CreditXpert Inc., a credit analysis and management solutions provider, has released CreditXpert Wayfinder, which automatically runs through hundreds of options to find the best combination of actions borrowers can take to improve their credit scores.
The solution helps mortgage lenders close more loans because it enables them to help borrowers who have fixable credit issues, the company says in a release.
Because LOs are empowered to give borrowers a path toward a higher credit score, borrowers in turn, are more likely to return with their business after their credit recovers. In this regard the solution helps protect referral relationships.
Wayfinder also helps LOs optimize rapid rescoring fees by updating fewer accounts and automatically applying best practices to make it highly likely to get the scores the borrower needs, the first time the LO re-pulls credit.
The solution also helps LOs save time because it runs through hundreds of possibilities to create one easy-to-follow plan to help borrowers raise their credit scores. That means no experimenting with different combinations of actions.
Wayfinder also removes uncertainty by showing the percentage likelihood of the borrower reaching the target score, plus it automatically adjusts the plan to boost the success rate.
“In today’s market, lenders are facing diminishing loan volume and low pull-through rates,” says Dave Chung, co-founder and managing director of CreditXpert Inc. “With CreditXpert Wayfinder, LOs don’t need to be experts to educate borrowers with high confidence on how to improve their credit scores to the level required for a loan program or pricing. CreditXpert Wayfinder does the heavy lifting to consistently help credit-challenged borrowers achieve the American dream of home ownership.”
The company claims Wayfinder helps borrowers improve their credit score by an average of 27 points. Borrowers with credit scores below 640 can achieve an increase of more than 30 points, the company claims.
The reduction in ReScore fees by needing to update fewer trades is a less visible and therefore under-appreciated feature. Thanks for pointing it out!