Credit is certainly a topic as of late, both its process and its cost, but I received this note from an industry vet in the South. “Rob, I’m tired of lenders having ‘a come apart’ over FICO’s costs. No one talks about the fact that FICO held its prices steady for over 20 years, and the 1400 percent price increase came from a base of 69 cents. I don’t think FICO is running away from competition. Everyone is talking about ‘1B’ (one bureau), but the bigger issue is lender choice, where the lender or LO chooses which score they’re going to use. Not all the bureaus have the same data, and that opens the door to adverse selection, increased risk, and gaming, which all leads to increased costs to consumers.” While we’re talking credit, here in Florida at the Lenders One Summit, I spoke to a few people about what they were doing to try to save money, and a few of them mentioned FICO’s Direct License Program. (Today’s podcast can be found here and this week’s ‘casts are sponsored by Feewise, which turns mortgage compliance from bottleneck to business accelerator. Handle all the complexities involved with establishing TRID compliant fees and disclosures, achieve sign off, and deliver packages to your consumers for review or signature. Hear an interview with Depth’s Lindsey Neal on modern relationship management, marketing, and PR strategies in the mortgage industry.) Products, Services, and Software for Brokers and Lenders “Spring is the season for fresh starts… even better to have a fresh start at prime minus 0.25% margin start rate! Take advantage of Symmetry’s Concurrent or Post-Close Piggyback Special and give your borrowers a smart solution to help them move forward with confidence. This offer is available for borrowers with a 760+ mid FICO, a minimum $300K draw at closing, and up to 80% max CLTV on primary residence Piggyback HELOC transactions. It features a 5-year draw term, with a 10-year draw term available for a +0.25% margin add-on. Your borrower’s home has been working hard for them, and now it’s time to help them reach their financial goals. Symmetry Lending.”