Equifax Launches Tool to Help Lenders Navigate Dual Credit Score Era
Equifax's new Mortgage Score Select™ gives lenders flexibility to choose credit scores while cutting costs in a changing mortgage market.
Equifax has introduced Mortgage Score Select™, a solution designed to help mortgage lenders and brokers manage credit scoring decisions as the industry transitions into a new era of expanded credit score choice. The product allows lenders to determine which score is placed on a borrower's file, giving institutions greater control over their underwriting processes.
The tool is positioned to deliver both cost efficiency and operational flexibility at a time when lenders face new requirements around mortgage credit score models. Historically, Fannie Mae and Freddie Mac mandated a single legacy scoring model, but recent regulatory changes have opened the door to multiple approved score alternatives, requiring lenders to adapt their workflows accordingly.
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By streamlining the score selection process, Equifax says Mortgage Score Select™ is intended to reduce complexity for brokers and lenders who must now navigate competing scoring models. The ability to choose which score appears on the file could have meaningful implications for loan pricing, approval rates, and secondary market delivery requirements.
The launch reflects a broader industry shift as government-sponsored enterprises work to modernize the credit assessment infrastructure underlying the U.S. mortgage market. Lenders adopting the solution gain a mechanism to align score selection with their specific business strategies and investor requirements without overhauling existing systems.
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