Key facts
- CrossCountry Mortgage reported average savings of $2,500 per transaction with VantageScore 4.0.
- The lender saw a 62 basis point reduction in loan-level price adjustments for loans with more favorable scores.
- CrossCountry Mortgage removed its 80% loan-to-value cap for Fannie Mae and Freddie Mac eligible loans.
CrossCountry Mortgage reported that qualified borrowers are saving an average of $2,500 per transaction following its adoption of VantageScore 4.0. The lender observed a reduction of 62 basis points in loan-level price adjustments (LLPAs) for loans where the new credit scoring model produced a more favorable score. Actual savings vary by loan. The company also removed its 80% loan-to-value cap for loans eligible for purchase by Fannie Mae and Freddie Mac, and expanded its VA lending options. VantageScore 4.0 has gained traction in the mortgage industry after approval by the Federal Housing Finance Agency (FHFA).