Pennymac deploys VantageScore 4.0 across all production channels

PennyMac Financial Services announced on Monday afternoon that it has has completed the rollout of VantageScore 4.0 across its mortgage production platform, including its consumer direct, broker direct and correspondent channels. The company said Monday that the deployment makes the credit-scoring model available across its production operations, extending access to borrowers who work directly with Pennymac, independent mortgage brokers and lenders that sell loans through its correspondent business. “We intend to be at the vanguard of credit score modernization because we firmly believe it will lower costs and support homeownership across America,” Pennymac Chairman and CEO David Spector said in a statement. The rollout follows April announcements from the Federal Housing Finance Agency (FHFA) and the Department of Housing and Urban Development (HUD) that opened the conventional and Federal Housing Administration (FHA) markets to competition among credit-scoring models. VantageScore 4.0 uses trended credit data, allowing lenders to evaluate how borrowers have managed credit over as much as 24 months rather than relying primarily on a single snapshot of a credit file. Pennymac said ...