CrossCountry says borrowers are saving an average of $2,500 with VantageScore 4.0

CrossCountry Mortgage (CCM) said it has seen early savings for qualified borrowers following its adoption of VantageScore 4.0, with preliminary data showing an estimated average savings of $2,500 per transaction. The lender said on Thursday that it observed an average reduction of 62 basis points in loan-level price adjustments (LLPAs) during the first 60 days after implementation for loans on which VantageScore 4.0 produced a more favorable credit score than the previous model, according to CCM. Actual savings vary by loan. “Our customers shouldn’t have to wait for the industry to catch up before they can take advantage of new technology and new options,” Brian Clark, director of product and pricing at CrossCountry Mortgage, said in a statement. “We saw an opportunity to give our loan officers another tool to help qualified borrowers. This demonstrates how additional flexibility can translate into meaningful benefits for our customers.” CCM is also expanding its options for loans eligible for purchase by Fannie Mae and Freddie Mac. The company is removing its previous 80% loan-to-value (LTV) cap, allowing a full range of eligible LTV ratios. The lender is also expanding its Depart...