GE Capital Mortgage Corp. is marketing a mortgage scoring system that draws comparisons from a data base of more than one million loans.
The GE unit said the system, called OmniScore, would be accepted by Fitch Investors Services and Standard & Poor's for analysis of mortgage- backed securities.
The system will initially be used to score jumbo loans. Applications for home equity, subprime, and other mortgage products are being developed.
Customers that have already signed up for OmniScore include Norwest Mortgage Corp., Residential Funding Corp., Countrywide Home Loan, and Fleet Mortgage Group.
The system was developed by a team lead by William Makuch. The same team developed scoring models for GE Capital's credit card, auto leasing, insurance, mortgage, and investment business.
The mortgage scoring system will be updated to remain accurate in changing economic environments, GE Capital said.