management International, based on your eligibility. FICO-certified counselors help you gather all the information and documentation you need for a loan modification. You can apply for counseling assistance through the Mortgage Relief Online website.
These FICO MRI solutions are completely free and confidential for consumers.
At the Mortgage Relief Online website, you can quickly apply for loan modification, refinancing or debt counseling.
Solutions for Lenders and Servicers
The FICO MRI enables you to select the best candidates for loan modification programs, the best way to reach them, and the best offer for each customer to achieve maximum foreclosure mitigation.
- Mortgage Risk Analyzer
Identify your mortgage customers who are in greatest need of assistance. This service produces a targeted list of remediation candidates who are most imminent of future mortgage risk, before they have accelerated into delinquency status. The FICO® Mortgage Risk Analyzer draws on the new FICO® Mortgage Industry Score, and integrates with the Mortgage Relief Online website, which provides a fast and efficient process for managing large volumes of loan remediation requests.
- Mortgage Response Analyzer
Identify the best methods for reaching your mortgage customers for maximum response and success. This service helps you match the optimal communication approach and message to each customer, in order to make your remediation campaigns more successful.
- Mortgage Portfolio Optimization
Make the best possible match of loan product offers to your at-risk customers, to meets their needs while preserving loan portfolio value. Through optimization, FICO uses advanced analytics to balance multiple trade-offs and build an optimized set of business rules that determines the ideal offer for each customer. The solution provides a work flow infrastructure and analytic logic that result in better management of portfolio risk. The resulting business rules can be deployed in the FICO™ Blaze Advisor® business rules management system.
In addition, we can help you use the Mortgage Relief Online website to improve the process of managing modification applications and reaching out to your customers.
To discuss the FICO Mortgage Recovery Initative solutions for lenders and servicers, contact us.
Learn more
Read the news release
Read the FAQ
FICO Mortgage Recovery Initiative Partners
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- FICO helps lenders worldwide manage risk and helps consumers manage their credit health.
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- Equifax is a global leader in information solutions and one of the largest consumer credit bureaus in the US.
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