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CreditXpert helped more than 900,000 mortgage applicants better their score in 2021
The 908,000 applicants the company helped in 2021 represents those whose lenders generated actions plans that helped raise their scores enough to give them the opportunity to either qualify for a mortgage, a better loan program, or a lower interest rate.
BALTIMORE (PRWEB) FEBRUARY 09, 2022
CreditXpert, the predictive credit score platform, announced today that the company helped 908,000 mortgage applicants better their score in 2021. In a year that saw record increases in home prices, higher mortgage credit scores at the time of application gave prospective homeowners the opportunity to qualify for loan programs and lower their cost of homeownership through lower interest rates.
“CreditXpert was founded on a vision of making homeownership more accessible and affordable to all,” said CEO Jim Hemmer. “This 2021 milestone of helping more than 900,000 mortgage applicants raise their score is validation that we are making great progress in fulfilling this mission. The number of applicants we have helped is up 56% since 2019. I attribute this growth to lenders realizing that our platform helps them to qualify applicants who may otherwise not qualify and to offer the most competitive rates and terms to all.”
CreditXpert’s predictive analytics engine analyzes millions of initial credit scores each year and generates action plans for mortgage lenders and potential applicants at the time credit is pulled. By following the detailed and highly accurate action plan, the potential loan applicants can address and focus on those actions that are most likely to help them realize their credit score potential. The 908,000 applicants the company helped in 2021 represents those whose lenders generated actions plans that helped raise their scores enough to give them the opportunity to either qualify for a mortgage, a better loan program, or a lower interest rate.
“2022 is looking to be much more competitive for mortgage lenders than past years. I am confident that the CreditXpert platform will be a tool that lenders use up and down the credit spectrum to expand access to homeownership, improve credit score transparency and education, and offer better rates to individuals,” said Hemmer. “Our product teams are working on new capabilities that will enable mortgage lenders to efficiently use our platform in high-capacity operations. We are excited to get these new tools in the hands of those who want to join us in making homeownership more accessible and affordable to all.”
CreditXpert was founded in 2001 with a mission to make homeownership more accessible and affordable to all. The company’s predictive analytics platform helps mortgage originators, and their applicants realize the credit score potential for applicants by generating a highly accurate and detailed action plan. Since its founding, CreditXpert’s platform has analyzed more than 750 million credit records. Today, most of the top 10 mortgage originators and more than 60,000 mortgage professionals leverage the company’s platform. Learn more at http://www.creditxpert.com.
CreditXpert action plans are tools meant to educate mortgage professionals and prospective consumer loan applicants, and are not furnished for the purpose of improving an applicant’s credit record, credit history or credit rating, or removing or modifying adverse, inaccurate, fraudulent, or other information in an applicant’s credit record. CreditXpert is not a credit counseling, credit repair, or credit reporting agency. Credit scores and score changes from CreditXpert are estimates, and will likely differ from credit score information used by mortgage professionals to assess loan eligibility. CreditXpert does not guarantee that scores from any other company will change by the same amount, in the same way, or at all.
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Originally featured in Scotsman Guide, Hidden in Plain Sight. Nudging a credit score upward, could be the difference between owning a home or not. Every applicant is more important than ever. The truth is that 71% of mortgage applicants with scores below 760 could better their score by at least one 20-point credit band within 30 days, allowing many to qualify for a mortgage. That’s what CreditXpert discovered when examining 24 mil- lion mid-score credit inquiries. It’s surprising how many prospective mortgage borrowers are hiding in plain sight, shielded by a credit score that is far below its potential.